Detached House in Niagara Falls! Assigned

  • $354,999
  • 3 beds
  • 1 baths
Assigned
Second Avenue, Niagara Falls, Ontario

Offer Date: FIRST COME FIRST SERVE
Closing Date: September 25th, 2024

**Realtors bring us a client and add your commission on top of the purchase price**

About the Property

This detached house consists of 3 bedrooms, 1 baths, and has a footprint of 1127 sqft. The property is completely dated throughout and requires a full cosmetic renovation. The property sits on a massive 56ft x 150ft lot with a large garage/workspace in the back. The basement is unfinished with a ceiling height of about 7-7.5ft. The electrical has already been updated to breaker and the wiring is copper throughout. This property is ideal for an investor looking for a fix and flip or buy and hold in Niagara Falls!
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About the Neighbourhood 

The subject property is situated in Niagara Falls. The subject property is located West of Victoria Avenue and South of Bridge St. The property is surrounded by countless amenities such as restaurants, Canada One Outlets, Shoppers Drug Mart, Food Basics, Tim Hortons, and many more! The subject property is a 6-minute drive from the QEW providing easy access westbound towards Hamilton and southbound towards Fort Erie. There are multiple bus stops within walking distance of the subject property.
Property Details
  • Detached 2 Storey House
  • 3 bed
  • 1 bath (on main floor)
  • Appliances may not be included in the sale
    • Budget for new appliances
  • 1127 sqft above grade
  • 531 sqft below grade
  • Unfinished basement
    • No separate entrance
    • 7-7.5ft ceiling height
    • Some mould in the basement on the drywall that will need to be addressed
    • Some waterproofing done in the basement
  • Age of roof unknown
    • looks to be in good condition but buyer to verify
  • Windows were redone 5 years ago, as per seller
  • Detached garage
  • Breaker panel
    • Copper Wiring
  • A/C and Furnace were both purchased prior to 2010
    • In good working condition as per seller, buyer to verify
  • HWT is owned
    • Exact age unknown, possibly prior to 2010 as well
  • Built-in 1905
  • Property taxes are approximately $2716
  • Lot size is 56 ft x 150 ft
  • R2 zoning 

Recommended Renovations

  • Full cosmetic renovation
  • Potentially update Utilities (furnace and AC)
  • Potentially redo roof
  • Fix mould in basement
  • The seller has the option to leave junk behind so we would recommend budgeting for junk removal
Pictures and More
The Numbers

We are selling our assignable purchase contract for this excellent Fix and Flip or rental opportunity.

  • Wholesale Price: $354,999
  • We believe that this property is worth $425,000 on the MLS
  • We believe that after the above renovation recommendations are completed, this property should be worth at least $550,000 on the MLS.
  • Purchase today for $70K BELOW MARKET VALUE

Comparable Analysis
  • 4565 Fourth Avenue sold for $445,000 in June 2024. This comparable detached house has 3 beds, 1 baths, a detached 2 car garage and has a footprint of 1200 sqft. The comparable property sits on a smaller lot size 42ft x 120ft lot. The comparable property is completely dated throughout and has a partially finished basement that has drop ceiling. Therefore, after adjustments, we believe that the subject property would sell for a price around $425,000 on the MLS in AS IS condition.
  • 4477 Third Avenue sold for $485,000 29 days ago. This comparable detached house has 3 beds, 1 baths, no garage and has a footprint of 1206 sqft. The comparable property sits on a much smaller lot size 40ft x 80ft. The comparable property has been nicely renovated throughout, however, the basement remains unfinished. Once renovated the subject property would be a much better property due to the lot differences and garage. Therefore, after a full renovation and assuming a finished basement, we believe the property would sell for $550,000 on the MLS.
  • 4625 Fifth Avenue sold for $520,000 in June 2024. This comparable detached house has 3 beds, 2 baths, 1 car garage garage and has a footprint of 1267 sqft. The comparable property sits on a much smaller and sub standard lot size of 41ft x 59ft. The comparable property is in better condition than the subject property and, although it is more updated, it features modest finishes. Therefore, after a full renovation and assuming a finished basement, we believe the property would sell for $550,000 on the MLS.
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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.

 

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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.
Price:
$354,999
Address:
Niagara Falls
Bedrooms:
3
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details