Off Market Hamilton Mountain Fixer Upper at a DiscountWholesale Price: $535,000(Assignment Fee Included)
Photos/Videos:
FULL BUYER’S PACKAGE: https://conta.cc/3YAnhKq
Investors, are you looking to pick up a solid 1.5 storey bungalow sitting on a big lot in the desirable Hamilton Mountain area?
This 4 bedroom detached bungalow is in need of modernization, and packs an easy $200k+ spread for anyone willing to take it on! Located within walking distance to Inch Park, this property is located close to all conveniences. There are custom homes starting to appear in the neighbourhood, which goes to show the desirability of the area.
The property is currently dated, and can use a full cosmetic upgrade. The roof, Furnace and HWT(owned) were replaced in the last 8 years – your reno dollars can be used for better finishes!
Properties with the same layout and on similar sized lots have been renovated and sold at a premium price point in the last 30 days:
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A property with the same layout was converted into a 2 unit home and was sold recently for $840K!(see comp below).
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Another property with the exact same layout but modernized was sold for $740k!(comp added below)
With the city of Hamilton relaxing its density regulations, a savvy investor could add even more value into the property by adding a garden suite in the future. Multiple exit strategies allow for a very Profitable Property.
Closing: February 28th, 2023
Property Highlights:
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A+ Hamilton Mountain Location (close to Inch Park)
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1.5 Storey Detached Property
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4 Bedrooms
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2 Bathrooms
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42 x 113.5 lot
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100 AMP Breaker Panel
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Year Built: 1950
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Roof, Furnace, HWT less than 8 years old
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Zoning: C
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6’7 ft ceiling in Basement
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Taxes: $3402/year(approx)
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Vacant Possession
Suggested Renos:
Full Cosmetic Reno, Basement Waterproofing
Possibility to do a Duplex Conversion
Comparables:
Sold for 815K 8 days ago. Although it is located on a bigger lot, this property was completely outdated – everything original. This property is located only 3.5 Km from the subject property which shows the potential for a wholetail opportunity.
Sod 21 days ago for 749K. This property had 2 units that were NOT legal. This property was completed with medium finishes and has an outdated kitchen.
Sold 30 days ago for 840K! This is a legal Two unit Home with a 4 Bed and 2 bed unit and is on a SMALLER lot. Both units were renovated nicely and would be a great model to use for the subject property. With the market starting to heat back up, this would be a great addition to anyone’s portfolio!