Welland Assigned

By January 24, 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: March 31, 2021
The Seller may extend or shorten the closing date one time for up to 21 days, provided they give the Buyer 30 days notice.

Welland, ON

The subject property is a detached bungalow with a large attic space located in the Lincoln / Crowland area of Welland. The property is located 5 minutes from highway 406, and is also near the Hospital, Shoppers Drug Mart, Tim Hortons and other amenities.

The seller recently purchased this property in August for $260,000. There was a fire that started in the back room of the property caused by faulty electrical wiring. The insurance company has since removed all drywall, insulation and flooring. They have sprayed down the walls/floors and installed a new breaker electrical panel. The structure of the house, joists, studs and rafters were not damaged according to the insurance company. The roof is in fair shape and should have a few years left before needing to be replaced. The furnace, hvac, electrical and insulation were all damaged as a result of the fire and need to be replaced. This property is suitable for an experienced investor looking to take on a full renovation fix and flip. You cannot currently find a detached property in Welland below $299,000 on the MLS!

Property Features

• Detached bungalow
• 1447 sqft above grade
• Crawl space basement
• 2 Bedrooms, 1 Full Bath
• Large attic that was previously used as additional 2 bedrooms, although not legally registered as bedrooms
• Lot: 40 ft Frontage x 100 ft Depth
• New breaker panel installed by insurance company
• Roof is in fair condition, fascia at the back of the house needs replacing
• Majority of windows are in good condition, some need to be replaced
• Back door entrance
• Large shed in backyard and new porch at front of house
• Zoning – RL1
• Built in 1942

Renovations Needed

• New electrical, insulation, drywall and hvac required
• Some windows need to be replaced
• Fascia missing at the back of the house
• Full interior renovation

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

• Wholesale Price: $239,999 or Best Offer
• We believe that this property is worth $270,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should sell for over $370,000 on the MLS
• Purchase today for $30K BELOW MARKET VALUE

Comparable Analysis

• 374 Simpson Ave sold in September 2020 for $290,000. It is a detached bungalow, outdated inside but well maintained. It has a similar MPAC value, lot size and attic space. This property does have a single detached garage but only 1 bedroom not including the attic. Also the subject property has brick exterior at the front and an additional 400 square feet above grade. We believe based on this sale, market appreciation since September and the lack of inventory in Welland, the subject property should sell for approximately $270,000 in its current condition on the MLS.
• 150 Roosevelt sold in August 2020 for $303,000. Similar to 374 Simpson Ave, it is a detached bungalow, outdated inside but well maintained. It has a similar MPAC value, lot size and attic space. This property does have a single detached garage but only 1 bedroom not including the attic. Also the subject property has brick exterior at the front and an additional 400 square feet above grade. We believe based on this sale, market appreciation since August and the lack of inventory in Welland, the subject property should sell for approximately $270,000 in its current condition on the MLS.
• 377 Simpson Ave sold in December 2020 for $407,000. This property is a detached bungalow with 2 bedrooms, 2 bathrooms and very modest renovations. This property does have a basement, an extra bathroom and a single detached garage but is much smaller. We believe that after a full renovation with superior finishes and again taking into account the lack of inventory, the subject property should sell for above $370,000 on the MLS.