Raised bungalow in Penentang Assigned

  • $375000

Detached Raised Bungalow in Penentang!
Fix & Flip or Rental Rental Opportunity

$50K BELOW Market Value 

Murray Road

Wholesale Price of $375,000 or Best Offer!

By February 10th, 2022
Realtors bring your clients, just add your commission to the purchase price!

Purchase this Property Today for $50K BELOW Market Value!
Closing Date: May 31st, 2022
Please note the seller has the option to extend closing up to 30 days or shorten closing up to 60 days provided that they give the buyer 28 days notice

**Due to COVID-19 restrictions sight unseen offers are preferred.**

Murray Road, Penentanguishene, Ontario

About the Property

This raised bungalow consists of one bedroom and one bathroom. However, per MPAC the property is considered a 2 bedroom and the main floor has enough room for an investor to convert the property back to 2 beds. There is a seperate entrance to the unfinished basement and the ceiling height of the basement is 8ft. The kitchen was recently renovated and roof was redone in 2020. New siding on the home and parking for two vehicles.

About the Neighbourhood 

The subject property is situated in a desirable neighbourhood in Penetanguishene. The property is located down the street from downtown and is close to the Georgian Bay General Hospital. This property is situated near the Georgian Sand Beach and is close to countless amenities such as restaurants, shops on the downtown strip, Foodland, Scotiabank, LCBO, Shoppers Drug Mart, and schools. Penetanguishene is conveniently located about 1.5 hours from the GTA.

Property Features

  • Detached raised bungalow
  • Two bedroom (per MPAC) but currently set up as a one bedroom
  • One bathroom
  • 565 sqft above grade
  • 246 sqft below grade
  • Roof was redone in 2020
  • Windows were redone in 2020
  • Unfinished basement
  • Basement ceiling height is 8ft
  • Separate entrance to basement
  • Furnace and hot water tank are both new and owned
  • Breaker panel and is copper wiring
  • Built in 1957
  • Frontage 53.27ft
  • Septic system
  • RU zoning
  • You currently cannot find a detached property listed under $400k in Penetanguishene!

Recommended Renovations

  • Redo flooring throughout the home
  • Consider adding back a bedroom
  • Finish the basement
  • Some drywall and trimming required
  • Junk removal
Pictures and More
The Numbers

We are selling our assignable purchase contract for this excellent Fix & Flip or Rental opportunity.

  • Wholesale Price: $375,000 or Best Offer
  • We believe that this property is worth $425,000 as-is on the MLS
  • We believe that after a full renovation this property should be worth at least $515,000 on the MLS.
  • Purchase today for $50K BELOW MARKET VALUE

Comparable Analysis

  • 39 Fox Street sold in September 2021 for $392,000. This bungalow sits on a slightly larger lot size than the subject property and is similar in square footage. The comparable is outdated throughtout with no basement (crawl space).  In addition the market has appreciated since the sale of this comparable. Therefore after adjusting for appreciation, we believe in its current condition the subject property would sell for at least $425,000 on the MLS
  • 27 Yeo Street sold 5 days ago for $490,000. This home is outdated inside and needs a complete cosmetic facelift. The comparable property is larger in size and has an attached garage but the kitchen requires a full renovation unlike the subject property. After renovations, and depending on finishes, we believe the subject property would sell for at least $515,000 on the MLS.
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Assignment of Contract
Property Type:
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Call 647-930-0291 for more details