Detached House in St. Thomas! | SLG Property Deals

Eagle Street, St. Thomas

Offer Date: FIRST COME FIRST SERVE
Closing Date: October 7th 2024

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

About the Property

Detached 2 Storey
2 bedrooms
2 bathrooms
1435 sqft above grade
338 sqft below grade
- Crawl space
Built-in 1895
No separate entrance
The basement is a crawl space
- The rear foundation wall has a structural issue that has not been professionally assessed
No appliances included
No garage
- 2 parking spots (tandem parking)
Fuse panel
- Wiring was redone in 2004 as per seller
No Furnace
- The ducts for the furnace are there so it’s just a matter of installing a furnace
No A/C
HWT is owned
- 4-5 years old as per seller
Roof was redone 2 years ago
- Metal roof
Windows are pre 2005
- exact age unknown
Lot size is 47ft by 85ft
Property taxes are approximately $1833
Zoning is R4

Recommended Renovations

Full cosmetic renovation
Fix leak in the main bathroom
Fix structural issue on rear wall
Seller has the option to leave junk behind so we recommend budgeting for junk removal

The Numbers

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

Wholesale Price: $199,999
We believe that this property is worth $250,000 as-is on the MLS
We believe after a full renovation and depending on finishes, this property would sell for at least $410,000 on the MLS
Purchase today for $50K BELOW MARKET VALUE

Comparable Analysis

7 College St sold for $265,000 in May 2024 after only 5 days on the market! This comparable consists of 2 bedrooms 1 bathroom and is slightly smaller in size than the subject property at 1086 sqft. The comparable is outdated but presents much better than the subject property. Allthough the subject property has an additional bathroom the comparable has a full basement and a detached 1-car garage, unlike the subject property. Therefore after adjustments, we believe the subject property would sell for a price of $250,000 on the MLS in as is condition.

20 Weldon Avenue sold for $420,000 only 21 days ago after just 9 days on the market! This detached 1.5-storey comparable consists of 3 bedrooms, 1 bathroom and is similar in size to the subject property at 1100-1500 sqft. The comparable sits on a 32ft x 118ft lot with less frontage than the subject property. Similar to the subject property, the comparable is siding, however, unlike the subject property the comparable is mostly updated throughout. The comparable has one more bedroom and one less bathroom than the subject property however the basement is a crawl space similar to the subject property. Therefore after adjustments and a full renovation, we believe the subject property would sell for a price of $410,000 on the MLS.

86 Forest Ave sold for $440,000 in July 2024! This comparable consists of 3 bedrooms, 2 bathrooms and is similar in size to the subject property at 1100-1500 sqft. The property sits on a 30ft x 132ft lot. Similar to the subject property, the comparable is siding and has a crawl space basement. The comparable is fully updated throughout and has one addtional bedroom compared to the subject property. Therefore after adjustments and a full renovation, we believe the subject property would sell for a price of $410,000 on the MLS.

Detached House in St. Thomas! Assigned