Victoria Avenue, Hamilton, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: May 30, 2024
*As per our APS – The vendor acknowledges they will continue with the eviction and hearing process with the upper tenant. The Buyer acknowledges the upper unit may not be vacant on closing*
**Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Looking for your next opportunity to own a legal duplex in the Hamilton area? SLG has the property for you!
This detached 2 storey house is a legal duplex that consists of two 3 bedroom 1 bath units. The main floor is owner occupied and the upper level is tenanted to a non paying tenant. The tenant stopped paying in November and they are currently going through the LTB process. The new buyer will need to inherit this tenant and take over going through the eviction process. The paperwork submission for the LTB hearing can be provided upon request. The property has a lot of potential, however, it would be best suited for someone who has experience with non paying tenants. Call today!
Property Details
- Detached 2 Storey House
- Legal Duplex
- 1 unit: 2 bedrooms 1 bathroom
- 2 unit: 3 bedrooms 2 bathrooms
- 3 car parking, 1 garage on laneway
- Fridge, stove, and dishwasher included in the sale in AS IS condition
- 2894 sqft above grade
- 814 sqft below grade
- Property taxes are about $4008
- Non paying tenant, with no lease in place, currently in the process of eviction with LTB
- Paperwork will be provided upon request
- Electrical panel, copper wiring (1 hydro meter)
- Built in 1900
- Two Furnaces, both owned and purchased in 2015
- Two A/C units
- Upper has a newer one (2015)
- Main unit is older but in working condition
- Two HWTs
- Upper unit was purchased in 2015
- Main unit was purchased in 2023
- Roof was redone in 2023
- Windows were updated in 2015 for the upper unit, main unit seller is unsure of age however, windows are in good condition
- Lot size is 26 ft x 156ft
- C2 zoning
Recommended Renovations
- Full cosmetic renovation
- Continue with the LTB process
- 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 opportunity.
- Wholesale Price: $399,999
- We believe that this property is worth $500,000 on the MLS
- We believe that after the above renovation recommendations are completed, this property should be worth at least $675,000 on the MLS.
- Purchase today for $100K BELOW MARKET VALUE
Comparable Analysis |
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- 564 King Street East sold for $515,000 in December 2023. This 1375 sqft 2 storey duplex house sits on a 24 ft x 114 ft lot and has no garage. The comparable property consists of 6 beds 2 baths but is much smaller than the comparable property. The comparable property is completely dated throughout and is located a 2 minute drive from the subject property. Therefore, after adjustments we believe that the subject property would sell for a price around $500,000 on the MLS in AS IS condition.
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- 212 Wellington Street North sold for $585,000 in January 2024. This detached 2.5 storey house consists of two units as well but is smaller than the subject property. The comparable has 5 bedrooms 2 bathrooms and sits on a 20ft x 79ft lot size. The comparable is dated throughout and is located a 2 minute drive from the subject property. Therefore, after adjustments we believe that the subject property would sell for a price around $500,000 on the MLS in AS IS condition.
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- 228 Mary Street sold for $690,000 in January 2024. This 5 bed 2 bath detached 1 1/2 storey house is a legal duplex and is much smaller in size. The comparable sits on a 26ft x 130ft and has been completely renovated throughout. Unlike the subject property, the comparable has exterior siding. The comparable is located 3 minutes from the subject property. After a full renovation we believe the subject property would sell for a price of around $675,000 on the MLS.
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