Bungalow Flip or Rental Opportunity on Large Corner Lot Near Lake Simcoe in Georgina!! Assigned

  • $500,000
  • 2 beds
  • 1 baths
  • 747 sqft
Assigned
A large corner lot fit for a ‘King’ or ‘Queen’, located right at the corner of King and Queen!! Located close to Lake Simcoe in much sought-after Georgina, this detached bungalow with a 1-car, detached garage features 2 bedrooms, 1 bathroom, an updated kitchen, large open attic space, updated siding, doors, windows, steel roof with snow/ice breakers, solar heated garage, fire pit area, ample storage and a gorgeously landscaped lawn and yard. With two separate driveway entrances, parking for 5+ vehicles and plenty of curb appeal, this property immediately grabs your eye. Quaint and perfect for rental or downsizing, this bungalow has been well loved and pride of ownership is evident. At $50,000 below the market value, this bungalow is an absolute STEAL of a deal, packing a large punch in a petite package!!

We are selling our assignable purchase contract.

Closing is July 28th, 2021
**As per our APS, the Buyer agrees to let the Seller’s remain on the property after the closing date, so long as they vacate the property before July 30th, 2021. As per the APS, the Buyer also agrees to reimburse the Seller for their legal costs, to a maximum of $1500. A holdback of $10,000 is to be held with the Buyer’s lawyer, in trust, pending completion or other termination of this agreement and is to be credited towards the purchase price on completion. For the purposes of this agreement, “upon completion” shall mean that the Buyer is required to deliver the holdback to the Sellers within 48 hours of them vacating the premises, on or before July 30th, 2021. The parties to this agreement hereby acknowledge that, unless otherwise provided for in this agreement, the Buyer’s lawyer shall place the deposit in trust in the Buyer’s lawyer’s non-interest bearing Real Estate Trust Account, and no interest shall be earned, received or paid on the deposit.**

PROPERTY FEATURES
  • 2 bedrooms
  • 1 full bathroom
  • Built in 1950 (renovation year listed as 1997, as per MPAC)
  • Above grade: 747 sq ft (as per MPAC)
  • Basement: crawl space
    • Accessed from outside of house
  • Separate entrances:
    • Front door opens to main entrance way
    • Door in kitchen leads out the the backyard area
    • Door at the side of the house, near the driveway, leads into the crawl space
  • Flooring:
    • Laminate was installed in 2012 (as per Seller)
    • Tile (kitchen tiles installed in May 2021, as per Seller)
    • Carpet
    • Poured concrete
  • Kitchen was updated 2-years-ago and features:
    • New countertops and shelving
    • Built-in, gas range top
    • Dishwasher, sink and faucet, and tile flooring were updated in May 2021 (as per Seller)
  • Some appliances are included 
    • Refrigerator, washer and dryer are not included
  • 60 AMP breaker panel (no knob & tube as per Seller, Buyer to verify)
  • HE gas furnace is rented for ~$78.89/month, was installed in 2014 — contract ends in 3 years (as per Seller)
  • Tankless HWT is rented for ~$52.60/month, and was installed in 2014 — contract ends in 3 years (as per Seller)
    • Access to HWT via crawl space
  • Water softener
  • No central AC
  • All windows were updated in 2012 (as per Seller)
  • Front and rear doors were all updated in 2017 (as per Seller)
  • Roof was updated to steel in 2013, with snow and ice breakers (as per Seller)
    • Includes a 50 year warranty (as per Seller)
  • On municipal services
  • Backyard features a fire pit area, as well as 3 lean-to storage sheds
  • Detached, 1-car garage was built in 1950 and is solar heated (240 sq ft, as per MPAC and Seller)
  • Parking for 5+ cars on the driveway
  • Property taxes: ~$2500-$2600/year (as per Seller)
  • Lot size: 66 ft x 135 ft (as per MPAC)
  • Zoning: R1 (as per MPAC)

PROPERTY NEEDS

  • Cosmetic updating
  • Solidify partition between rooms

 

Please click HERE for more pictures and information.

Price:
$500,000
Address:
Queen St & King St
Georgina, ON
Square Feet:
747
Lot Size:
66 ft x 135 ft
Bedrooms:
2
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1950
Basement:
Crawl space

Call (647) 400-2093 for more details

Property Location