Wholesale Price: $280K (OBO by Nov 16th)
Estimated As-Is Value: ~$315K
real estate market in Canada with no bidding wars. 8170 Cedarview Street is located
in East Windsor, one of the most desirable areas in the city for both homeowners and
renters alike, and is close to many amenities including restaurants, grocery stores,
elementary schools, and the waterfront.This property does not require any major work aside from very minor cosmetic updates and is perfect for a wholetail or BRRRR investor looking for a lipstick renovation project that will remain cash-flow positive after refinance.
**Realtors are welcome, just add your commission on top of the purchase price.**
Summary:
Take advantage of this amazing undervalued property with NO bidding wars in the hottest real estate market in Canada. This is a great opportunity to pick up a low maintenance Single Family Home rental that you can BRRRR, wholetail, or complete a quick cosmetic flip. There are no major renovations necessary to make this a high-end rental in the Windsor market. That being said there are some opportunities for strategic renovations to force appreciation, most notably paint and flooring.
8170 Cedarview Street is located in one of the most desirable areas in Windsor, and is minutes away from many major amenities such as elementary schools (3 minute walk), the waterfront (8 minute walk), parks (10 minute walk), bus stops (2-3 minute walk) and major grocery stores such as Freshco (5 minute walk). You will have no issue finding the highest quality tenant to occupy this rental and to ensure it is cash flow positive from day 1.
The market for entry-level single family homes in Windsor is hot right now, with significant price appreciation, constant bidding wars and most homes going over asking. In fact, Windsor has appreciated by more than 20% Year-over-Year.
Property Features:
- 3 Bedrooms
- 1 Bath
- Large Corner Lot
- Lot: 52.25×123.16
- Detached Garage (20×20)
- Brand New Above Ground Pool
- Bathroom remodeled approximately 6 years – no updates required
- Kitchen remodeled approximately 6 years ago – suggest flooring update
- Flooring is vinyl and laminate
- Foundation: Block Foundation
- Basement: Crawl Space, dry crawlspace, no noticeable moisture or molding in crawlspace
- Electrical: Copper 100amp service
- Heating System: Gas Fireplace & Electric Baseboard
- Plumbing: PVC
- Roof in good condition updated around 10 years ago
- Owner Occupied = Vacant Possession
NOTE THE PROPERTY ONLY COMES WITH A DISHWASHER. BUYER TO PURCHASE STOVE, FRIDGE, WASHER AND DRYER
Potential Property Upgrades:
- Modern grey paint throughout
- Modern grey flooring throughout
- Flush mount light fixtures
- Add used/second-hand stainless steel fridge, stove, washer, dryer
- Recommend: Sister some joist in crawl space
ComparablesBelow are comparable sales around the area.
Average sale price of comparable properties is $361K. Median sale price is $355K.
468 Waston Ave. – $335K (Sold June 2020) – 220m away from subject property
- 3 bedrooms, 2 bathrooms
- Dated interior, carpet and mismatched paint throughout house
- Smaller lot size
- All brick property
- No detached garage
- 2 beds above grade, 1 below grade bed, 2 bathrooms
- No detached garage
- Smaller lot size versus subject property
- Slightly dated kitchen and bathroom
- 3 bedroom above grade + 1 bedroom below grade, 2 bathrooms
- Fully renovated interior, modern aesthetic
- Larger property
- No detached garage