Who’s looking for a profitable property?
The rear addition with its own basement makes this property an ideal candidate for a fabulous side-by-side two unit conversion. Both units would be above ground and have their own basement. Buy for less than your standard up/down bungalow conversion! Lots of updates already in process. Prefer fast cash over long term holds? This is a profitable flip as well with a $200k spread.
Walking distance to public school. Minutes from Costco, grocery, big box stores and Hwy 401.
How can you profit?
1) BRRRR: buy for $449k, convert to two ABOVE GROUND units, rent, and refinance out of increased value. Legal 2-units are selling/refinancing in the $650k-$700k range. You’ll collect rents around $2000 (3 bed) plus $1800 (2 bed) plus utilities. Maybe more, since the second unit will be above ground too!
2) Flip: Finish the renovations the seller started, and turn a healthy profit on resale. Already has a new kitchen and bathroom renos started. Mostly drywall finishing and minor cosmetics needed to wrap it up and sell into the $600s!
– LOCATION: Kingston, ON (Princess & Westbrook)
– PURCHASE PRICE: $449,900 Or Best Offer
– AFTER REPAIR VALUE: Mid $600s as a single family home. $700k+ on a legal duplex refi (up/downs are approaching $700k already. You’ll likely see more for a side-by-side where both units have their own basement.)
– CLOSING: September 8, 2023 (This is an assignment sale.)
– TYPE: Detached Bungalow
– BEDS/BATHS: 4+1 Beds/1+1 Baths
– PARKING: 6+ spaces (long double wide drive)
– BASEMENT: Mostly Finished
– SQFT: 1608 sq. ft.
– LOT: BIG! 85′ x 177′
– AGE: 1958
– PROPERTY TAX: $3684/year
– Some flooring needs replacing or refinishing.
– Bathroom renos were started but not complete.
– Drywall needs finishing and painting.
– Some junk and furniture removal.
– Please view the pictures and videos for ideas on what you’d like to renovate.
– Lots of great features for a fantastic 2 unit conversion. Abundant parking, big lot, both units above ground with their own basements, the list goes on!
– Newer kitchen and bath
– Newer windows and door on front of house
– Roof under 10 years old
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…)
Josea Paul, Myra Afidchao, Aaron Moore & Tomomi Wang
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
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