This home was custom built in 2004. It’s a raised bungalow that is setup perfectly for 2-units. The basement has 9′ ceilings and two separate entrances. You are close to the beach and downtown Cobourg. If you’re not familiar with Cobourg, it’s just an hour east of Toronto… which is close!
It’s currently tenanted and we’re working with the tenants to help them find another home. We expect the tenants will sign an N11 form to end their tenancy within the next couple weeks, but it would be a month or two before they move out. So they’ll be moving out after closing and we don’t have the N11 signed yet.
How can you profit?
1) Buy, renovate, rent, refinance and pull out some of your money. Value will be around $550,000 as a legal 2-unit.
2) Do a light reno and Fix & Flip
– LOCATION: Cobourg (Near William St and King St W)
– PURCHASE PRICE: $419,900
– AFTER REPAIR VALUE: $550,000 approx
– CLOSING: June 15 (Assignment sale)
– TYPE: Detached, Raised Bungalow
– BEDS/BATHS: 5 bed, 4 baths (3 Bed, 2 Bath Up – 2 Bed, 2 Bath Down)
– PARKING: Currently has 2 spots in tandem. There is space to extend the driveway deeper. But you need to check with the city about parking requirements and possibilities.
– SQFT: 1692 sqft
– LOT: 45′ x 129′
– AGE: 2004 Custom Built
– PROPERTY TAX: $4577.33
– PROJECTED RENTS: $1800 up and $1600 down after converted.
– Tenants have been living pretty roughly in the property—the pics are pre-tenants. Basement is in good condition. Main floor is banged up a bit.
– You could do a fairly light reno if you want to flip it.
– If you want to legalize the 2 units, then you’ll need to do more.
– Needs new windows
– Wet bar in basement but would need kitchen installed.
– 9’ceilings in basement
– Basement has two separate entrances.
– Two Separate Laundry Rooms – One Up, One Down
Please let us know if you want to view it or if you want us to get you details. (Comparable solds, MLS history, MPAC info, and more…)
Aaron Moore & Tomomi Wang
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
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