| Grier Street, Tiny, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: March 1st, 2023
*The seller has the option to extend closing to March 17th, 2023 given notice is provided by February 14th, 2023*
About the Property
Check out this detached raised bungalow in Tiny! This charming house on a great lot consists of 3+1 bedrooms, 1 bathroom, and is approximately 1200 sqft. Although this house would benefit from a full cosmetic update, it is good to note that it has been exceptionally maintained. The basement bedroom is finished, however the rest of the basement is framed, requiring drywall, insulation and flooring to fully complete it. The roof was redone in 2022, saving an investor on a costly job! This property is perfect for a beginner or experienced investor looking for a fix and flip or adding a potential rental to their portfolio.
About the Neighbourhood
The subject property is situated in the Wyevale neighbourhood of Tiny township. Tiny is located on the southeast end of the Georgian Bay, and close to other towns such as Midland, Penetanguishene, and is only a 25 minute drive to Wasaga beach. Mount St Louis Ski Resort is located only a 30 minute drive to Tiny! The township allows all homeowners to have access and private parking to the beach The property is about a 40 minute drive to Barrie and 1.5 hour from the GTA. Tiny is located about 30 minutes from Highway 400.
Property Details
- Detached Raised Bungalow
- 3 bedrooms on the main level + 1 framed bedroom in the basement
- 1 bathroom
- 1267 sqft above grade
- 1139 sqft below grade
- Windows were replaced in 2012
- Roof was redone in 2022
- Gas furnace heating – seller is unsure of age
- Central A/C – seller is unsure of age
- HWT is a rental through Enbridge
- Septic system but not well water according to seller (city water)
- Septic was cleaned this year, and inspected by the township (new caps for the top were put in)
- Poured Concrete Foundation
- Gravel driveway
- Breaker panel – Copper wiring
- Property taxes are about $3356
- Lot size is 100ft by 160ft
- Built in 1992
- Zoning: R1
Recommended Renovations
- Full cosmetic renovation
- Finish the basement
- 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 or Rental Opportunity.
- Wholesale Price: $549,999
- We believe that this property is worth $620,000 “as-is” on the MLS
- We believe that after a full renovation this property should be worth at least $750,000
- Buy now for 70K BELOW market value!
Comparable Analysis |
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- 58 Second Street sold for $580,000 in November 2022. This comparable is roughly the same size in sq ft but is sitting on a much smaller lot size. This comparable only has 2 bedrooms, whereas the subject property has 3+1. Similar to the subject property, the comparable is dated throughout but looks to be well maintained. The comparable is mostly siding, whereas the subject property is mainly brick. This comparable is located in another neighbourhood of Tiny Township and is closer to the beach. However the comparable has a single car garage whereas the subject property has a two car garage. After making some adjustments, we believe the subject property would sell for around $620,000, in “as is” condition.
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- 10 Dorcas Avenue sold for $953,100 in March 2022. The comparable property consists of 3+1 beds 2 baths and is located in the same Wyevale neighbourhood as the subject property. The comparable sits on a larger lot size to the subject property, and is slightly bigger in sq ft. The comparable does have a partially finished basement, whereas the subject property is unfinished. The comparable is dated throughout. Although this comparable was sold during the peak of the market, we believe that the subject property would sell for at least $620,000, in “as is” condition in todays market.
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- 14 Withall Grove sold for $765,000 in September 2022. This comparable consists of 3+1 beds and 2 baths and is located in the same Wyevale neighbourhood as the subject property. The comparable has been somewhat renovated throughout, but not recently. The comparable sits on a very similar lot size and is also similar in sq ft as the subject property. The comparable has a 2 car garage, whereas the subject property has a 1.5 car garage. Therefore, after renovations, and depending on finishes, we believe the subject property would sell for a price around $750,000.
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| Need Financing? |
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| Looking for a construction cost estimate?
SLG Capital will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgcapital.ca |
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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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