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!
333 sqft above grade
Built in 2019
Condo fees approximately $250
includes general maintenance, amenities and snow removal
Appliances are included
1 parking spot included
1 locker included
Property taxes are approximately $2028
The seller has the option to leave junk behind so we would recommend budgeting for junk removal
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
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.