Detached House in Kitchener Assigned

Dane Street, Kitchener, Ontario

About the Property

This detached two storey house consists of 3 bedrooms, 1 bathroom and is about 1161 sqft, with a 649 sqft basement. The basement has a separate entrance and is partially finished however it needs a full renovation as it is dated. The roof is steel and is approximately 16 years old which is still under warranty. The windows are approximately 12 years old and in good condition. The furnace is approximately 12 years old, and in great condition as it is maintained yearly. The HWT is a rental, and was replaced within the time period that the seller has owned the property (12 years). The property has AC but the seller is unaware of the age of the unit, however it does seem to be in good condition. The electrical panel is on breakers, and approximately 12 years ago all the wiring was replaced to copper. The property is ideal for a beginner or experienced investor looking for a fix and flip or rental opportunity in the booming city of Kitchener Ontario.

About the Neighbourhood 

The subject property is situated in the King East neighborhood of Kitchener. The property’s location is situated minutes from two main roads in Kitchener, Highway 8 and Conestoga Parkway, with routes extending south to Highway 401 and north to the Waterloo area. It’s accessibility makes this property very desirable. Kitchener is also a transportation hub, with GO bus and GO train routes extending all throughout Ontario, east to Toronto and west to London. The property is also surrounded by countless amenities including Tim Hortons, Zehrs, restaurants and Gas Stations. Also, the property is walking distance from Downtown Kitchener on King Street, which is full of job opportunities and new families. Need to catch a game to cool off after a day full of renovations? Well, the Kitchener Memorial Auditorium, home of the Kitchener Rangers, is down the street, less than a 5 minute drive! The property is also a 10 minute drive to both of Kitcheners Hospitals, St Mary’s and Grand River. This location cannot be beat.

Property Features

• Detached House
• 3 bedrooms
• 1 bathrooms
• 1161 sqft above grade
• 649 sqft below grade
• Kitchen renovated in 2015
  • Quartz countertop
• Property taxes are about $3108
• Breaker panel
• Built in 1941
• Furnace purchased in 2010
• HWT less than 12 years old
• AC within the property, age unknown
• Steel roof (still under warranty) was redone in 2006
• Windows are approximately 12 years old
• 37.5ft x 90ft
• R2A Zoning

Recommended Renovations

• Cosmetic Update
• Finish the basement to maximize ARV potential
• Replace the Windows
• Seller has the option to leave contents behind so we recommend budgeting for junk removal

We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.

• Wholesale Price: $644,999 or Best Offer
• We believe that this property is worth $720,000 as-is on the MLS
• We believe that after a small cosmetic renovation this property should be worth at least $850,000 on the MLS
• Purchase today for $75K BELOW MARKET VALUE

Comparable Analysis

• 48 Dane Street sold for $775,000 at the end of April 2022. The property has 2+1 bedrooms, 2 bathrooms, and is approximately 1150 sqft. This property is dated inside but does have areas inside that are updated, such as the living room and kitchen cabinets, similar to the subject property. However, similar to the subject property, the flooring throughout is extremely dated and needs to be replaced. The comparable’s basement is also finished however the finishes can be upgraded to maximize the ARV potential. The comparable property also has a one car garage that was converted to a workshop, which is finished. We believe in its current condition, after making some adjustments the subject property would sell for a price around $720,000 on the MLS.
• 86 Stirling Avenue North sold for $905,000 11 days ago, in May 2022. The property has 4 beds, 2 bathrooms and is approximately 1200 sqft, similar to the subject property. The property has undergone a nice renovation, specifically in the kitchen, basement and bathrooms. The property also has a single car detached garage. We believe after a cosmetic renovation, and the addition of a bathroom in the basement, the subject property should be worth $850,000 on the MLS.