Summary:
This is a highly profitable fix and flip or BRRRR opportunity in a great location in Brantford, Ontario. With ARV well over $300,000, this property leaves a lot of profit to be made for any investor. Note there are currently NO houses for sale in Brantford for less than $230,000.
This cute little 480 sq ft SFH is a 1 bed 1 bath home was converted from a 2 bedroom in order to increase the size of the main bedroom as well as to add storage to the bedroom, living room and bathroom.
Situated on a quiet street, within walking distance to all amenities this house sits on a huge flat lot (50ft x 123 ft) with amazing future potential to build an addition or even a new structure, while still being able to remain cash-flow positive today.
The current owner purchased this house in 2006 and has lived there since. Since that time they upgraded the washroom (sink and toilet 5 years) drywall and electrical in the living room, bedroom and bathroom including adding outlets for convenience. This was undertaken as part of the project to increase the size of the bedroom and add storage.
The Assignable Purchase Agreement states that the SELLER CAN leave unwanted items for disposal and BUYER is to pay the SELLER’s legal costs for closing.
Property Features:
- Built in 1915
- 1 Bedroom
- Age: 1915
- Total Above Grade: 478 sq ft per MPAC
- Total Basement: 138 sq ft
- Kitchen: Original (or close to it)
- Kitchen floor is uneven
- Huge Lot: 50×123 ft
- Single Width Driveway with parking for 2 cars
- Roof needs to be replaced on rear of house
- Hot Water Tank rented
- Owner Occupied = Vacant Possession
- Electrical: Updated to 100 amp service and copper wiring. No visible knob and tube. All electrical has been updated per the owner.
- Heating system: Pipeless hot air
- Basement is only suitable for storage and accessed via a trap door
- Windows: Windows have not been replaced since before 2006
- Foundation: Looks like cinder block under the kitchen
Property Needs:
- Full cosmetic renovation
- New roof on the back of the house
- Window Replacement
- Removal of junk and poorly built additions/shed in the back of house
Recommended:
- With such a large flat lot, there is ample room to add a significant addition to the house. Comparables in the area are selling for upwards of $375K for ~800sq ft homes with B class finishes from the 90s.
Photos: Here
Comparables:
Below are After Repair Value comparables that sold recently. Not properties vary in condition and size.
- 5 Freeborn Ave. – $333K (Sold Mar 2020) 2 Bedroom 1 Bath <1000 sq ft
- Dated interior, stainless steel countertops, popcorn ceiling and unfinished basement
- 331 Chatham St. – $390K (Sold Feb 2020) 3 Bedroom 1 Bath <1000 sq ft
- Dated kitchen with poor layout, and dated bathroom, property has a finished basement on a similar sized lot (39×142) and has newer paint and flooring
- 293 Marlborough St. – $370K (Sold May 2020) <1000 sq ft
- Similar lot size (36×132); however, severely outdated interior, namely kitchen and flooring. This property does have a 1 car garage