| Flamingo Cres, Brampton, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: Sept 1st, 2023
The Seller has the option to shorten closing to August 1st given notice is provided to the Buyer by July 14th 2023.
The Buyer agrees to pay the Sellers legal fees up to $1500.00
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Looking for a cookie cutter flip in Brampton? SLG has the deal for you!
Welcome to Flamingo Cres where you will find a solid semi detached property that needs the basic cosmetic upgrades to freshen it up to 2023 standards! This property currently is a 3 bed, however the seller removed a wall to make one extremely large primary bedroom. However, the framing and posts are still there to convert it back to its original 4 bed layout! The property has 1.5 bathrooms that have been touched up over the years and are in good condition. The furnace is dated and needs to be replaced, along with the A/C unit. The roof is also about 15 years old and could use some new shingles. This property is perfect for any investor looking for a cosmetic fix and flip with great potential returns!
About the Neighbourhood
The subject property is located in the Southgate neighbourhood of Brampton ON. The major intersection is Queen St E and Torbram Rd, in the heart of Brampton. Located walking distance to restaurants, fast food eateries, schools and more, this property would be perfect for a family once an investor has added their touch to it. The property is also less than a 10 minute drive to the Bramalea GO station, with trains and busses extending throughout the city, and also into Toronto (Union Station). The property is also located well within distance to Highway 410, which connects Brampton, south to the 401 or north out of the GTA in minutes!
Property Details
- 2 storey semi detached
- 4 bedrooms
- current layout is a 3 bed as seller removed a wall to make one large room
- 1.5 bathrooms
- 1356 sqft above grade
- 670 sqft below grade
- Basement Ceiling Height is around 7.5ft
- 6.5 ft under the bulkhead
- Property taxes are about $3658
- Breaker panel, old style copper wiring
- Built in 1969
- Furnace is 20 years old, working condition
- A/C is broken and needs to be replaced
- HWT is a rental
- less than 5 years old as per seller
- Roof is 15 years old and could use updated shingles
- Windows are dated, all have been replaced over time
- approximately 20 years old as per seller
- 48ft x 133ft
- RMS zoning
Recommended Renovations
- Full cosmetic renovation
- Re-shingle the roof
- Update some windows
- Replace AC
- 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: $774,999 or Best Offer
- We believe that this property is worth $860,000 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 $85K BELOW MARKET VALUE
Comparable Analysis |
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- 4 Elvina Gate sold for $899,000 2 weeks ago! This property sits on a 42ft x 113ft lot. The comparable has 4 bedrooms, 2 bathrooms and does not have a garage. The layout is quite similar to the subject property. The property is quite dated and needs a full cosmetic renovation, similarly to the subject property. The driveway is in rough condition and likely needs to be repaved as well. However, it does seem like the property was tidied up and cleaned prior to listing. We believe in its current condition this property would sell for a price similar to the comparable, at a price around $860,000 on the MLS.
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- 17 Finchgate Blvd sold for $858,000 in May 2023. The property has 4+2 bedrooms and 3 bathrooms and does not have a garage. This property sits on a much smaller lot than the subject property and other comparable properties as well, thus why the price is lower. The property is dated as well, and could use some upgrades specifically in the bathrooms, kitchen and basement. The floors were redone likely prior to listing however were only done on the main floor and looks to be a cheaper laminate finish. To hit the full ARV we believe this property needs a full renovation as well. In its current condition, considering the lot size as a big differentiating factor we believe the subject property would sell for a price higher than the comparable around $860,000.
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- 82 Cathcart Cres sold for $1,015,000 1 week ago, in May 2023 after only 11 days on the market. The property is a 4+2 bed, 3 bath, and does not have a garage. The property sits on a SMALLER 35ft x 110ft lot, however it has a separate entrance that the subject property does not. The comparable has been beautifully renovated and would be considered an ARV especially if extra bedrooms were added in the basement. After adjustments we believe the subject property would sell for a price around $1,000,000 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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| Disclaimer: The contents of this email are for informational purposes only. We are not home inspectors or appraisers. Please ensure you do your own due diligence. |
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