This fixer upper needs lots of TLC, but has a HUGE upside and multiple exit strategies.
PROS:
Massive lot for garden suite!
Basement conversion potential!
Strong AirBnB area by Lake Simcoe!
Great margin for a profitable flip!
PLUS! Separate deeded riverfront lot INCLUDED IN THE PRICE with DIRECT ACCESS TO THE LAKE!
(51’x105′ lot, great for parking your trailer.)
CONS:
Hoarder house needing lots of work.
FAST sight unseen offers preferred.
(Hence the BIG discount!)
How can you profit?
1) Flip: buy for $629k, renovate, and sell in the high $800s.
2) Add Unit(s) and BRRRR: convert the basement to an apartment and/or add a garden suite in the big backyard.
3) AirBnB: lots of $400+/night STRs on the south side of Lake Simcoe. Can you get 2 AirBnBs out of this deal?? (1 on main lot, trailer on river lot)
SUMMARY:
– LOCATION: Pefferlaw, ON (1 hour north of Durham Region, on south side of Lake Simcoe)
– PURCHASE PRICE: $629,900 Or Best Offer. Sight unseen offers preferred. Preference given to fast cash closers.
– AFTER REPAIR VALUE: High $800s
– CLOSING: June 14, 2023 or earlier (This is an assignment sale.)
– TYPE: Raised Bungalow – Detached
– BEDS/BATHS: 3 Beds/2 Baths
– PARKING: 2 Car Garage Plus 8-10 Driveway Spaces
– BASEMENT: Finished
– SQFT: 1255 sq. ft.
– HUGE LOT: 98′ x 159′
– AGE: 1999
– PROPERTY TAX: $4375/year
– WELL/SEPTIC
RENOVATIONS NEEDED:
– This house is in rough shape and hoarding has been happening. Budget for full interior renovations.
– Pest control may be needed.
– Some junk and furniture removal.
– Please view the pictures and videos for ideas on what you’d like to renovate.
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,
Josea Paul, Myra Afidchao, Aaron Moore & Tomomi Wang
647-557-5979
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors