- Joined
- Oct 22, 2008
- Messages
- 108
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.
PICTURES are here: https://www.housedealsgta.ca/property/wholesale-real-estate-pefferlaw/