2-Unit Fixer Upper for $279,000. Profitable rental or fixer upper houses in Durham region. Assigned

  • $279000
  • 5 beds
  • 2 baths
  • 1720 sqft

Who’s interested in Port Perry, Sutton/Georgina or Lindsay?

This house is a short drive to all these towns. It’s in Cannington. It’s close to Lake Simcoe.

It’s WAY BETTER than most 2-unit properties.

It’s more like two houses.
The main unit is a full house. A 3 bed/1 bath 3-level sidesplit.
The second unit is a ground level addition. 2 bed/1 bath. This isn’t a basement apartment… THIS IS TWO ABOVE GRADE UNITS.

HOW TO PROFIT?
buy for $279,000 renovate then sell for $440,000+ (probably much more).
buy, renovate, rent, refinance and pull out all or most of your money. Can you convince an appraiser to give you a value of $450,000 or more?
We think this is an opportunity where you can pull out ALL your money after refinancing. Do you think so?

SUMMARY:
– PURCHASE PRICE: $279,000 or best offer
– CLOSING: July 03, 2019
– After Repair Value: $440,000+++. (There are no direct comparables. Would you rather buy this or the recent sales for $450-$500k? Will this produce more rental income?… Yes!)
– LOCATION: Cannington, ON – Brock Township in Durham Region
– PARKING: lots of parking on a long double driveway
– 5 Bed, 2 Bath
– SQFT: 1720 sqft (per MPAC)
– LOT: 60 x 175 FEET
– AGE: 1976 built
– PROPERTY TAX: $3148.65

RENOVATIONS NEEDED:
-the whole house needs a facelift: paint, flooring, kitchens, bathrooms. You may be able to clean and keep the main kitchen.
-shingles & gutters
-some windows are newer, some are older.
-tree trimming and log removal
-it’s a hoarder house. There’s a big crawl space filled with stuff. There will be a lot of junk removal.
-and I’m sure you’ll find more to do. Please look at the pictures and videos.

BAD NEWS UPDATE:
-Google has informed us that there was a shooting/homicide at this property in 2018. We’ve dealt with properties like this before and the “stigma” isn’t a big impact on profits. One Ohio study “found that real estate brokers in the state reported that homes with bad histories sold for about 3 per cent less than non-impacted houses, but they stayed on the market 45 per cent longer than the average home.” http://www.thestar.com/life/homes/2013/04/11/should_murder_or_suicide_be_disclosed.html

GOOD NEWS:
-it’s a great 2-unit setup and a big lot.
-it’s a 1976 built house and a 1989 addition. So electrical and plumbing usually don’t have major problems.

This house has been assigned. But let us know if you’re looking for fixer upper houses in Durham region.
Thank you,
Aaron Moore & Tomomi Wang
647-557-5979
www.HouseDealsGTA.ca

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Price:
$279000
Address:
Cannington, ON
Square Feet:
1720
Lot Size:
60x175
Bedrooms:
5
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Duplex
Year Built:
1976

Call (647) 557-5979 for more details