Are you looking for a profitable fix & flip? Take a look on MLS and see if you can find anything this cheap and this close to central Toronto. If you see something, let me know!
How to Profit?
1) Buy for $539k, do a good renovation, then sell for around $670-720k.
2) Buy, move-in, and renovate while you live there. Realtors, bring your clients! If someone is looking for cheap houses in Toronto, then this is the one.
When this house is prettied up it will be a great condo alternative. Houses under $700k are in demand and it will sell fast. Possibly over your asking price!
– PURCHASE PRICE: $539,000
– CLOSING: May 16 (Yes, this is an assignment of contract.)
– After Repair Value: There are sales of similar sized houses in the high $600s and low $700s.
– LOCATION: Caledonia and Rogers Rd, Toronto
– detached brick bungalow, 2 + 1 bed, 2 bath
– 2 parking spots in front.
– basement ceiling height: around 6’2″-6’4″. There is plenty of livable space in the basement. If you’re 6 feet tall then you’ll need to dodge the light fixtures and duck under some bulkheads. But people are using the space.
– SQFT: 763 sqft (Plus basement)
– LOT: 25×112
– AGE: born in 1921
– The house has been maintained with care, but it’s time for a face-lift.
– Interior face-lift: New kitchen, new bathrooms, etc
– Give the front exterior some curb appeal. Use your artistic flair!
– Electrical fuse panel
– it’s a small house which means less sqft of materials to buy and a cheaper renovation.
– the house has been maintained and many things are in good condition. Roof, gutters, furnace, some windows, etc.
Let us know of any questions and if you want more info (Comparable solds, MPAC info, and more…). If you’re interested, we’ll guide you through the process and make it easy for you.
Aaron Moore & Tomomi Wang