Wholesale Price: $1,015,900 (Assignment Fee Included)
*****Rathburn Rd and Martin Grove Rd, Toronto, ON*****
Photos/Videos: https://drive.google.com/drive/folders/1OtaGeKoJPOj4SEWjJK4Y9Sr1eY7Z1MMF
FULL BUYER’S PACKAGE:
Profitable Property is proud to present this Bungalow in Etobicoke’s Sought After Eatonville Neighbourhood.
This Bungalow has a functional layout that’s highly sought after by families, first time owners, seniors and investors alike. Here are the key points that make this property a great deal:
1) The Location: This house is conveniently located in a very central location with easy access to many different highways : Hwy 427, Hwy 401, and the Gardiner Expressway and the QEW are all within a 5 minute drive from this house.
2) The Layout: This is a larger Bungalow that’s already set up with 2 self contained levels. Unlike most bungalows of this age, the master bedroom features an ensuite washroom and there are separate laundry facilities on both levels. This was originally a 4 Bedroom home with the fourth bedroom converted into an ensuite bathroom.
3) The Functionality: This house can be a home for a variety of end user buyers: Seniors, Multi Generational Families, First time Home Buyers looking for supplementary income from the basement etc. Investors, you already know that this property has been set up perfectly for a 2 unit home with separate entrances and laundry facilities.
4) The Value: We looked at comparable houses in the area, and none of them have sold at our price point in the last 90 days. As a matter of fact, many similar properties on the same street have sold well above our price point, even going back to 2020!
Thanks to an already great layout and the presence of the extra kitchen and washrooms, your renovation budget can be used towards improving the cosmetic features. The HVAC systems are dated, but in good working order. You will need to do a cosmetic update to this property along with some repairs on the soffits and fascia. Be sure to take a look into our comps to get a general idea on how much to renovate.
With multiple exit strategies, and discounted price point, this Etobicoke bungalow is ready for an investor or an end user looking for a great deal. A Profitable Property indeed.
Closing: May 7th, 2024 (The Seller has the option to extend the closing date until May 31st, 2024, provided they give notice in writing
to the buyer’s lawyer by April 30th, 2024)
Map Link: https://maps.app.goo.gl/Da6xq55N3BgjAmjT6
Property Highlights:
- A+ Neighbourhood (Eatonville, Etobicoke)
- Detached Bungalow
- 45 ft. x 122 ft deep lot
- Single Car Garage + Driveway Parking for 4 Cars
- 1,347 sq. ft(above grade) + Walk Up Basement
- 3 Bedrooms
- 3 Full Bathrooms
- 2 Kitchens
- Laundry on Main Floor + Laundry in the Basement
- Basement ceiling height around 7’
- Zoning: RD
- Year built: 1964
- Taxes: $5230/year(approx.)
- Roof approx 13 years old
- Furnace approx 14 years old(serviced annually)
- Vinyl Windows
- HWT Rental
- 100 AMP Breaker Panel
- Vacant Possession
Suggested Renos:
Cosmetic Updates, Fix Soffits/Fascia
Comparable Properties:
- 318 Rathburn Rd E sold for $1,288,000 on February 27th, 2024
https://housesigma.com/web/en/house/bqB176ZxR867ZajD/318-Rathburn-Rd-Etobicoke-M9B2L8-W8072158
This property is very similar to our property in terms of its overall footprint and layout. However, it does not feature a second laundry area. It was cleaned up after some minor renovations and marketed well to be sold for $1.288m – That’s $288k spread over our price point, with some minor cosmetic renos!
- 390 Rathburn Rd sold for $1,120,000 on December 8th, 2023
https://housesigma.com/web/en/house/Xawjy4NDonW3rR18/390-Rathburn-Rd-Etobicoke-M9B2M3-W7238386
This property is also similar to ours – similar lot size but 1 less bathroom. This property is completely dated with a very old kitchen and carpet flooring, but has an updated HVAC system. It sold for $1.12m – that’s $120k over our price point!
- 62 Archerhill Dr sold for $1,092,000 on November 9th, 2023
https://housesigma.com/web/en/house/gAaOyLKb60AYGxMb/62-Archerhill-Dr-Etobicoke-M9B5P4-W7271840
This property is another Bungalow of similar age and lot size. This property is completely dated with an original interior and has one less bathroom than our property. It was sold for $1.092m after being listed for 6 days- that’s $93k over our piece point.