FIX & FLIP or Buy and Hold Bungalow in Chelmsford! Assigned

  • $434,999
  • 3 beds
  • 1 baths
Assigned
Brosseau Road, Chelmsford, Ontario

Offer Date: FIRST COME FIRST SERVE
Closing Date: January 17th, 2025

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

About the Property

Looking for your next project with a private dock and a beautiful view? Checkout this detached bungalow consisting of 2+1 bedrooms, 1 full bathroom with a footprint of 1432 sqft. This property sits on a large 77ft x 313ft lot and has a detached garage along with a carport extending off the side of the house that was converted into additional living space. This property is outdated throughout and will require a cosmetic renovation. Additionally, the furnace is oil which we would recommend updating and there is no A/C. This property is perfect for an investor looking to start the new year with a great flip or an investor looking for a great buy and hold in Chelmsford, 20 minutes from Sudbury.

Property Details

  • Detached bungalow
  • 2+1 beds
  • 1 full bathroom
  • 1432 sqft above grade
  • 1432 sqft below grade
  • Built in 1971
  • Appliances included in as-is condition
    • Fridge, Stove, Dishwasher
  • Partially finished basement apartment
    • Separate entrance
    • Ceiling Height about 7-8ft, as per seller
  • On well and septic
    • Well is around 80ft
    • Large septic that is well maintained and pumped every 2-3 years
  • No A/C
  • Oil Furnace is owned
    • 20-25 years old
  • Hot Water tank is a rental
    • To be assumed by buyer
    • replaced in 2018 as per seller
    • Oil HWT
  • Roof is 8 years old as per seller
  • Windows are 18 years old as per seller 
  • Electrical is on a breaker panel
    • Copper wiring
  • Carport was converted into extra living space
    • Done with permits
  • Detached garage
    • 40ft x 30ft with 13ft ceiling height
    • Open permit, stairway going up to the loft needs railing
  • The shed is in bad shape
  • Sauna on the property as well
  • Property taxes are about $5682
  • Lot size is 77.76ft x 313ft
  • Zoning is R1

Recommended Renovations

  • Cosmetic renovation
  • Add A/C
  • Update HVAC
  • Close permit
  • The seller has the option to leave junk behind so we would recommend budgeting for junk removal in common areas
Pictures and More
The Numbers

We are selling our assignable purchase contract for this fantastic Fix & Flip or Buy and Hold opportunity.

  • Wholesale Price: $434,999
  • We believe that this property is worth $500,000  as-is on the MLS
  • We believe after a full cosmetic renovation and depending on finishes, this property would sell for at least $630,000 on the MLS
  • Purchase today for $65K BELOW MARKET VALUE

Comparable Analysis
  • 2411 Vermillion Lake sold for $538,500 in August 2024! This comparable property consists of 2 beds and 1 bathroom. The comparable is smaller in size (964 sqft) and sits on a slightly larger lot size (69ft x 391ft lot). The comparable presents itself better than the subject property but is still dated. The comparable has an unfinished basement and uses a propane furnace for its heat source. Unlike the subject property, the comparable has no garage or carport. Therefore we believe that after adjustments the subject property would sell for a price of $500,000 as-is on the MLS.
  • 2175 Vermillion Lake sold for $550,000 in July 2024! This comparable property consists of 2 beds and 1 bathroom. The comparable is smaller in size (700-1100 sqft) and sits on a larger lot size (54ft x 506ft lot). The comparable presents itself better than the subject property but is still dated. The comparable has a crawl space and uses electric baseboard for its heat source. Unlike the subject property, the comparable has no garage or carport. Therefore we believe that after adjustments the subject property would sell for a price of $500,000 as-is on the MLS.
  • 2189 Vermillion Lake sold for $710,000 in July 2024! This comparable property consists of 1+2 beds and 2 bathrooms. The comparable is similar in size (1000-15000sqft) and sits on a much smaller lot size (76ft x 193ft lot). The comparable presents itself better than the subject property but is still dated throughout. The comparable has a finished basement and uses a propane furnace for its heat source. Unlike the subject property, the comparable has no garage or carport. Therefore we believe after a full renovation, this property would sell for atleast $630,00 on the MLS.
Price:
$434,999
Address:
Chelmsford
Lot Size:
77ft x 313ft
Bedrooms:
3
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details