Who’s looking for a profitable property?
Here’s your chance to own a deeply discounted investment property in Scarborough. If you’re not afraid to get creative, the upside on flipping this is massive. If you’re a little more conservative, keep it as a rental and refinance in the fall. This property is currently tenanted (vacant possession will not be guaranteed, although the lower tenants say they’re moving this month).
How can you profit?
1) Buy at a HUGE discount, redirect tenants, renovate, and sell for over $1.3M!
2) Purchase as a rental (way under market value), hold for 6 months, refinance out of the appraised value, and enjoy a lucrative investment property for many years.
3) Great opportunity for a homeowner who wants to buy with equity and have a mortgage helper downstairs. There is a high probability that the downstairs apartment will be vacant on possession (although not guaranteed). Give notice to the upstairs tenants that you’ll be moving in soon, and score your new family home! Realtors – bring your quick-closing, cash clients! Just add your commission on top.
SUMMARY:
– LOCATION: Scarborough, ON (Lawrence Ave & Kingston Rd)
– PURCHASE PRICE: $999,999 Or Best Offer
– AFTER REPAIR VALUE: $1.3M+
– QUICK CLOSING: February 10, 2022 (This is an assignment sale.)
– TYPE: Detached Bungalow
– BEDS/BATHS: 3 Bed/1 Bath Upper, 2 Bed/1 Bath Basement
– PARKING: 3 Spaces
– BASEMENT: 2 Bedroom Apartment with Separate Entrance (Not Legal). Renovated 2019.
– SQFT: 968 sq. ft.
– LOT: 50′ x 123′
– AGE: 1958
– PROPERTY TAX: $2682.35/year
– UPSTAIRS TENANTS: $1700/month plus 60% utilities. Month to month (no lease). Not current on rent.
– BASEMENT TENANTS: $1400/month plus 40% utilities. Month to month (no lease). Not current on rent. Potentially vacating this month!
RENOVATIONS NEEDED:
– Cosmetic updates to kitchens, baths, floors, paint, etc.
– Some junk and furniture removal.
– Please view the pictures for ideas on what you’d like to renovate.
GOOD NEWS:
– The huge discount!
– Roof and windows 7 years old.
– New furnace 2019.
– Newer appliances.
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…)
Thank you,
Aaron Moore, Tomomi Wang & Josea Paul
647-557-5979
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
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