Legal Duplex in Woodstock!
Fix & Flip or Rental Opportunity
$50K BELOW Market Value
Wholesale Price of $399,999 or Best Offer!
By January 27th, 2022 Realtors bring your clients, just add your commission to the purchase price!
Purchase this Property Today for $50K BELOW Market Value! Closing Date: February 16th, 2022
**Due to COVID-19 restrictions sight unseen offers are preferred.**
Mill Street, Woodstock, Ontario
About the Property
This side by side legal duplex consists of one 2 bed 1 bath unit and 1 bed 1 bath unit. No renos done on this property since the sellers moved in 20 years ago so we would recommend a full gut to max out the ARV. This would include new roof, windows, kitchen, bathrooms, flooring and replacing the sump pump. There was also a leak in the living room and in the basement that was not repaired. The basement used to have a separate entrance that was closed off so you could consider adding it back. Ceiling height in basement is only 6ft.
About the Neighbourhood
The subject property is situated in a desirable neighbourhood in Woodstock. This duplex is located minutes from downtown and Woodstock Hospital making it a good rental location. This property is situated near the Woodstock Library and is close to countless amenities such as restaurants, shops on the downtown strip, parks, Valumart, Shoppers Drugmart, Gateway Casinos Woodstock, The Home Depot, and schools. The growing city of Woodstock is conveniently located in between Kitchener and London.
One 2 bed 1 bath
One 1 bed 1 bath
1973 sqft above grade
543 sqft below grade
Roof needs to be replaced
Windows needs to be replaced
Basement ceiling height is 6ft
Furnace is about 5 years old
A/C will need to be replaced soon
Hot water tank was replaced 4 years ago
Two Breaker Panel, copper wiring, two separate hydro meters
We are selling our assignable purchase contract for this excellent Fix & Flip or Rental opportunity.
Wholesale Price: $399,999 or Best Offer
We believe that this property is worth $450,000 as-is on the MLS
We believe that after a full renovation this property should be worth at least $650,000 on the MLS.
Purchase today for $50K BELOW MARKET VALUE
39 FYFE Avenue, Woodstock sold in January of 2022 for $572,537. This legal duplex requires cosmetic renovation and is smaller in size than the subject property. The comparable property consists of two 2 bed 1 bath unit and sits on a larger lot size than the subject property. After adjustments, we believe in its current condition the subject property would sell for at least $450,000 on the MLS
590 WALTER Street, Woodstock, sold in November 2021 for $620,000. This legal duplex was somewhat updated and consists of one 1 bed 1 bath unit and one 3 bed 1 bath unit. This comparable is also aluminium siding but is situated on a longer lot size. The comparable property is smaller in size by about 400 sqft. After a full renovation, and depending on finishes, we believe the subject property would sell for at least $650,000 on the MLS.