By October 27th 2021
Realtors bring your clients, just add your commission to the purchase price!

Purchase this Property Today for $50K BELOW Market Value!
Closing Date: November 15th 2021

**Due to COVID-19 restrictions sight unseen offers are preferred.**

King George Street, Peterborough

About the Property

This Detached Bungalow contains 3 bedrooms, 1 bathroom and is approximately 1063 sqft. The roof and siding are in good condition, but the windows need to be redone. The subject property is suitable for a beginner or experienced investor who is looking for a cosmetic Fix & Flip or Rental opportunity in the growing city of Peterborough.

About the Neighbourhood 

The subject property is located in the Crawford’s Grove neighbourhood of Peterborough, Ontario. The subject property is minutes away from John Taylor Memorial Park, Shoppers Drug Mart, Walmart, restaurants, schools and other amenities. It is situated in a quiet neighbourhood south of Lansdowne Street, minutes from Highway 115, which connects to Highway 407. The property is also very close to the Peterborough GO terminal, with routes extending to Oshawa.

Property Features

• Detached Bungalow
• No garage
• 2 bedrooms
• 1 bathrooms
• 1063 sqft above grade
• 1063 sqft in basement
• Unfinished Basement
• No separate entrance
• Fuse panel
• Knob and tube wiring appears to be connected
• Furnace is 3 years old and owned
• Water Heater is 3 years old
• No central AC
• Roof is 3 years old
• Eavestroughs are outdated
• Windows are original and need to be replaced
• Built in 1934
• Cosmetically outdated
• Lot size: 60ft x 97ft
• Zoning: R1

Renovations Needed

• Full cosmetic update
• New panel and wiring
• Finish basement
• Update all windows
• Pave driveway

We are selling our assignable purchase contract for this excellent Fix & Flip or Rental opportunity.

• Wholesale Price: $369,999 or Best Offer
• We believe that this property is worth $420,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $575,000 on the MLS.
• Purchase today for $50K BELOW MARKET VALUE

Comparable Analysis

• 562 King George Street sold for $480,000 in June 2021. The comparable property has 2 bedrooms, 2 bathrooms and 1 car garage. In comparison the subject property the comparable is very outdated inside and is in need of a full cosmetic renovation, however, is better maintained than the subject property. After adjusting for the fact that this comparable has a garage and a finished basement, we believe that the subject property should sell for at least $420,000 as-is on the MLS.
• 449 Arndon avenue sold for $467,000 in September 2021. The comparable property has 2+1 bedrooms and 2 bathrooms, with a finished basement. It also has a detached 1 car garage. In comparison to the subject property the comparable is also outdated, but much better maintained, with some light cosmetic renovations on the main floor. The comparable property still has older carpeting throughout the house, and an older kitchen that needs updating. However, the comparable has one more bathroom in the basement, but one less bedroom as well. We believe that with some light updates and finishing the basement, the subject property would sell at a price similar to the comparable on the MLS.
• 527 King George Street sold for $590,000 in July 2021. It is a 1+2 bedroom and 2 bathroom bungalow on the same street as the subject property. Similar to the subject property it does not have a garage. In comparison to the subject property, the exterior of the house is brick, and it is slightly smaller. The comparable property has been renovated a few years ago and has added a bathroom in the basement. After making these adjustments, we believe that after a full cosmetic renovation the subject property would sell for a price slightly less than this comparable on the MLS.