| Elizabeth Street, Guelph, ON
Offer Date: FIRST COME FIRST SERVE
Closing Date: October 31st 2023
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Welcome to the beautiful city of Guelph where your next flip/rental awaits! This detached bungalow consists of 2 beds, 2 bathrooms with a 1 bed apartment in the basement. The main floor has been completely gutted to the studs and would need to be finished. The stairs to the attic were an addition made by the current seller which need to be redone or removed. The main floor currently doesnt have a kitchen but it is awaiting the right buyer to add the touches needed. Luckily, the basement is absolutely TURN KEY, and freshly renovated. While the finishes in the basement are top line, it is absolutely ready to be rented from day 1! Step right in and offer on your next money making property!
About the Neighbourhood
The subject property is located in St Georges / St Patricks area of Guelph, a short walk to downtown Guelph! The nearby intersection is Elizabeth St and Huron St. Located a short walk to countless amenities, the property is located wonderfully for a rental, or even a young family looking to generate some income from their basement unit. Amenities such as local restaurants, local breweries, shops and grocery stores are all a short distance! Guelph is also has a fantastic transit system, with the GO train (which is a 10 minute walk from the property) connecting east to Toronto and West to Waterloo.
Property Details
- Detached Bungalow
- Two Unit dwelling
- 2 bedrooms 1 baths above grade
- 1 bedroom 1 bath below grade
- 772 sqft above grade
- 772 sqft below grade
- Built in 1900
- Basement appliances are included (Fridge, Stove, Washer, Dryer)
- Breaker panel, copper wiring
- Finished basement with separate entrance from the back of the house
- 1 bedroom unit in basement
- 7ft ceiling height, 6ft 5″ under the bulkhead
- Furnace owned, replaced in 2014
- HWT is owned, more than 15 years old
- Windows are in good condition, seller unsure of age
- Roof approximately 10 years old
- Single car detached garage
- Foundation stone, no leaks as per seller
- Garage roof dated and needs to be updated
- Property taxes are approximately $3269
- 39.5 ft x 165 ft lot
- Zoning D.1-3
Recommended Renovations
- Fully finish the main floor
- Remove stairs to attic (were not done to code)
- Pave driveway if desired
- Some foundation parging if desired, no leaks as per seller
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| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP or BUY and HOLD opportunity.
- Wholesale Price: $479,999
- We believe that this property is worth $575,000 as-is on the MLS
- We believe after a cosmetic update to the main floor, the subject property would sell for at least $710,000 on the MLS
- Purchase today for $95K BELOW MARKET VALUE
Comparable Analysis |
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- 119 Stevenson Street North sold for $549,000 in October 2023 (within the week!) It is located within 5 minutes of the property and is in the same St Georges/St Patricks area. This brick bungalow consists of 2 beds, 1 bathroom, with an unfinished basement. However similarly to the subject property the comparable has walkout access and can potentially be converted to add a secondary dwelling in the basement. The comparable also has a detached garage and a deep lot similar to the subject property. Although the comparable is better maintained, it also needs a renovation to the main floor and the basement needs to be completely finished. Therefore after adjustments, considering the subject property is already a two dwelling property, we believe the subject property would sell for a price around 575K on the MLS, AS IS!
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- 25 Manitoba Street sold for 675K 17 days ago, in September 2023. This 2 bed, 1 bath bungalow is approximately 1100 sqft, and does not have a garage. The property has exterior vinyl siding rather than brick and does NOT have a full finished basement. Therefore the property does not have any potential to have a secondary dwelling unit in the basement. The main floor of the comparable has been completely renovated with nice finishes, ready for a family to move in! We believe after adjustments, considering the major differences in rental potential, the subject property would sell for a price around 710K on the MLS once fully renovated.
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- 512 Speedvale Ave E sold for 760K in August 2023 after only 2 weeks on the market! The comparable is approximately 960sqft and consists of 2+2 beds, 2 bathrooms and a detached garage. The comparable has a fully finished basement, with a 2 bed 1 bath apartment! The main floor of the comparable has been tastefully renovated, however has some flooring that is dated/cheaper. The basement unit is in well maintained condition, however could benefit from a renovation to maximize the rental income. Considering the market adjustments from August to October adjustments, we believe after a full renovation the subject property would sell for a price below the comparable, around 710K
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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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