Who’s looking for a profitable property?
Massive house on over half an acre of land, 40 minutes north of Belleville. This house was built by a politician back in 1883, which paints a good picture of the property. It’s had some recent updates like metal roof, windows, and updated bathroom, but it needs a ton of work to restore it to its former glory or convert it to an income property. This can be your next profitable flip…or can even be turned into a triplex or fourplex! Who’s ready for a project? It’s first come, first served.
How can you profit?
1) Bed & Breakfast. The intricate, original woodwork throughout this 1883 house is conducive for a quaint B&B.
2) Buy & Hold. Convert to 3 (or even 4!) separate units.
3) Fix & Flip. Make into a giant, beautiful single family home, and sell for between $500-600k.
SUMMARY:
– LOCATION: Madoc (40 min north of Belleville at Hwy 7 & Hwy 62)
– PURCHASE PRICE: $319,900 Or Best Offer
– AFTER REPAIR VALUE: $500k-$600k, depending on what you do with it.
– CLOSING: July 15, 2021 (This is an assignment sale.)
– TYPE: 2 Storey Detached
– BEDS/BATHS: 4 Bed/2 Bath
– PARKING: 8+ cars
– BASEMENT: Unfinished, probably unusable
– SQFT: Big! 2354 sq ft
– LOT: 130′ x 175′ (just over 1/2 acre)
– AGE: 1883
– ZONING: R3 (many uses permitted including bed & breakfast, duplex, triplex, fourplex, boarding/lodging/rooming house, etc.)
RENOVATIONS NEEDED:
– Big old house! Needs lots of work…expect the unexpected. (removed salvageable part)
– Two electrical boxes, but one needs to be replaced.
– Lots of plaster/drywall repairs needed.
– Some junk and furniture removal.
– Please view the pictures and videos for ideas on what you’d like to renovate.
GOOD NEWS:
– New drywall in bedrooms.
– Upstairs bath has been redone with clawfoot tub and bowltop sink.
– Metal roof new in 2005.
– New hot water tank.
– Windows are 10-15 years old.
– Massive house with high ceilings.
– Someone bought the abandoned gas station next door and will be building there soon. Regular testing confirms no water contamination from old operations.
Please let us know if you want to view it or if you want us to email you the info package and videos. (Comparable sales, MPAC info, zoning, and more…)
Thank you,
Aaron Moore, Tomomi Wang & Josea Paul
647-557-5979
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
PS. Get notified of only the deals you are interested in by telling us your areas of interest. We notify you by email based on the geography you want. PUSH HERE to get the deals you want: https://www.housedealsgta.ca/preferred-buyers/
Need Fast Financing?
Calvert Home Mortgage has the ability to finance most of the wholesale price, INCLUDING the assignment fee. Also, they can fund in 24 hours.
Calvert has options for buying with as low as $20k down, with rates starting at 7.99% and a 2% lender’s fee for 25% down.
No additional broker fees! No appraisal fee! No lender legal fee! Fully open!
DISCOUNT:
Get $500 off the lender’s fee from Calvert Mortgages if you let them know that you heard about them through House Deals GTA