Legalizable Duplex in Cambridge ON Assigned

  • $320,000
  • 3 beds
  • 2 baths
  • 1300 sqft
Assigned

Wholesale Price: $320K (OBO by Oct 28th)
As-Is Value: ~$370K

Summary:

Single Family Detached homes in Cambridge command upwards of $450K, so there is a lot of meat on the bone here to allow for several exit strategies. We’re talking about $50K+ of built in equity on the buy!

You could keep it as a cashflowing duplex; renovate the units to a modern standard to command strong rents and then get most of your original investment back on the refinance.

Alternatively, you could convert it back into a 3 bedroom SFH as a flip. Detached homes in Cambridge are currently going for well over $500K.

The market for entry-level single family homes in Cambridge is super hot right now, with significant price appreciation and most homes going over asking.

Property Features:

  • Legal Non-conforming duplex (as per seller, registered as a duplex in GeoWarehouse, photo attached – buyer to verify)
  • 2 Bedroom Duplex (2 1 Bedroom units, could be 3 bedrooms as SFH)
  • 2 Bath
  • Total Above Grade: approx 1300 sq ft (not provided on GeoWarehouse)
  • Basement: ~500 sq ft, no visible signs of moisture, ceilings just over 6″ (laundry room, storage area, and potentially a children’s bedroom)
  • Eat-In Kitchen
  • Private Driveway with parking for 2 cars
  • Hot Water Tank rented
  • Owner Occupied = Vacant Possession
  • Electrical: Fuse Box
  • Heating system: Furnace is owned
  • Windows: some new vinyl windows, some older windows
  • There is a small amount of moisture coming in above the main staircase (source unclear, but there is a window above the front door that could be the cause)

Potential Property Upgrades:

  • Full cosmetic renovation
  • Upgrade electrical to breaker panel
  • New Roof

Photos/Videos: Here

Comparables:

Below are AS-IS Comparables that have recently sold. They are in better condition than our property, but would still require extensive remodeling to be suitable to modern tastes and tenant expectations.

26 Oxford St. – $400K (Sold OCT 2020) 3 Bed, 1 Bath 1004 Sq Ft
  • Bungalow, with one bathroom. Much of the house is dated and requires updating though the kitchen is fine as-is. built in 1897
19 Close Ave. – $431K (Sold: OCT 2020) 2 Bed, 2 Bath 1167 Sq Ft
  • Bungalow with carpeting through most areas. It’s not quite as dated as ours, but still needs full cosmetic reno i.e. new floors, fresh paint, new kitchens bathrooms etc.
Price:
$320,000
Address:
Cambridge, ON
Square Feet:
1300
Bedrooms:
3
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Duplex

Call 647-933-5598 for more details