Triplex and Coach House Potential! 1.5 Storey Detached House in Kitchener! Assigned

Triplex and Coach House Potential!
1.5 Storey Detached House in Kitchener!
Fix & Flip or Rental Opportunity

$75K BELOW Market Value 

Sixth Avenue

About the Property

This 1.5 storey detached house consists of 2+2 bedrooms and 3 bathrooms and is 1379 sqft. The basement is partially finished with an open concept living area. There is a separate entrance in the basement and the ceiling height is about 6.5-7ft. There used to be a 2nd level deck that was torn off due to a wind storm. This storm also caused some water leaks in the property but has not been a problem since. It is on a breaker panel and copper wiring. The roof was redone 3 years ago and a new fence put in recently. The deck boards need to be replaced, as per seller. The windows were replaced on the 2nd floor and the main floor windows were redone 17 years ago, all in good condition. The HWT is a rental. Both furnace and A/C are owned and purchased 11 years ago.  This property is perfect for an investor looking for a summer fix and flip or BRRR project in one of the fastest growing cities in Southern Ontario!

About the Neighbourhood 

The subject property is situated in the Kingsdale neighbourhood of Kitchener and just a short drive away to the downtorn core. Kitchener is conveniently located North of the 401 and is less than an hour drive from the GTA. The Kitchener GO station is about a 10 minute drive from the subject property which offers a convenient way to get to Union Station in Downtown Toronto. Kitchener is located an hour East of London and about 30 mins North of Brantford. The city of Kitchener recently approved a multi-million dollar transit hub that will be the city’s one stop shop for the GO, VIA rail services, the ION LRT, and city buses.

Property Features

• 1.5 Detached House
• 2+2 Bedrooms
• 3 Bathrooms
• 1379 sqft above grade
• 816 sqft below grade
• Property taxes are about $1802
• Breaker pannel and copper wiring
• A/C and Furnace are both owned and purchased in 2011
• HWT rental
• Built in 1952
• Roof was redone in 2019
• 60ft x 132ft
• Res-4 Zoning (MPAC is incorrectly reflected, we have verified zoning with the city)

Recommended Renovations

• Full cosmetic renovation
• Triplex potential
• Potential to build a brand new 4plex
• Coach/tiny house in the backyard potential
• Seller has the option to leave contents behind so we recommend budgeting for junk removal

We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.

• Wholesale Price: $574,999 or Best Offer
• We believe that this property is worth $650,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $870,000 on the MLS
• Purchase today for $75K BELOW MARKET VALUE

Comparable Analysis

• 133 Huber Street sold for $640,000 in May 2022. This comparable consists of 2+2 bed and 2 bath and is smaller in size than the subject property. The comparable is completely outdated throughout and in need of a full cosmetic renovation, similar to the subject property. The comparable sits on a smaller lot size and also has a detached garage. Therefore, after adjustments, we believe this property would sell for at least $650,000 “as-is” on the MLS.
• 76 Sixth Avenue sold for $865,000 in April 2022. This comparable is a 2 bed 2 bath property and, similar to the subject property, is a 1.5 storey detached. The comparable has been nicely renovated throughout and offers a kitchenette in the basement. Therefore, after adjustments, and depending on finishes, we believe the property would sell for at least $870,000 on the MLS.