| Connery Road, Mount Forest, ON
Offer Date: FIRST COME FIRST SERVE
Closing Date: January 4th 2023
*The buyer agrees to provide a further deposit of $15,000 directly to the seller, 3 business days after waiving all conditions in this Schedule A provided that the sellers lawyer provides a deposit mortgage/ charge in favour of the buyer and that upon the date of registration of such charge title of the subject property is satisfactory to the Buyers lawyer acting reasonably. In the event that title is not satisfactory or seller cannot obtain satisfactory title insurance coverage then such deposit shall be paid to the sellers lawyer in trust. The seller shall pay all costs associated with the registration of the deposit mortgage The mortgage shall not bear interest unless and until the seller defaults on his obligation under this Agreement at which time the mortgage shall bear interest at a rate of 10%.*
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
This detached bungalow has great potential, offering 3+1 bedrooms and 2 full baths. However, please note that the house has some hoarder-related issues, and while it doesn’t reek of cat urine, there is a lingering smell of cat litter. The property is in need of a complete cosmetic renovation to restore it to its full glory. The basement has a decent ceiling height of around 7.5 feet, so there’s potential to make it more usable. While there is currently no separate entrance into the basement there is a possibility to add one through some reconfiguration. You’ve also got a handy two-car garage for parking and storage. With some work and a bit of creativity, this place could be transformed into a comfortable family home. The new steel roof, good condition of the original windows, and ownership of the furnace and water softener are all pluses to work with! Reach out TODAY before it’s gone!
About the Neighbourhood
The subject property is situated in a charming and quiet neighbourhood in Mount Forest. Mount Forest is in the township of Wellington North. It is located about an hour northwest of Kitchener, and about 45 minutes west of Orangeville. This property is close to countless amenities such as the cookie shop, Subway, No Frills, Tim Hortons, LCBO, Canadian Tire, and schools. The subject property is also only a 6 minute drive to Louise Marshall Hospital.
Property Details
- Detached House
- 3+1 beds
- 2 bathrooms
- 1370 sqft above grade
- 1504 sqft below grade
- Built in 2004
- Appliances are included
- Breaker panel, copper wiring
- Finished basement with no separate entrance
- 1 bedroom in basement
- 7.5ft ceiling height
- Furnace and AC are owned, about 10-15 years old
- HWT is a rental with reliance
- Windows are original
- Steel roof was redone in 2018
- Double car attached garage
- Property taxes are approximately $2285
- 53 ft x 120 ft lot (irregular)
- Zoning RIC
Recommended Renovations
- Full cosmetic renovation
- Some landscaping
- Garage door weather stripping
- Seller has the option to leave junk behind so we recommend budgeting for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.
- Wholesale Price: $574,999
- We believe that this property is worth $675,000 as-is on the MLS
- We believe after a cosmetic update to the main floor, the subject property would sell for at least $750,000 on the MLS
- Purchase today for $90K BELOW MARKET VALUE
Comparable Analysis |
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- 418 Durham St East sold for $645,000 in 15 DAYS AGO! (within 6 days!) It is located within 2 minutes of the property and is smaller than the subject property. This bungalow consists of 2+2 beds, 2 bathroom, and only has a 1 car attached garage. The comparable is completely dated throughout and sits on a smaller lot size than the subject property. Therefore after adjustments, we believe the subject property would sell for a price around $675,000 on the MLS, AS IS!
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- 195 Sarah Road sold for $710,000 in August 2023! It is located within 1 minute of the property and is similar in size as the subject property. This raised bungalow consists of 3+1 beds, 2 bathroom, and only has a 1 car attached garage. The comparable is completely dated throughout and sits on a similar lot size as the subject property. Therefore after adjustments, we believe the subject property would sell for a price around $675,000 on the MLS, AS IS!
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- 170 London Road South sold for $789,000 in June 2023! It is located within 1 minute of the property and is slightly larger in size than the subject property. This bungalow consists of 2+1 beds, 3 bathrooms, and only has a 1.5 car attached garage. The comparable presents itself nicely but is not a complete ARV comparable. Therefore after adjustments, and a full renovation, we believe the subject property would sell for a price around $750,000 on the MLS.
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| Need Financing? |
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| Looking for a construction cost estimate?
SLG Renovations will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgrenovations.ca
View our past projects here |
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| If You’re Interested….
Email us at info@slgpropertydeals.ca or call Jocelyn at 647-930-0291. Jocelyn can answer any questions you have and set up a time to view the property.
Please Do Not Go Directly to the Property
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| Disclaimer: The contents of this email are for informational purposes only. We are not home inspectors or appraisers. Please ensure you do your own due diligence. |
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