How about a Toronto condo in the $400s?
This condo is rent-ready, but could be even better with a few touch-ups. And since it’s a condo, you only need to reno the interior anyway. Parking garage currently being renovated, and windows and doors were new in 2021. Cool off this summer at the indoor pool of this Scarborough condo tower! Close to Midland RT (subway), TTC, 401, bank, grocery, places of worship, etc. Great location with a south view from the 7th floor unit.
How can you profit?
1) Landlords – rent as is with a few small tweaks. Condo fees already include heat and water.
2) Realtors – get your tighter-budget clients into a Toronto area condo in the $400s, even after adding a generous commission for yourself.
3) Flippers – buy for $449,900, put a few thousand into cosmetic touch-ups, and sell in the mid $500s.
– LOCATION: Scarborough, ON (Midland Ave & Lawrence Ave)
– PURCHASE PRICE: $449,900 Or Best Offer
– MARKET VALUE: Low $500s as-is because an outdated unit next door sold for $510k last week, without AC. Plus, it was tenanted! Ours is vacant with AC.
– AFTER REPAIR VALUE: $530,000s or more is a good estimate. There have been multiple sales in the $520s. Dated properties in nearby buildings were selling in the mid $500s-$600s even in 2021.
– CLOSING: May 31, 2022 (This is an assignment sale.)
– TYPE: High Rise Condo, 7th Floor
– BEDS/BATHS: 2 Beds/1 Bath
– PARKING: 1 Underground Space
– SQFT: 850 sq. ft.
– AGE: 1978
– CONDO FEES: $639/month (includes heat & water)
– PROPERTY TAX: Only $840/year!
– New kitchen countertops or just re-surface them.
– Tub resurfacing or maybe a deep clean.
– Floors have a bit of wear and a coat of paint would liven the place up.
– Some junk and furniture removal.
– Please view the pictures and videos for ideas on what you’d like to renovate.
– New windows and balcony doors in 2021
– Ensuite laundry
– Onsite pool
– Garage currently under renovation (no fee increase anticipated)
– New front entrance under renovation to be completed this spring
– Walk to the RT station (like a subway station) in 7 min (500m away)
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, status certificate, and more…)
Aaron Moore, Tomomi Wang & Josea Paul
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
PS. PUSH HERE to get immediate access to these discounted deals as soon as they are available.