Welland Assigned

By October 18, 2020
Realtors bring your clients, just add your commission to the purchase price!

Purchase this Property Today for $30,000 BELOW Market Value!
Closing Date: November 10, 2020

Randolph Street, Welland, ON

2 storey duplex property with amazing long term potential! Situated near the property are multiple restaurants, Tim Hortons, LCBO, and Burgar Park. Part of this property was recently damaged due to a fire therefore it is suitable for an experienced investor willing to take on a large renovation with the potential for a large upside. After a full cosmetic renovation this project should work out as a fantastic flip or BRRR. You currently can’t find a property listed in Welland for under $250K!

Property Features

• 2 full storeys
• 1542 sqft above grade
• 579 sqft basement
• Legal Duplex
• 3 bedrooms upstairs, 2 bedrooms on main floor, 2 Baths, 2 kitchens
• Potential to create an additional bedroom in the attic
• RL2 Zoning
• Lot Size: 33 ft Frontage x 99 ft Depth
• Detached shed
• Furnace is owned and approximately 5-10 years old.
• Hot water tank is rented and about 5-10 years old
• Roof replaced about 3 years ago
• Most windows replaced about 10 years ago
• No knob and tube
• 2 breaker panels
• Not separately metered
• Some galvanized pipes need to be replaced
• No visible issues with the foundation
• Back part of the property was damaged recently due to a fire

Renovations Needed

• A good amount of junk will need to be removed
• Needs a full cosmetic renovation

We are selling our assignable purchase contract for this excellent FIX & FLIP or BRRR opportunity.

• Wholesale Price: $249,000 or Best Offer
• We believe that this property is worth $280,000  as-is on the MLS
• We believe that after a substantial renovation this property should sell for at least $450,000 on the MLS
• Purchase today for $30K BELOW MARKET VALUE

Comparable Analysis

• 23 State Street sold in May 2020 for $350,000. It is a duplex with 1650 sqft above grade. The property is in livable condition but is cosmetically outdated throughout with minor upgrades to the washrooms. It sold in the middle of the first covid wave and would likely sell for a premium in today’s market. Comparing this property to the subject property we believe that an as is value of $280,000 is justified given the amount of work the subject property needs.
• 29/31 Young Street sold in July 2020 for $550,000. It s a duplex with 3 + 2 beds and 2,900 sqft. The property has been fully renovated throughout. Given that this property is much larger in size compared to the subject we believe that after a full renovation an investor should be able to achieve an MLS value or an appraisal refinance of at least $450,000