85% VTB Interest-Free! Detached 1.5-Storey Flip or Rental In Etobicoke!! Assigned

  • $1,225,000
  • 2 beds
  • 2 baths
  • 1058 sqft

This 1,000+ sq ft, brick detached home is centred in a hot-pocket of Etobicoke, on a residential street lined with $1.5M+ houses. This property is a short walk to the TTC Royal York Subway Station, Bloor St. conveniences, banks, parks, LCBO, and the iconic Kingsway Theatre. This 1.5-storey also has a full basement, separate entrance, and a 2-car, laneway garage, allowing for both a secondary suite and laneway suite opportunity! It is a landlord, flipper, and builder friendly property, creating many exit strategies for the Investor!! Did we also mention this wholesale opportunity comes loaded with a 85% VTB at 18 months interest free?! The investor will save potentially over $100,000 in financing costs as a result and still fetch this deal at a sizeable discount off the current retail value. Act fast!!

This property is at market value but comes with an incredible, interest-free VTB opportunity creating a large profit. Normally an Investor would have to move forward with a private lending option on a property like this, but with the VTB the Investor not only gets an interest free loan, but actually ends up saving money. If the Investor was to pay a private lender at a 2% lending fee with 10% per annum for the total 18-month term, they would pay an additional $20,400 in lender fees, and $153,000 in interest. The interest free VTB not only helps protect your downside if the property takes longer to renovate or sell, but also saves you $173,400 over the 18 months (plus appraisal & added fees). After subtracting the savings that the Investor would receive from the VTB, this property comes in at well below market value! The Investor could also choose the BRRRR method and do all renovations and then refinance at the end of the 18-month term. This interest-free VTB provides the Investor with savings that you could only dream of!

VTB Terms: 18 Month Term, First Position, 0% Interest Per Year @ 85% Loan-To-Value.
**Please note the VTB amount is $1,020,000. This would be approximately 83% of our asking price.**

We are selling our assignable purchase contract.

Closing is August 26th, 2021

PROPERTY FEATURES
  • Read above to see about the amazing interest-free VTB opportunity that comes with this property!!
  • 2 bedrooms 
    • There is room to add a third bedroom in the dining room on the main floor (see HERE)
  • 2 full bathrooms
  • Built in 1920
  • Above grade: 1058 sq ft
    • First floor: 663 sq ft
    • Second floor: 395 sq ft
  • Finished basement: 663 sq ft
    • Ceiling height (floor to drywall) is 6’9”
    • Ceiling height (floor to bulkhead) is 6’5”
    • Back separate entrance leads directly to basement
    • There is space to add an extra bedroom in the basement as well as space near the furnace room to add a kitchen
  • Main floor is not open concept, but the kitchen has a pass-through into the living room
  • Wood fireplace in living room
  • Front foyer has a newer door and coat closet
  • New gas boiler (2020, as per Seller)
  • Tankless hot water heater is approximately one-year-old (as per Seller)
  • 200 AMP breaker panel
    • Mostly copper wiring, but there is some knob & tube 
  • Interlock walkway in backyard leads to garage
  • Roof is 2007 (as per Seller)
  • Windows are vinyl but not newly installed (as per Seller)
  • No central air
  • 2-car, detached, laneway garage (428 sq ft, as per MPAC)
    • We believe this garage could be converted to a laneway suite (Buyer to verify)
  • Parking pad to fit 2 cars tandem in front of the garage (see HERE)
  • Lot size: 30 ft x 140 ft
  • Zoning: RD (f13.5;a510;d0.45*42)
    • This zoning allows for a secondary suite (Buyer to verify)
    • Please see HERE, HERE & HERE

PROPERTY NEEDS

  • Cosmetic updating
  • Option to add secondary unit in basement (Buyer to verify)
  • Appliances are not included
  • Likely need to remove some knob & tube
Price:
$1,225,000
Address:
Prince Edward Dr N & Bloor St W
Etobicoke, ON
Square Feet:
1058
Lot Size:
30 ft x 140 ft
Bedrooms:
2
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1920
Basement:
Finished

Call (647) 400-2093 for more details

Property Location