90K Undervalued Vacant Duplex Perfect for BRRRR in Staffordville Assigned

  • $340000
  • 2 beds
  • 1 baths
Assigned

This is an extremely rare opportunity to purchase a legal duplex/multi-family property in Staffordville, with a bonus of being vacant upon possession. Single family homes within 1-3 minutes walking distance trade at 400k+ if it needs renovations or 500k+ for turnkey single family homes. Only a single duplex has sold in this area over the past 2 years and the duplex required renovations and was under market rent, but still sold for 550k. Newly renovating this property should easily achieve an ARV of over 560k+. Moreover, this property is in close proximity to Alymer, St. Thomas, and is within 1 hour drive to London.

A huge opportunity knocks with this significantly discounted duplex located in the quiet and cozy neighbourhood of Straffordville. This community is filled with local businesses, a close by public school, community center, libraries, etc. within walking distance and even a small airport (Straffordville Airport) which is a 5 minute drive away. Within a 15 minute drive is the township Alymer which has most major amenities of larger cities including plazas, local stores, large retail stores etc. Moreover, St. Thomas is within a 30 minute drive and the City of London is only an hour drive away. If you’re looking for a multi-family property within close proximity to larger city centers,  and is within a 2 hour drive from Toronto, then 9230 Plank Road is the perfect property for you.

Property Features:

  • Detached Legal Duplex
  • Lot Size: 70ft x IRREG lot
  • Vacant possession
  • Unit 1: 2 bed + 1 bath unit
  • Unit 2: 2 bed + 1 bath unit
  • Vinyl exterior siding
  • Year built 1915
  • Older roof – plan to replace shingles
  • Fuse box copper wiring, 150amp
  • 2 hydro meters
  • Electric baseboard heating
  • Plumbing: PVC and some Galvanized Piping
  • Foundation- poured concrete
  • Electrical updated copper throughout
  • Renovations in progress – drywall has began
  • 2x electric water heaters approx.. 5 yr & 13 yr
  • Water private service  – drilled well (per seller)
  • Sewage municipal (per seller)

Comparable Sales:
There is only one legal multi-family property that has sold over the past 2 years. The rest of the comparables are single family homes within 500 meters of the subject property.

9415 Short St – $550,000 (Closing Date Oct 2021)
55623 Main St – $501,000 (Closing Date Aug 2021)
56326 Heritage Line – $459,000 (Closing Date May 2021)
9333 Plank Rd – $430,000 (Closing Date Apr 2021)

Other Sold Single Family Homes Nearby in 2021

  • 55864 Second St – $470,000
  • 9398 Plank Rd – $465,000
  • 9509 Plank Rd – $520,000
  • 55834 Fourth St – $465,000
  • 9551 Plank Rd – $600,000
  • 56384 Heritage Rd – $408,000

 

Price:
$340000
Address:
Staffordville
Bedrooms:
2
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Duplex

Call 647-933-5598 for more details