Cash Flow in Timmins! Rare Side by Side Duplex Off Market Under 90K/Unit: 522-524 Spruce St S, Timmins
✅ Wholesale Price: $175K Or Best Offer)
✅ Estimated As-Is Value: ~$220K+
✅ Estimated After Repair Value: ~$290K
✨Closing: August 2nd, 2022
This is a great opportunity to scoop up an undervalued and excellent value add project in one of Northern Ontario’s most stable employment markets. Located in the south end of Timmins, this side by side duplex (2 x 2 bed units) is primed for an excellent BRRRR that can be stabilized into one of your best cash flowing assets in your portfolio. A recent resurgence in rare metals has made Timmins a renewed destination for mining, providing long-term stability. Check out the pics below and contact Peter today at 647 955 0843 to place an offer or learn more about this opportunity.
522-524 Spruce St S is a rare side-by-side duplex (formerly 2 semi-detached homes with merged title). Each unit is 2 beds and 2 bathrooms, and is separately metered for Gas and Hydro. There are 2 parking spaces and a large yard. It is in a great neighborhood close to schools, public transit and other amenities. Structurally the property is in good shape with the exception of the shingles which the seller recommends replacing (20yrs old). Currently tenanted with under market rents (~1700/mo), there is an opportunity to raise the value of this property by both strategic renovations and rental increases (market rents would be closer to 1400/unit). There is also an opportunity to use the large yard for entertainment, storage or even a potential 3rd unit garden suite.
Comparable Sales
🏷515 Cedar St S – $220,00 (Sold May, 2022)
🏷344 Pine St S – $290,000 (Closed May, 2022)
🏷360 Cedar St S – $285,000 (Closed May, 2022)
🏷421 Birch St S – $285,000 (Closed April, 2022)
✨For full information, videos, and photos check out the link below:
http://mailchi.mp/ontariopropertydeals/522-524-spruce-st-s-timmins