Detached Shell House in Welland! Assigned

  • $179,999
Assigned
Jones Lane, Welland

Offer Date: FIRST COME FIRST SERVE
Closing Date: May 3, 2024 
*Closing is flexible*

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

About the Property

Looking for your next investment property in Welland? Look no further, SLG has the deal for YOU!

This detached home in Welland has been taken down to the studs due to a flood and is in need of your finishing touches to bring it back to life! It was previously set up as a legal duplex with a 3rd illegal unit in the basement. All units had their own separate access with separate hydro meters. Basement ceiling height is about 6ft. A lot of the bigger ticket items such as the roof, siding and windows were done in 2022 saving the buyer a costly endeavour. This property is perfect for an investor who is looking to start a renovation project right away! Take advantage of this next fix and flip – call NOW to secure this deal!

About the Neighbourhood 

The subject property is situated on the south side of Welland near Station park. Welland is about a 20 minute drive south of St. Catharine’s and about a 50 minute drive to the Buffalo border. The subject property is close to countless amenities such as restaurants, Shoppers Drug Mart, Tim Hortons, FreshCo, and schools. The subject property is also only a 3 minute drive to the Welland County General Hospital. 

Property Details

  • Detached house
    • Previously a legal duplex with a third unit add on
  • Unit 1 – 3 bedrooms 1 bathroom
  • Unit 2 – 2 bedrooms 1 bathroom
  • Unit 3 – 1 bedroom 1 bathroom
  • Shell House
  • 1586 sqft above grade
  • 897 sqft below grade
  • Basement consists of 6ft ceiling height
  • 3 Ductless Split Units (1 for each unit)
  • 3 Hydro Meters
  • Roof Redone in 2022
  • Windows Redone in 2022
    • (Except for three that are original)
  • Siding Redone in 2022
  • Property taxes are about $2319
  • Built in 1927
  • Lot size is 40ft x 64ft
  • INSH Zoning

Recommended Renovations

  • Complete and finish off as a SFR or Duplex
  • Consider legalizing the third unit or making one of the units bigger
Pictures and More
The Numbers

We are selling our assignable purchase contract for this excellent FIX and FLIP or BRRR opportunity.

  • Wholesale Price: $179,999
  • We believe that this property is worth $220,000 on the MLS
  • We believe that after a FULL renovation is completed as a duplex, this property should be worth at least $450,000 on the MLS.
  • Purchase today for $40K BELOW MARKET VALUE

Comparable Analysis
  • 397 Gatfield Avenue sold for $200,000 in April 2023. This comparable consists of 2 bedrooms 1 bath and is much smaller in size than the subject property. Similar to the subject property, this comparable was being advertised as needing repairs with so much potential. The comparable does sit on a larger lot size. Therefore, after adjustments, we believe this property is worth at least $220,000 in “as-is” condition.
  • 9 Mcnaughton Road sold for $175,000 in June 2023. This comparable consists of 2 bedrooms 1 baths and is much smaller in size than the subject property. There are no photos of the inside and similar to the subject property, this comparable was being advertised as a handyman special. The comparable does sit on a larger lot size and was later sold for $405,000 in December 2023 after a full renovation. Therefore, after adjustments, we believe this property is worth at least $220,000 in “as-is” condition.
  • 27 Jones Lane sold for $393,500 in March 2024. This comparable is a legal duplex consisting of two 2 bedroom units. The comparable is completely renovated throughout and is smaller in size than the subject property. The comparable sits on a similar lot size however has two less bedrooms and 1 less bathroom than the subject property. Therefore, after adjustments and assuming it is kept as a duplex, we believe this property will sell for at least $450,000 on the MLS.
Price:
$179,999
Address:
Welland
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details