QUICK CLOSE!! Condo unit in Oshawa! Assigned

Assigned

Quick Flip or Rental Opportunity

$45K BELOW Market Value!

1800 Simcoe Street N

1800 Simcoe Street N, Oshawa, Ontario 

Offer Date: FIRST COME FIRST SERVE
Closing Date: September 8th 2023

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

About the Property

Check out the cheapest available property in all of Oshawa! You heard that right. This studio condo unit consists of 0 beds, 1 bathroom and comes with a parking spot! The unit is approximately 333sqft meaning you are getting this property at $645/sqft!!! The property is in livable condition as it is a new build however, the front door would need to be replaced along with the front entrance flooring as there are some minor chips in the vinyl. The property will come vacant on closing allowing an investor to begin renting/fixing as soon as early September! The unit has a parking spot as well as a locker. This property would be perfect for a buyer looking for a cheap condo unit for a quick flip, or rental opportunity.

About the Neighbourhood 

This property is located in Samac area of Oshawa, 5 minutes south of Highway 407. The area is a newer pocket in Oshawa, as nearby there are tons of developments and new builds. The condo building is steps away from Durham College and Ontario Tech University perfect for potential student rental (buyer to verify). Similar units in the building are being leased for $1500/month (not including a parking spot which should generate slightly more on top of the monthly rent) The property is extremely accessible transportation wise, as it is minutes from the GO Bus station, which connects to the Oshawa GO Train terminal. Routes extend east to Union Station, making the commute into the city extremely easy!

Property Details

  • Condo unit
  • Bachelor studio
  • 1 bathroom
  • 333 sqft above grade
  • Built in 2019
  • Condo fees approximately $250
    • includes general maintenance, amenities and snow removal
  • Appliances are included
  • Breaker panel
  • 1 parking spot included
  • 1 locker included
  • North exposure
  • Property taxes are approximately $2028

Recommended Renovations

  • The seller has the option to leave junk behind so we would recommend budgeting for junk removal
  • Replace front door
  • Replace some flooring near the entrance
  • Fresh paint job if the buyer desires
Pictures and More
The Numbers

We are selling our assignable purchase contract for this excellent BUY and HOLD opportunity.

  • Wholesale Price: $209,999
  • We believe that this property is worth $255,000 as-is on the MLS
  • We believe after fixing the front door, and replacing some flooring, along with a paint job this property should be worth $275,000
  • Purchase today for $45K BELOW MARKET VALUE

Comparable Analysis

  • Unit 220-1800 Simcoe St N sold for $270,000 in March 2023. This studio unit is the same layout as the subject property, however is on a lower floor. The comparable does have a parking spot as well and a locker, which is very rare for this building. On a price per sqft basis this property sold around $810/sqft. We believe based on this comparable the property is worth $255,000 in AS IS condition.
  • Unit 206-1800 Simcoe St N sold for $308,000 in April 2023. The unit is in the same building as the subject property and is also a studio apartment with a parking spot. The unit also has north exposure but did sell at a time where the market was hotter. The comparable is turn key, whereas the subject property needs a new front door and some touchups to the vinyl flooring. However once the small repairs are completed the property should sell for a price around $275,000 in todays market.
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Need Financing?
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

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

 

Disclaimer: The contents of this email are for informational purposes only. We are not home inspectors or appraisers. Please ensure you do your own due diligence.
Address:
Terms:
Assignment of Contract
Property Type:
Condo

Call 647-930-0291 for more details