Mobile House in Innerkip! Assigned

This cute mobile home consists of 2 beds, 1 full bathroom and 1 half bathroom and is approximately 1000 sqft. The property requires a cosmetic facelift but the roof was redone last year! The property is part of a mobile home community meaning that the land is not owned but leased. Thus the owners pay a monthly fee of about $400 to cover general maintenance and park fees, but all owners own their individual unit. With renovated comparables selling north of $300,000 there is tons of potential for an investor to add their touch to a classic mobile home in need of a cosmetic renovation. This property would be perfect for an investor looking for a fall fix and flip. See below for recommended renovations and how this property can be profitable for YOU!

About the Neighbourhood 

The subject property is situated on the outskirts of Innerkip. This mobile home park is considered one of the most desirable in Western Ontario due to its location and privacy. Innerkip is located North of the 401 and sits in-between Woodstock and Cambridge. Innerkip is located 30 minutes to Kitchener and Brantford and about 45 minutes to London. Although Innerkip is a small town it is not far away from all major amenities in Kitchener and Brantford.

Property Details

• Mobile House
• 2 Bedrooms
• 2 Bathrooms
  • 1 full bathroom
  • 1 half bathroom
• 1000 sqft as per seller
• Breaker panel, copper wiring
• No Basement, property sits on cement pillar
• HWT is a rental
• Electric baseboard heating
• A/C is owned but seller is unsure of age
• Roof was redone in 2021
• Windows were redone in 2002 as per seller but in good condition
• Own driveway, no garage
• Built in 1974
• Park fees around $400 a month
• Land Lease, no rentals are allowed as per park rules

Recommended Renovations

• Full cosmetic renovation
• Seller has the option to leave contents behind so we recommend budgeting for junk removal

We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.

• Wholesale Price: $124,999 or Best Offer
• We believe that this property is worth $225,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $300,000 on the MLS
• Purchase today for $100K BELOW MARKET VALUE

Comparable Analysis

• Unit 46 – 806201 OXFORD RD 29 sold for $222,000 in November 2021. This comparable is a mobile park that sits in the same park as the subject property. The comparable consists of 1 bed 1 bath and is completely outdated throughout. The comparable is similar in size as the subject property. Therefore, after adjustments, we believe this property would sell for at least $225,000 “as-is” on the MLS.
• Unit 63 – 806201 OXFORD RD 29 sold for $310,000 in April 2022. This comparable consists of 2 beds, 1 full bathroom and is approximately 900 sqft. The comparable is very similar to the subject property as it is in need of a full renovation, however it is better maintained. According to the listing, the roof was redone in 2018 and all electrical and plumbing was updated as well. The comparable property does have close access to the lake nearby, thus making it more desirable than the subject property. In its current “as is” condition, adjusting for the lack of water access and lack of upgrades, we believe the subject property would sell for a price around $225,000 on the MLS.
• Unit 40 – 806201 OXFORD RD 29 sold for $310,000 in April 2022. This comparable consists of 2 beds, 1 full bathroom and is approximately 1100 sqft. The comparable has had some updates including a roof put in 2015 and a kitchen reno in 2021 but is outdated in other parts of the home. Therefore, after a complete renovation and given the downturn in the market we believe the subject property would sell for a price around $300,000 on the MLS.