Big Discount on 3-unit property

aaronmoore

Frequent Forum Member
REIN Member
Who's looking for a profitable property?

You get a big 3-unit house with laneway parking and lots of character. The upper unit is vacant and the two main floor units are rented. It's been rented as a 3-unit for many years, but MPAC describes it as a duplex.

How can you profit?
1) There's room to profitably fix & flip this.
2) Renovate, raise rents, refinance, and hold long term.

SUMMARY:
- LOCATION: Hamilton, ON (Wellington St S and Main St - Corktown area)
- PURCHASE PRICE: $499,900 Or Best Offer
- AFTER REPAIR VALUE: High $600s and maybe over $700k
- CLOSING: March 22 and might be some flexibility (This is an assignment sale.)
- TYPE: 3-unit, Detached, 2 Storey
- BEDS/BATHS: 4 Bed/3 Bath (One 2-Bed unit, One 1-Bed unit, One bachelor)
- PARKING: 2 spots, double driveway, laneway access
- BASEMENT: Unfinished, Ceiling is around 6' and has low spots. Used for storage.
- SQFT: 1686 sqft
- LOT: 21' x 121'
- AGE: 1900
- PROPERTY TAX: $3,262
- RENTS: One unit is vacant. The two occupied units pay low rents and you'll want to make plans to help them move.

How can you get the tenants out?
1) Pay the tenants to vacate. Just factor it into the price. There’s a reason why you get to buy this at a big discount!
2) If you or a family member will move in, then that makes it easier to get the tenants out.

RENOVATIONS NEEDED:
- The house could use some maintenance and updates.
- Some junk and furniture removal.
- Please review the pictures and videos to get ideas.

GOOD NEWS:
- Zoned D5 (Downtown Residential Zone) and allows many uses including apartment buildings (aka Multiple Dwelling)
- Described as a Duplex by MPAC. But used a 3-unit for many years.
- Victorian house with character. Front porch, balcony, high ceilings.

PICTURES are here: https://www.housedealsgta.ca/property/big-discount-on-3-unit-property/
 
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