| Pinewoods Drive, Stoney Creek, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: August 31st, 2023
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Attention investors! Looking for a quick fix and flip in a desireable spot in Stoney Creek? SLG has the deal for you! Situated on a 20ftx100ft lot, this freehold townhouse consists of 3 beds 3 baths and is approximately 1312 sqft. Although only the basement has been renovated recently (2019) this townhouse is structurally sound meaning it only needs a few cosmetic upgrades. With updates in the past 5 years to all utilities, along with the roof (about 8 years old) major expenses can be avoided to minimize renovation costs! This property will NOT last as it is perfect for any investor looking for a quick end of summer, early fall flip!
About the Neighbourhood
This property is located in the Leckie Park/Highlands area of Stoney Creek, which is on the mountain! This property is located on the south edge of Stoney Creek, within walking distance to Rymal Road E which extends horizontally through Hamilton. Rymal Road E has every amenity imaginable, from restaurants, to grocery stores, multiple strip malls, and schools. Stoney Creek is also very accessible via transit. Whether it would be GO trains in and out of the city, with routes extending to Toronto, and Niagara region, or the local HSR to transport you throughout the city!
Property Details
- Freehold Townhouse
- 3 bedrooms
- 3 bathrooms
- 2 full bathrooms
- one is an ensuite for the master bedroom
- 1 half bathroom
- 1312 sqft above grade
- 603 sqft below grade
- Built in 1994
- Appliances are included
- Stainless steel fridge and stove
- washer and dryer in good condition
- Breaker panel, copper wiring
- Finished basement
- 7 ft ceiling height, 6ft 4″ under the bulkhead
- Furnace, A/C and HWT are owned
- Furnace and AC are about 5 years old
- HWT is older but seller unaware of age
- Roof redone in 2017-2018
- Windows are original and in good condition
- Single car attached garage
- we recommend painting the garage door
- Property taxes are approximately $3,332
- Lot size is 20ft x 100ft
- Zoning RM2
Recommended Renovations
- Cosmetic renovation
- only painting recommended in basement
- Some backyard maintenance
- seller kept it as a large garden with stone walkways
- 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: $664,999
- We believe that this property is worth $750,000 as-is on the MLS
- We believe that after a full cosmetic renovation this property should be worth at least $840,000 on the MLS.
- Purchase today for $85K BELOW MARKET VALUE
Comparable Analysis |
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- 370 Highland Road W sold for $730,000 in July 2023 after only 2 days on the market! This property was listed as a power of sale, so we do believe the first offer close to asking was taken, whereas a normal sale process may have had more patience. The comparable property is dated as it still has carpet throughout the upstairs and basement. The comparable has not had many renovations at all and seems original from when the builder sold it. The comparable property is newer than the subject property as it was built in 2016 thus meaning the roof, windows and utilities are all likely in good condition. We believe with the upgrades in the basement and new flooring on the second floor, the subject property would sell for a price slightly higher than the comparable, around $750,000.
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- 12 Foxtrot Drive sold for $770,000 in June 2023, after 15 days on the market. The comparable property is an end unit townhouse, that was built in 1997. The comparable consists of 3 beds, and 2 bathrooms, and is in similar dated condition to the subject property. The comparable also has an unfinished basement whereas the subject property’s is updated. We believe in its as is condition, after adjustments the subject property is worth $750,000 on the MLS.
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- 196 Gatestone Drive sold for $825,000 in June 2023. The comparable property consists of 3 beds, 3 baths and 1.5 car garage. Although there is extra garage space, the footprint is around 1400sqft. The comparable is very well maintained and staged, however there are upgrades still needed specifically the kitchen cabinets. However, similar to the subject property, it has an updated basement with new flooring, trim and paint. Also, according to the listing, the comparable property’s utilities are new. We believe after fully completing the cosmetics of the subject property the subject property should sell for a price higher than the comparable, around $840,000.
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| Need Financing? |
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| Looking for a construction cost estimate?
SLG Renovations will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgrenovations.ca
View our past projects here |
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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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