| Meda Street, St. Thomas, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: July 3rd, 2023
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Attention investors and end users! This structurally sound bungalow has loads of potential with most of the grunt work already done! The main floor was completely renovated in 2022. The property is currently tenanted for $2400/month but will be vacant on closing! The basement is unfinished and was waterproofed in 2022, however, the job was not properly done as the tenant has noted there is some seepage during heavy rain falls. The flooring was also not installed property as it has started to lift in some areas. There is a separate entrance to the basement with potential to convert into a legal in-law suite. There are no neighbours in the rear of the home and there are currently two allocated parking spots. The depth of the property is long enough that a buyer could add an addition if they wanted, buyer to verify. This property is perfect for an investor/end user looking for a TURNKEY or rental in the heart of St. Thomas.
About the Neighbourhood
The subject property is situated in a good neighbourhood in St. Thomas and is located only 30 minutes away to the London airport. St. Thomas is less than a 20 minute drive to Port Stanley which is known for their beautiful beach and cute antique shops. St. Thomas is located south of the 401 near London. Volkswagen announced earlier this year that they will be opening their first major electric vehicle battery in St. Thomas in 2027 making this growing city a great opportunity to invest in! This property is close to countless amenities such as restaurants, Wal-Mart, Starbucks, Tim Hortons, LCBO, Food Basics, Canadian Tire, Dollarama, Taco Bell, schools and much more!
Property Details
- Detached Bungalow
- 2 bedrooms
- 1 bathroom
- 821 sqft above grade
- 821 sqft below grade
- Basement is 6.5ft ceiling height, buyer to verify
- Separate side entrance
- Parking for two vehicles in the back
- Currently tenanted for $2400 but tenant is leaving end of June
- Property will come vacant, N11 has been signed
- Sump pump
- Breaker panel, copper wiring
- Furnace is about 20 years old and is owned
- HWT was purchased in 2022
- No A/C
- Deck was redone in 2022
- Seller is unsure of age of roof but looks to be in good condition
- Windows are older
- Property taxes are $1196
- Lot size is 23ftx125ft
- Zoning R1
Recommended Renovations
- Finish the basement
- Consider adding an in-law suite
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| The Numbers
We are selling our assignable purchase contract for this excellent Move-in or Rental Opportunity.
- Wholesale Price: $399,999
- We believe that this property is worth $450,000 “as-is” on the MLS given the subject property is a turnkey property.
- Buy now for 50K BELOW market value!
Comparable Analysis |
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- 52 John Street sold for $439,900 in March 2023. This comparable is a 2 bedroom and 1 bathroom and is slightly larger in size but sits on a smaller lot size. The comparable has been nicely renovated in parts of the home but dated in other parts of the home. The comparable has no backyard making it less appealing as a rental or a family looking to move in. Unlike the subject property, there is no separate entrance to the basement. Therefore, after adjustments, and given the recent heat in the market, we believe the subject property would sell for at least $450,000 on the MLS market in “as is” condition.
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- 138 Chestnut Street sold for $455,000 in April 2023. This 2 bedroom 2 bathroom comparable is around the same size as the subject property but there was an addition added in the back giving it roughly 600 sqft more on the main level. The comparable is completely outdated throughout and requires a full cosmetic renovation. The comparable sits on a similar lot size and has a detached carport. Unlike the subject property, there is no separate entrance to the basement. Therefore, after adjustments, we believe this property would sell for at least $450,000 “as-is” on the MLS given the subject property is a turnkey property.
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- 180 Forest Avenue sold for $470,000 in April 2023. This 2 bedroom 2 bathroom comparable is roughly the same size as the subject property but is completely dated throughout. The comparable sits on a similar lot size and unlike the subject property it is brick as oppose to siding. Therefore, after adjustments, we believe this property would sell for at least $450,000 “as-is” on the MLS given the subject property is a turnkey property.
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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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