Your chance to enjoy the rural feel of 5.5 acres just 10 minutes from downtown Hamilton! Multiple profitable exit strategies. Use your imagination!
How can you profit?
1) Fix & Flip: Buy for $899k, renovate, and resell for $1.3M+. Unrenovated properties nearby on some acreage are selling for $1.3M already. How much more than $1.3M could you fetch with a nice reno?
2) Add In-Law Suite: Take advantage of full height basement with separate entrance to add an in-law suite.
3) AirBnB or Mid Term Rental: Offer a furnished rental unit (or two!) to short or mid term guests. Turn the 5.5 acres into a beautiful outdoor oasis for short term getaways. Or separate into 2 furnished units and rent to travelling nurses, business people etc. who need month-long stays. Charge $2k-$3k/month per unit.
4) Custom Build: Buy for the acreage! Build your dream home here now or down the road and enjoy having lots of land close to the city.
SUMMARY:
– LOCATION: Hamilton, ON (Hwy 6 & Concession 5 in Flamborough)
– NEW REDUCED PURCHASE PRICE: $899,900 Or Best Offer ($30K Price Reduction!)
– AFTER REPAIR VALUE: $1.3M with current house. Custom build comps are around the $1.6M range.
– CLOSING: Between February 12-March 12, 2024 (Seller’s discretion. This is an assignment sale.)
– TYPE: Detached Bungalow
– BEDS/BATHS: 3 Beds/1+1 Baths
– PARKING: Endless Driveway! 1 Car Attached Garage with Direct Access to House. 1 Car Detached Garage.
– BASEMENT: In process of being finished (incomplete). Full height. Separate entrance. 1 Full Bath and Wet Bar.
– SQFT: 1481
– BIG LOT: 5.5 Acres
– AGE: 1971
– WELL/SEPTIC
– ZONING: Rural/Agricultural
RENOVATIONS NEEDED:
– Cosmetic updates throughout (kitchen, baths, flooring, wallpaper removal/paint, etc)
– Consider updating electrical (currently fuses)
– HVAC will need brainstorming. Old oil furnace is not in use. Baseboard heat in parts of house. No A/C.
– Finish basement renovation (started but incomplete). Cellar area is wet. Source still unclear.
– Yard cleanup
– Some junk and furniture removal.
– Please view the pictures and videos for ideas on what you’d like to renovate.
GOOD NEWS:
– Big lot! 5.5 Acres.
– Multiple exit strategies
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…)
Thank you,
Josea Paul, Deb Weir, Aaron Moore & Tomomi Wang
647-557-5979
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors