Prices are down, it’s time to buy the dip!
A bucket of soapy water and some new floors will make this bright, open concept, stacked condo townhouse rent ready. It has its original finishes, but they’re in decent shape. Walkout to semi-covered patio overlooking the nicely manicured, treed yard space. 2 minute walk to Mapleview Mall and transit. Or drive to QEW, hospital, or the local lakefront all within 5 minutes.
How can you profit?
1) Easy Reno, Quick Flip. The usual ‘lipstick and rouge’…leave the rest to the condo board. See below for renos required.
2) Rent. At such a low price point, this would be a very profitable rental. It’s close to transit, highway, hospital, and all amenities. (P.S. Hospital staff are typically great tenants!)
3) Move In. Clean the place up, replace some flooring, and renovate the rest slowly as required.
– LOCATION: Burlington, ON (Maple Ave & Fairview St)
– PURCHASE PRICE: $429,900 Or Best Offer
– AFTER REPAIR VALUE: High $500s at least. Maybe over $600k. A similar unit sold for $678k in February (not renovated). There are a few other sales in the $600s in the last 12 months as well. Some had an extra bath, and we’re not in February anymore, so we’ll estimate high $500s to be safe.
– CLOSING: Between June 1 and July 6 (Seller will give at least 15 days notice. This is an assignment sale.)
– TYPE: Stacked Condo Town House (Ground floor – no lugging groceries up multiple flights of stairs!)
– BEDS/BATHS: 2 Beds/1 Bath
– PARKING: 1 driveway space plus 1 space in shared garage
– SQFT: Approx 840 sq. ft.
– AGE: 1986
– CONDO FEES: $599/month (includes water)
– PROPERTY TAX: $2260 in 2022
– Needs a paint job and new flooring.
– Plumber cut some drywall out to replace a pipe in the ceiling. Drywall needs patching there.
– Cosmetic updates to kitchen and bath would give this property that extra ‘oomph’.
– Budget for new appliances (now or soon).
– Some junk and furniture removal.
– Please view the pictures and videos for ideas on what you’d like to renovate.
– Ensuite laundry
– Brand new back patio
– The low, low price!
– Great neighborhood! Close to everything you or your tenants would need.
Please let us know if you want to view it or if you want us to email you the info package. (Comparable sales, MPAC info, and more…)
Aaron Moore, Tomomi Wang & Josea Paul
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
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