This gorgeous home, situated on a quiet, closed-off court with a premium pie-shaped lot, is an investor’s dream with rental-ready features and major updates already done.
- 2-Bedroom In-Law Suite: Fully finished basement with a private entrance, large egress windows, 2 bedrooms, a full bathroom, and bright living space – perfect for generating rental income.
- Spacious Main Home: 3 sizeable bedrooms, 2 newly renovated bathrooms, formal living/dining area, and a huge eat-in kitchen with walkout to the deck.
Bonus: No sidewalks, a large backyard with a deck for entertaining, and a family-friendly neighborhood close to schools.
How can you profit?
1) Easy Flip: Buy for $749k, do some easy renos, and sell in the high $900s or more. Could you break the $1M mark since this has a basement apartment?
2) Rent It: 3 bedroom houses in the area are renting close to $3k/month. 2 bed basements are in the $2000-$2500/month range.
3) Move In: Perfect for intergenerational families…or live in one unit and rent the other. There are updates that could be done slowly over time, but it’s move in ready. And you have time to get a bank mortgage!
SUMMARY:
– LOCATION: Bowmanville, ON (King St & Mearns Ave)
– PURCHASE PRICE: $749,900 Or Best Offer
– CURRENT MARKET VALUE: $800s at least…but probably in the $900k+ range.
– AFTER REPAIR VALUE: High $900s! Plus this house has a basement unit, which the comps don’t have…how much more value does that add?
– CLOSING: February 27, 2024 (Sooner might be possible. This is an assignment sale.)
– TYPE: 2 Storey Detached
– BEDS/BATHS: 3+2 Beds/2.5+1 Baths. All bedrooms are BIG!
– PARKING: 1-2 in garage. 3 in driveway, comfortably.
– BASEMENT: Separate entrance to 2 bed/1 bath in law suite with its own laundry!
– SQFT: 2,008
– LOT: 38’ x 131’
– AGE: 1989
– PROPERTY TAX: $5,707 (2024)
– POSSESSION: Vacant
RENOVATIONS NEEDED:
– Kitchen and baths were updated 10+ years ago. They’re not modern but they’re not ancient either! Consider painting cabinets etc instead of replacing.
– Some minor ceiling repair from a previous leak (fixed already).
– Basement unit needs a refresh and has a potential leak…to be inspected.
– Some other minor cosmetic updates as you see fit.
– Some junk and furniture removal.
– Please view the pictures and videos for ideas on what you’d like to renovate.
GOOD NEWS:
– This property already has an in law suite in the basement with its own entrance. The nearby comps don’t have basement apartments…how much more is this house worth with a ready-to-go second unit?
– New roof within last 5 years
– A/C unit brand new
LISTING ID: 1224-BOW-F01
Please let us know if you want to view it or if you want the info package. (Comparable solds, MPAC info, and more…)
Thank you,
Aaron Moore, Tomomi Wang & Josea Dussard
647-557-5979
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
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