Welland Assigned

By July 20, 2020
Realtors bring your clients, just add your commission to the purchase price!

Purchase this Property Today for $70,000 BELOW Market Value!
Closing Date: August 17, 2020

Riverside Drive, Welland

Massive detached property on a large lot with amazing long term potential! The subject property is located just south of the Welland river and just a short 5 minute drive to downtown Welland. Situated near the property are multiple restuarants, Tim Hortons, LCBO, and Elmwood Park. There is a multitude of new low-rise and mid-rise developments within a 5 minute drive of the subject property. Additionally, the city has invested to repave the road along Riverside Dr. This property is suitable for an experienced investor willing to take on a large renovation with the potential for a large upside.

Property Features

• 2 full storeys
• 3725 sqft above grade
• 756 sqft basement
• 4 Bedrooms, 3.5 Baths
• Lot Size: 128 ft Frontage x 291 ft Depth
• 1 car attached garage
• RL1 zoning which permits the use of an accessory dwelling or two unit building
• Extension on the side of the property was previously being used as an industrial kitchen. It contains a full kitchen and washroom. The extension can easily be converted into a 1 bedroom unit
• Furnace is rented and approximately 2 years old. According to the seller the rental contract is transferable to the new buyer
• Hot water tank is owned and about 3 years old
• Cast iron pipes
• Possible mold throughout the house
• 1 year old solar panels
• Roof was replaced by the solar panel company when the panels were installed

Renovations Needed

• There is alot of junk in the property that likely won’t be removed prior to closing so budget for this removal
• Needs a full cosmetic renovation
• Replace the cast iron pipes running from the main floor up to the upstairs washroom (the Buyer can apply for a grant from the city to cover some of this cost)
• According to the seller the roof wasn’t installed properly by the solar panel company, so part of the roof may need repair

We are selling our assignable purchase contract for this excellent FLIP or DUPLEX RENTAL opportunity.

• Wholesale Price: $380,000 or Best Offer
• We believe that this property is worth $450,000 as-is on the MLS
• We believe that after a substantial renovation this property should sell for approx. $750,000 on the MLS
• Purchase today for $70k BELOW MARKET VALUE

Comparable Analysis

• 60 Maple Avenue sold 11 days ago for $718,200. It is an older, well maintained home that is partly renovated (brand new kitchen and washroom). It has 5 bedrooms 3 bathrooms and 1 garage. It is approx. 1000 sqft less than the subject, and sits on a much smaller lot. Given that our property is much bigger and sits on a large lot, we believe that after a full renovation you should be able to sell for more than this comparable.