This detached 1.5-storey is already in good cosmetic condition plus has plumbing, electrical, roof, and other big-ticket items updated for the next landlord or investor. This property has the basic criteria for a duplex conversion– double-wide parking and a separate basement entrance – creating a terrific opportunity for an investor to convert into a secondary suite for maximum cashflow and value. Nearly 1,200 sq ft and walking distance to Harbour GO and downtown Barton St, this investment property is priced at an unfailing discount for Hamilton’s North End, where detached inventory in comparable condition is quickly selling for over $400,000.
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The Buyer will be required to assume the tenants in each unit. The upper unit pays $1,650/month, but is 4 months in arrears. The lower unit pays $950/month and is 1 month in arrears. The landlord pays utilities for both units. The tenants are not cooperative with the current owner and may refuse access for a walkthrough to the Buyer as they did to our Acquisitions Rep.
The Seller did offer first month’s for vacancy, which the tenants accepted, but then refused to move when he unwisely paid them upfront. This at least shows that the tenants are open to “cash for keys” and it’ll be up to a savvy investor to arrange for the tenants’s vacancy without any “good faith” cash advances. The Upper Unit was served an N4 by the Seller and they will be providing all available LTB forms prior to closing. The Seller will also allow us to contact both tenants after a serious offer is accepted.
We are selling our assignable purchase contract.
Closing is November 19th, 2020
Please click HERE for more information and pictures.