A detached house under $400k! Oshawa is hot and houses in this price range are being bought up quickly.
How can you profit?
1) Buy for $389,900k, renovate nicely, then sell for over $500,000.
2) Rent as a single family home. Or put in a basement apartment… but it may be tough to legalize it.
3) Realtors bring your clients who want an affordable fixer upper.
Realtors, we know its tough out there right now to find houses for buyers. We’ll work with you on our private assignment sales. You will need to increase the price to your clients. But your clients will thank you for finding them a good deal.
SUMMARY:
– LOCATION: Oshawa, ON (Near Mary St N, between Adelaide & Hillcroft)
– PURCHASE PRICE: $389,900 Or Best Offer
– AFTER REPAIR VALUE: $500-$545k when nicely renovated (if you add bedrooms and a bathroom in the basement)
– CLOSING: Sept 30, 2020 (This is an assignment sale.)
– TYPE: Detached Brick Bungalow
– BEDS/BATHS: 2 Bed, 1 Bath (The future is 2+2 Bed, 2 Bath)
– BASEMENT: Unfinished
– PARKING: 2 spots on driveway
– SQFT: 793 sqft
– LOT: 38′ x 101′
– AGE: 1949
CAN THIS HAVE A “LEGAL” BASEMENT APARTMENT?
– Ceiling height is over 6′ and most people can walk around without ducking.
– There is a low spot at the bottom of the stairs where people might hit there heads.
– You have an ideal separate side entrance.
– You’d need another parking spot and it looks challenging to put one in.
CONCLUSION: Doubtful or very challenging. But with a committee of adjustments and the things people do to basements these days, I won’t say impossible. It could certainly have an in-law suite that’s not legal.
RENOVATIONS NEEDED:
– The house has been maintained in a sense that what is “needed” to function has been fixed. It’s not as if the house has been let go.
– Needs a substantial interior renos: kitchen, bathroom, flooring.
– Has some nice features like the preserved plaster crown molding.
– Signs of past basement leaks have been fixed or managed, per seller. Some additional grading around the foundation would help.
– Driveway needs to be paved.
– Central AC doesn’t work.
VIDEOS: https://1drv.ms/v/s!AuqWmOD57pS7hL5cCsk1ZdEts3fxzQ?e=ZKPtI0
GOOD NEWS:
– It’s a small house which means less sqft of materials to buy and a cheaper renovation.
– Upgraded electrical
– Mostly newer windows. But some of the smaller windows are old.
– Gas forced air heat
– Nice neighbourhood and good neighbours where price of ownership shows.
Please let us know if you want to view it or if you want us to get you details. (Comparable solds, MPAC info, and more…)
Thank you,
Aaron Moore & Tomomi Wang
647-557-5979
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
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