| Melvin Ave, Sudbury, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: July 19th, 2023
The Seller has the option to shorten closing to July 5, 2023, given notice is provided to the Buyer by no later than June 21, 2023
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Calling all Sudbury Buyers! Check out this detached raised bungalow in need of a full cosmetic renovation, priced perfectly for an investor to make a large return on a cheap home! The property needs a full cosmetic renovation, however the costly expenses such as roof, windows, furnace and water heater have all been updated or are in good condition. Due to the slope in the driveway, there is some water entering the small garage area, however the inside of the house is absolutely dry! This property is perfect for an investor looking for a fix and flip or single family rental to add to their portfolio.
About the Neighbourhood
The subject property is situated in The Donovan area of Sudbury. It is located about 5 minutes from the downtown core of Sudbury. Although the area is still up and coming, the property is located very close to Restaurants, Variety and Grocery stores, and multiple schools as well. Sudbury is located off of Highway 69 which extends north off of Highway 17 in conjunction with Highway 400, linking Sudbury to the GTA. Sudbury is located about 4 hours north of Toronto and is the hub of Northern Ontario. The subject property is also located 5 minutes from the VIA Rail station, which has routes extending to Toronto and West throughout areas of Canada!
Property Details
- Detached Raised Bungalow
- 2+1 bedrooms (3 beds according to MPAC)
- 1 bathrooms
- 970 sqft above grade
- 593 sqft below grade
- Basement Ceiling Height is 5 ft 8″ according to the seller
- Property taxes are about $2354
- Breaker panel, copper wiring according to seller
- Built in 1946
- Furnace is a rental (to be bought off on closing by seller)
- HWT is a rental, buyer to assume
- Roof redone 12 years ago
- Windows redone 12 years ago
- 33ft x 60ft
- R2-3 zoning
- Zoning By-Law can be found here
Recommended Renovations
- Full cosmetic renovation
- Parging/exterior work to front steps
- The seller has the option to leave junk behind so we would recommend budgeting for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP or Rental opportunity.
- Wholesale Price: $144,999 or Best Offer
- We believe that this property is worth $205,000 as-is on the MLS
- We believe that after a full cosmetic renovation this property should be worth at least $275,000 on the MLS.
- Purchase today for $60K BELOW MARKET VALUE
Comparable Analysis |
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- 365 Melvin Ave is currently conditionally sold (awaiting going firm), and the asking price is $249,000. The property is very similar to the subject property, as it is a 2+1 bed, 1 bath and is approximately 700-1100sqft. The zoning is R2-2, and its property taxes are similar to the subject property ($2353 per year). The lot size is definitely more superior than the subject as it sits on a 33ft x 120ft lot. The interior is definitely in better shape than the subject property, however is still extremely dated and needs renovations to bring it up to maximum value. We believe if the property sells around asking, the subject property would sell for a price around $205,000 on the MLS in its current condition.
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- 344 Bond St sold for $240,500 in March 2023. The comparable consists of 2 beds, 2 bathrooms and according to the listing is less than 700sqft. The comparable sits on a 39ft x 57ft lot which is less desirable than the subject property’s lot. The comparable is dated throughout however has been well maintained and staged for the listing. However, a full renovation is needed to bring the property up to its glory! We believe that in its current condition, the subject property would sell for a price below the comparable, around $205,000
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- 351 Burton sold for $300,000 at the end of April 2023. This comparable consists of 0+3 bedrooms, 2 bathrooms and does not have a garage. The comparable is between 700-1100 sqft according to the listing. The property has been decently renovated and is move in ready for an end user. However, due to the makeup of the house, it does not have any bedrooms upstairs and 3 in the basement, which may turn off some buyers and limit its selling price. The property taxes are quite similar to the subject property’s, at $2274/year. We believe after a full renovation, the subject property would sell for a price close to the comparable, around $275,000.
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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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