Summary:
This is an amazing opportunity to purchase an undervalued property in one of the best cash-flowing real estate market in Canada with no bidding wars. 520 Elm Street is located in Little Britain, a great rental area with new builds being erected as well as being centrally located to many major amenities.
This property requires cosmetic interior renovations- perfect for investors looking to complete a BRRRR. Upstairs unit requires minimal work as the kitchen and bathroom have been renovated over the past 5 years. There is also a walk out basement with a potential to add a 3rd unit (non-conforming)- note the basement is already finished. Best of all, the property comes vacant on closing day as it is currently fully owner occupied.
Take advantage of this amazing undervalued property with NO bidding wars in one of the strongest cash flowing real estate market in Canada and the largest city in Northern Ontario. This is a great opportunity to pick up a strong cash flowing and BRRRR rental property that is vacant upon possession. That being said there are some opportunities for strategic renovations to force appreciation, most notably paint, flooring, kitchen and light fixtures and adding a 3rd in-law suite. There is a walkout basement leading to the finished basement.
520 Elm is centrally located in centrally located and busy street in Sudbury, close by many amenities and with investors completing several re-development projects in this area. You are less than a 3 minutes walk to two bus stops and a 7 minute walk to restaurants, theatres, Queen’s Athletic Field, and many other great amenities, making this a perfect place to attract young couples and families.
The market for entry-level properties homes in Sudbury is hot right now, with significant price appreciation 15% Year-over-Year, constant bidding wars and most homes going over asking.
Property Features:
- Main Unit: 2 Bedrooms, Upper Unit: 1 Bedroom
- Upper Unit: 1 Bath, Upper Unit: 1 Bath
- Walk out basement with potential to add 3rd unit (non-conforming)
- Finished basement
- Lot: 40×50
- Upstairs Bathroom and kitchen remodelled approximately 5 years – no updates required
- Upper unit requires slight cosmetic lift- good kitchen and bathroom. Mainly paint and flooring
- Detached shed for additional storage
- Aluminium exterior
- Older furnace, new burners (2 years old)
- Hot Water Tank Rented from Reliance
- Foundation: Block
- Plumbing: PVC – some galvanized piping in basement
- Electrical: Copper
- 2 Hydro meters
- Main Unit Flooring: Carpet, Linoleum
- Upstairs Flooring: Tile, laminate
- Heating: Boiler & Forced Air
- Foundation: Block Foundation
- Roof in good condition updated around 15 years ago
- Owner Occupied = Vacant Possession
Potential Property Upgrades:
- Modern grey paint throughout main unit
- Modern grey flooring throughout main unit
- New Bathroom in main floor
- Re-face kitchen in main floor with new handle, paint cabinets, and new countertop
- Paint in upper unit and backsplash in kitchen as well as minor touch ups
- Other minor cosmetic renovations throughout (closet doors, trim etc.)
- Patch exterior crack (Vertical crack- not horizontal)
- Creating basement into 3rd in-law suite for additional rental income
Photos/Videos: Here
Comparables:
Below are comparable sales around the area.
Average sale price of comparable properties is $260k.
Newly renovated vacant properties with a 3rd in-law suite sell for over 290k
454 Pine Street– $299K (SOLD: Aug. 27, 2020)
- 3 Bedrooms + 3 Bathrooms
- 3rd non-conforming suite
- Vacant
- 8.5/10 condition interior
- Slightly dated kitchen and bathroom
87-89 Beatty Street – $245K (SOLD: Sep. 21, 2020)
- 4 Bedrooms + 2 Bathrooms
- Rented ($1200 unit 1, $850 unit 2)
- 7/10 condition interior
- All brick property
414 Elm Street – $250k (SOLD: Jul. 9, 2020)
- 4 bedrooms + 2 bathrooms
- Rented ($1100 for unit 1, $750 for unit 2)
- 8.5/10 condition interior
208 Baker – $261k (SOLD: Dec. 7, 2020)
- 4 Bedroom + 3 bathroom
- Non-conforming 3rd unit
- 6/10 condition interior
- Under-rented (no rent rolls were provided)
325 Montague – $245k (SOLD: Dec. 2, 2020)
- 2 bed + 1 bachelor + 3 bathrooms
- Non-conforming 3rd bedroom
- Under-rented units
- No photos of interior- likely indicating that it is unrenovated or tenants were not cooperating for showings
If you’re interested, please call/text:
Austin at 647-933-5598 or email at austin@ontariopropertydeals.ca