Hamilton Assigned

By January 31, 2021
Realtors bring your clients, just add your commission to the purchase price!

Purchase this Property Today for $30,000 BELOW Market Value!

Closing Date: February 17, 2021

PLEASE NOTE: The property is currently tenanted and will NOT be vacant upon possession. The current tenant pays $1600 + utilities. The tenant and her kids have been there for a year and signed a new 2 year lease in January 2021. The seller has never had any issues with the tenant. After closing, the investor could try to negotiate with the tenant to vacate or keep the tenant and hold the property as a rental.

Hamilton, ON

The subject property is a 2 storey semi-detached located in the Gibson area of Hamilton. Situated near the property are multiple nice restaurants, shops, bars and parks. Most of the larger items have already been taken care of including brand new siding, porch, windows and A/C unit. The roof and furnace are also in good condition. The seller had already begun renovating the second storey, putting in new laminate and baseboards. The seller also started converting an upstairs closet into a 2 pc bathroom, completing the tile and plumbing. An investor has the opportunity to add parking in the backyard as the property backs onto a laneway. This property is suitable for a beginner or experienced investor looking to take on a cheap cosmetic fix and flip or great BRRR.

This property was listed on the MLS in December for $400,000 but was taken down at the tenant’s request due to COVID and the lockdown.

Property Features

• 2 storey semi-detached
• 1072 sqft above grade
• 620 sqft basement
• 3 Bedrooms, 1.5 Bath
• Unfinished basement with separate entrance and rough in washroom (Approx. 6ft Ceiling)
• Lot: 18 ft Frontage x 92 ft Depth
• Breaker panel, copper wiring (according to seller)
• Roof is approximately 11 years old
• Windows and siding are brand new
• Furnace approximately 11 years old and owned
• A/C unit is brand new and owned
• Opportunity to add parking in the back
• Zoning – D
• Built in 1907

Renovations Needed

• Interior cosmetic renovation
• Potential to add parking

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

• Wholesale Price: $349,999 or Best Offer
• We believe that this property is worth $380,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should sell for approximately $475,000 on the MLS
• Purchase today for $30K BELOW MARKET VALUE

Comparable Analysis

• 7 Madison Avenue sold in January 2021 for $330,000. It is a semi-detached in similar condition inside. It has a similar MPAC value and square footage. However, the subject property has an additional bedroom, fully renovated exterior, laneway with potential for parking and superior overall curb appeal. We believe that in its current condition, after adjusting for these features the subject property would sell for approximately $380,000 on the MLS today.
• 93 Steven Street sold in January 2021 for $447,000. It is a semi-detached with the same number of bedrooms and has parking in the backyard. This property has been renovated with modest finishes. The subject property has a higher MPAC value, fully renovated exterior and an additional bathroom. We believe that after a full cosmetic renovation with superior design, the subject property could sell for approximately $475,000 on the MLS.