| Greystone Crescent, Georgetown, ON
Offer Date: FIRST COME FIRST SERVE
Closing Date: September 15th, 2023
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Looking for a flip just outside of the GTA? Don’t miss out on this opportunity. This raised bungalow consists of 3+1 beds and 2 bathrooms. The property sits on a 67ft x 110ft lot and is approximately 1190 sqft. Cosmetically the property could use a full interior renovation. The furnace and A/C are owned however the hot water tank is a rental that will be assumed by the buyer on closing. The basement is finished recreational space with one bedroom and one powder room however there is no separate entrance. Adding a separate entrance, kitchen, and full bathroom would create multi-unit potential. This property would be perfect for a buyer looking to start off Fall with a Home Run flip!
About the Neighbourhood
The property is located in Georgetown, approximately 40 minutes northwest of Toronto. Georgetown is located 10 minutes north of Hwy 401 and Ninth Line. Being positioned just outside of the GTA, Georgetown has become a great residential area as well as a great area for families leaving the GTA. Georgetown also has its own Go Transit train station located only 6 minutes away from the subject property for those looking to commute to work. This property is located perfectly close to all amenities including FreshCo, Canadian Tire, Walmart, LCBO, Winners, and more! The subject property is only a 10-minute drive from Hwy 401 providing easy access to both the GTA as well as the Milton and Kitchener-Waterloo/Guelph areas.
Property Details
- Detached raised bungalow
- 3+1 bedrooms
- 2 bathroom
- 1 full bathroom on main level
- 1 powder room in basement
- Approximately 1190 sqft above grade
- 1079 sqft below grade
- Built in 1968
- Electrical is on Fuse
- Copper wiring throughout the house as per seller
- Finished basement
- 8ft ceiling height, 7ft under bulkhead (buyer to verify)
- Has 1 powder room
- Furnace is owned
- Furnace replaced in 2003
- owned
- A/C is owned
- A/C is approximately 20 years old
- Good condition (buyer to verify)
- HWT is a rental
- Rental to be assumed by Buyer
- Roof was redone 8-9 years ago as per seller
- Windows are 8-9 years old as per seller
- 1 car attached garage
- There is a shed located in the backyard
- shed sits on concrete pad
- Appliances are included
- Property taxes are approximately $4124
- Lot size is 67ft x 110ft
- Zoning LDR1-2(MN)
Recommended Renovations
- Cosmetic renovation
- The backyard could benefit from landscaping
- The seller has the option to leave junk behind so we would recommend budgeting for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.
- Wholesale Price: $750,000
- We believe that this property is worth $850,000 as-is on the MLS
- We believe that after a full cosmetic renovation, this property should be worth at least $1,000,000 on the MLS.
- Purchase today for $100K BELOW MARKET VALUE
Comparable Analysis |
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- 6 Weber Drive sold for $800,000 in June 2023. The comparable consists of 3 beds, 1 bathroom and is approximately 1100-1500 sqft. The comparable is a detached bungalow, with a 55ftx120ft lot which has less frontage compared to the subject property. Cosmetically the comparable property is in similar condition to the subject property. The comparable has no garage while the subject property has an attached 1-car garage. We believe after adjustments the subject property would sell for a price of around $850,000 on the MLS.
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- 5 Gairey Dr sold for $850,000 in July 2023 after 12 DOM! The comparable consists of 3+1 beds, 3 bathrooms, and is approximately 1384 sqft. The comparable has a third bathroom and a kitchenette in the basement, unlike the subject property. The lot size of the comparable is smaller than the subject property at 50ftx110ft. Cosmetically the comparable property is dated and needs a full renovation similar to the subject property. The property is also a corner lot similar to the subject property. Unlike the subject property, the comparable has no garage. We believe after adjustments the subject property would sell for a price around $850,000 on the MLS in as is condition.
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- 403 Delrex Blvd sold for $950,000 in June 2023. The comparable property consists of 3+1 beds, 2 bathrooms as well as a 1 car garage and is approximately 1100-1500 sqft as per the listing. It sits on a 53ft x 129ft lot and has an attached garage, similar to the subject property. Cosmetically, the property has newer finishes inside however it is still not full ARV. The property could use some updates throughout such as updating the kitchen, bathrooms, and the basement drop ceiling. The comparable has a smaller footprint than the subject property. Factoring in the differences between the subject property and the comparable we believe the subject property would sell for $1,000,000 on the MLS after a full renovation.
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- 15 Byron St sold for $1,095,000 in June 2023. The comparable property consists of 3+1 beds, 2 bathrooms as well as a 1 car garage and is approximately 1236 sqft as per the listing. It sits on a smaller 50ft x 100ft lot and has an attached garage, similar to the subject property. Unlike the comparable the subject property is a corner lot. Cosmetically, the property has newer high-quality finishes throughout. The comparable is a 5-minute drive away from the subject property and only took 10 DOM to sell! Factoring in the differences between the subject property and the comparable we believe the subject property would sell for $1,000,000 on the MLS after a full renovation.
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| Need Financing? |
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| 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 |
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| 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 |
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