Hamilton Assigned

By October 10, 2020
Realtors bring your clients, just add your commission to the purchase price!

Purchase this Property Today for $40,000 BELOW Market Value!
Closing Date: November 6, 2020

East Avenue North, Hamilton, ON

Cheapest freehold townhouse you can find in Hamilton. The subject property is located just steps to Downtown Hamilton, in the trendy and centrally located Beasley neighbourhood. Situated near the property are multiple nice restaurants, shops, bars and parks. This property is suitable for a beginner or experienced investor looking to take on a cheap fix and flip or great BRRR. Most of the larger items have already been taken care of, including new roof, windows and furnace.

Property Features

• 2 full storeys
• 1295 sqft above grade
• 545 sqft basement
• 3 Bedrooms, 2 Bath
• Unfinished Basement (Ceiling height is below 6ft)
• Lot: 17 ft Frontage x 128.58 ft Depth
• Furnace is 1 year old and owned
• Hot water tank was also changed last year and is rented.
• Roof 1 year old
• Breaker panel, signs of some knob and tube
• Kitchen plumbing recently updated
• Zoning E
• Possibility to create 2 separate units. Kitchenette on second level. Seller claims that the previous owner had the property setup as 2 units, renting out the upstairs and mainfloor/basement separately. Buyer to verify city zoning and whether multiple units would be permitted.

Renovations Needed

• Needs a full cosmetic renovation
• Electrical updating
• Basement bathroom requires reconfiguration and framing. Shower is separate from toilet and sink.
• Landscaping to boost curb appeal
• Potential to pave 1-2 parking spots in the backyard (laneway)

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

• Wholesale Price: $309,999 or Best Offer
• We believe that this property is worth $350,000 as-is on the MLS
• We believe that after a full single family cosmetic renovation this property should sell for at least $450,000 on the MLS
• Purchase today for $40K BELOW MARKET VALUE

Comparable Analysis

• 21 East Avenue North sold in June 2019 for $389,000. It is the next door neighbour of the subject property with 2 bedrooms, 2 bathrooms and an unfinished basement. It has similar square footage and lot size, is modestly renovated and has one less bedroom. Taking into account a full renovation, the added bedroom and 16% year over year appreciation in the average price of Hamilton Townhomes, we believe the subject property should sell for at least $450,000 once renovated.
• 176 West Avenue North sold 8 days ago in September 2020 for $525,000. It has 3 bedrooms, 2 bathrooms, an unfinished partial basement and is approximately the same size as the subject property. The property has been modestly renovated, has a higher MPAC value, a nicely landscaped backyard and an interlocked parking spot.