Detached House in Simcoe! Assigned

  • $299,999
  • 2 beds
  • 1 baths
Assigned
Hwy 3 & Nixon Road, Simcoe

Offer Date: FIRST COME FIRST SERVE
Closing Date: January 10th, 2025

*Seller has the option to shorten closing to December 20th given notice is provided by December 2nd 2024*
**Realtors bring us a client and add your commission on top of the purchase price**

About the Property

Checkout your next Fix & Flip or Buy & Hold project in the town of Simcoe! This detached bungalow features 2 bedrooms, 1 bathroom and has a footprint of 1209 sqft. The interior is relatively well-maintained, however, cosmetically dated and in need of a full renovation. The roof and windows will both require replacing, as well as the furnace. The property also sits on a septic tank that has not been flushed in over 15 years, possibly requiring a cleanout. A small leak in the roof has led to some drywall damage as well as some moisture in the basement. Fortunately, the electrical is on breaker and will not require updating, saving the buyer a costly job! This property is perfect for an investor looking for a fix and flip or buy and hold project! Call TODAY!

Property Details

  • Detached Bungalow
    • Siding
    • Addition built in 2007
  • 2 bedrooms
  • 1 bathroom
  • 1209 sqft above grade
  • 576 sqft below grade
  • Built in 1938
  • Basement ceiling height about 6ft
  • On septic system and sand point well
    • Has not been replaced in 15 years
  • Furnace original from prior to seller purchasing
    • dated
    • owned
  • HWT is owned
    • Age unknown, buyer to verify
  • No A/C
    • Window shakers, age unknown
  • Roof needs to be replaced
    • Small leak, drywall damage
  • Windows need to be replaced
  • Breaker Panel
    • copper wiring as per seller
  • Small leak in basement
  • 2 sheds on property
    • 1 compromised and would need to be removed
  • 109.46 ft x 136.58 ft
  • Property Tax approx. $2696/year
  • A Zoning

Recommended Renovations

  • Cosmetic renovation
  • Consider adding AC
  • Replace roof and windows
  • Seller has the option to leave junk behind so we recommend budgeting for junk removal
Pictures and More
The Numbers

We are selling our assignable purchase contract for this excellent Fix & Flip or Buy & Hold opportunity.

  • Wholesale Price: $299,999
  • We believe that this property is worth $350,000  as-is on the MLS
  • We believe after a full renovation and depending on finishes, this property would sell for at least $490,000 on the MLS
  • Purchase today for $50K BELOW MARKET VALUE
Comparable Analysis
  • 418 A Fourteenth Street sold for $315,000 in August 2024 after 42 days on the market. This 1 bed 1 bath bungalow has a 580sqft footprint and sits on a 60ft x 200ft lot. Judging by the listing it is clear the property is dated and would need a cosmetic renovation. As per the listing the comparable does not have a basement whereas the subject property does. We believe, due to the major adjustments in sqft and # of beds, the subject property would comfortably sell for a price around $350,000 on the MLS in as is condition.
  • 3306 Highway 3  sold for $520,000 in July 2024 after 2 days on the MLS!! This 2+1 bed 2 bathroom and 2 car garage property sits on a 96ft x 175ft lot and has a footprint of 982 sqft. This property has had some minor renovations done, specifically in the main floor flooring, kitchen updates (appliances and fixtures) and was cleaned up for the listing. However the rest of the house would need some lipstick and the floors, paint and trim are all dated. However the comparable has a semi finished basement with a bathroom. Therefore we believe after a cosmetic renovation the subject property would sell for a price around $490,000 on the MLS.
Price:
$299,999
Address:
Simcoe
Bedrooms:
2
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details