Near the Lake! Rent Ready or Easy Reno to Flip or AirBnB

Aaron Moore

Frequent Forum Member
REIN Member

Who's looking for a profitable property?​


This house is a 10 minute walk to Colchester beach and marina, with farmer's field across the street. Nice vineyards, wineries, and lakeside parks are nearby too, which makes this a popular vacationing spot. Enjoy the annual Kingsville Folk Festival just a short drive away. One of the most southern parts of Canada...you have to drive North to get the U.S.! Many Essex residents actually commute to work on the other side of the border. Take easy day trips to cheer on Detroit sports teams if you're a fan.

How can you profit?
1) Quick flip: buy for $340k, add some lipstick and rouge, and sell in the high $400s.
2) Rent it out as is. Your tenants will love the big yard and garage.
3) In the summer, AirBnBs on the water go between $400-600 per night. This house is a bit up the road, but you should still get strong rates.

SUMMARY:
- LOCATION: Harrow/Essex, ON (45 min south of Windsor, on Lake Erie)
- PURCHASE PRICE: $339,900 Or Best Offer
- AFTER REPAIR VALUE: High $400s

- CLOSING: February 16, 2023 (Possibility to extend to end of month. This is an assignment sale.)
- TYPE: 1.25 Storey Detached
- BEDS/BATHS: 3 Beds/1.5 bath
- PARKING: 2 Car Attached Garage (with entry to house) plus 4+ driveway
- BASEMENT: Crawl space
- SQFT: 1,494 sq. ft. (BIG bungalow!)
- DEEP LOT: 50' x 180'
- AGE: 1940
- PROPERTY TAX: Low, low, low! Approx $625/year

RENOVATIONS NEEDED:
- Cosmetic updates to kitchen, bathrooms, some areas of flooring.
- Some small windows are broken and need replacing.
- Some junk and furniture removal.
- Please view the pictures and videos for ideas on what you'd like to renovate.

GOOD NEWS:
- The wholesaler who brought us this deal has a team of tradesman in the area who can do the renos, if your team isn't local.
- There may be potential to convert this to a duplex.
- 200 amp electrical panel.

PICTURES are here: https://www.housedealsgta.ca/property/wholesale-real-estate-essex/
 
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