Cash flowing bungalow (suited potential) in Edmonton Alberta

Remi Noel

Contractor, Renovator, Developer & Investor
REIN Member
Feb 24, 2016
20
24
3
#1
I recently got an accepted offer on a fantastic opportunity for a house in Avonmore, Edmonton AB. Looking to assign deal. Closing date is June 1 but could extent to the 8th if needed.

Here's the details:
Address 7616-73ave
Purchase price: $327,000
Possession date: June 1-8th
City assessment: $383,500
2 Lowest sale in the past 6months:

Sold Price Sold Date DOM SP/SqFt LPSqft Style FlrArea SF
$295,000 3/9/2018 199 316.14 331.71 BUNG 933.13
$355,000 12/20/2017 14 317.52 339.79 BUNG 1,118.06

Renovation required:
20K - Flooring, new bathroom, drywall, doors, electrical clean up and paint. The upstairs kitchen is brand new and modern with granite. The basement is gutted and ready to go with a new service upgrade.

Basement options:
1)70K down to legalize the suite. New furnaces, bathroom, kitchen, etc. It's a clean slate start to finish.
2)30-50K the develop a bedroom, bathroom, and living room (no suite)
7500K for yard and contingency - Garage door, fence, tree removal, gravel pad, etc
So a total of 57,500 to 100,000k for the project is a safe budget.

If legally suited - option 1:
This one is awesome and you will be renting in a fantastic area. After repair value on the suited option is $465,000 or better. You would be all in for $427,000. With my rental property appraisal in a neighboring community coming in at $475,000, I feel that I'm being conservative. Currently there is an MLS listing for a 2+2 in Argyll going for $495,000.
If flipped:
ARV should bet 425-450k depending on finishes.

If interested please email:
Remi Noel rdnoelinvestments@gmail.com (780-257-4301)
Or
Brad at brad@earthwidehomes.com (780-909-1465)