| Bastedo Crescent, Marathon, Ontario
Offer Date: November 17th, 2022
Closing Date: December 15th, 2022
About the Property
It’s a MARATHON, not a SPRINT! Check out this detached backsplit in Marathon Ontario consisting of 4 bedrooms, 2 bathrooms. According to MPAC the property is approximately 1079sqft. This property would be perfect for a beginner or experienced investor looking for a turnkey rental that cover the 1% rule! Also, at its price point, an investor would have options to add some slight value through a very minor renovation, and flip the property for profit! The kitchen and bathrooms are all under 10 years old and are very well maintained. Also an investor would not have to worry about any major repairs, as the roof was redone less than 5 years ago and the windows are still in great condition! This property is currently owner occupied and will come vacant! ACT FAST on this property that would require very little blood sweat and tears!
About the Neighbourhood
The subject property is located in the small town of Marathon Ontario! Although it’s in a small town, the subject property is perfectly located to all amenities! There are malls, restaurants, and schools all within walking distance. Also the property is located approximately 5 minutes from the local hospital. Marathon is located in the Thunder Bay region of Ontario and is approximately a 3-4 hour drive to Thunder Bay, Sault Ste Marie and Timmins. It is located on the coast of Ontario walking distance to Lake Superior! Known historically as a mining town, Marathon is also very scenic and popular for cottage rentals and weekend getaways! Sites include Pebble Beach, Mink Falls, Pukaskwa National Park, Neys Provincial Park & The Group of Seven Lake Superior Trail. Airbnb rentals are popular in the area as well, with rates in town ranging from $200-250/night, if an investor is looking to convert this property to a Cottage/ST rental!
Property Details
- Detached backsplit
- 4 bedrooms (3 bedrooms according to MPAC)
- 2 bathroom
- 1 carport (according to seller and GeoWarehouse)
- 1079 sqft above grade
- 454 sqft below grade
- Basement ceiling height approximately 8 ft (Buyer to verify)
- Property taxes are about $1618
- A/C owned, age unknown to seller but in great condition
- Furnace and HWT are both owned and less than 10 years old (according to seller, buyer to verify)
- Roof was redone less than 5 years ago
- Windows in good condition, seller does not know the age
- Breaker Panel, copper wiring
- Built in 1984
- 65 ft x 131 ft
Recommended Renovations
- Consider upgrading appliances
- Install flooring in room with fireplace
- Seller has the option to leave contents behind so we recommend budgeting for junk removal
|
|
| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.
- Wholesale Price: $149,999
- We believe that this property is worth $225,000
- We believe that after a minor renovation this property should be worth at least $250,000
- Buy now for 75K BELOW market value!
Comparable Analysis |
|
 |
- 15 Graham Crescent sold for $240,000 in October 2022. This detached backsplit is very similar to the subject property, not only in size, but appearance as well. The comparable does have a detached garage, and also sits on a similar lot size (61ft x 130ft) Although we do not have any interior pictures, the subject property being in wonderful condition offers enough of a spread if minor renovations are needed.
|
|
 |
- 35 Graham sold for $289,900 in September 2022. This property is a 3 bed 1 bathroom property, and is approximately 900sqft. The comparable property is a detached bungalow, that sits on a slightly larger lot (71ft x 131ft). The comparable property does not have a garage or carport, thus making the subject property slightly more superior. Also, according to MPAC, the property does not have a basement. The subject property’s MPAC value is slightly higher than the comparable.
|
|
 |
- 44 Bastedo Cr is currently listed on Realtor.ca for $284,900. The property is identical to the subject, not only in size but lot size and layout as well! This property has 3 beds, 2 bathrooms and is approximately 1000 sqft. Judging from the pictures in the listing, the properties are quite similar. There are ceramic tiles throughout the kitchen and bathrooms, and laminate in the main areas. However, the siding of the house seems to be slightly better maintained than the subject. The comparable does have a garage over a carport, so there is extra value in this property, and also has nicer curb appeal. Therefore, we believe AS IS, the subject is worth at least $225,000.
|
|
| Need Financing? |
 |
|
| Looking for a construction cost estimate?
SLG Capital will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgcapital.ca |
|
| 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. |
|
|
|
