Bungalow Quick Flip or Rental Opportunity in Peterborough!! Assigned

Conveniently located close to all amenities, minutes away from shopping, groceries, downtown, Hwy 115, Hwy 7 and all that Peterborough has to offer, this bungalow is the perfect rental or flip property!! Already set up with a basement unit, this 2+1 bedroom, 2 bathroom property has already undergone renovations (including new flooring, kitchen, fencing, etc.) and is just waiting for you to profit!! With a high demand for rentals, this bungalow in one of the most sought after areas of Peterborough is your ticket to a solid investment. The average house price in June 2021 for Peterborough is $723,008, up 32.6% over June 2020. At only $440,000, you can’t pass up a lucrative investment property with for $280,000 less than the area’s average!!

We are selling our assignable purchase contract.

Closing is August 16th, 2021
**As per our APS, the Buyer and Seller agree that the Tenant currently inhabiting the property may stay in the property until no later than September 30, 2021 after closing. The Seller covenants to affect the termination of the said tenancy as of September 30, 2021, at its sole cost. As security for the foregoing covenant, the Buyer and Seller agree that the amount of $20,000 will be held back from the sale proceeds (to be held in trust with the Buyer’s lawyer, until the Tenant vacates). If the Tenant does not vacate on or before September 30, 2021, or the tenancy is not validly terminated, then the $20,000 holdback will not be provided to the Seller, but rather will be forfeited to the Buyer as full and final liquidated damages for the Seller’s breach of the foregoing covenant. The terms of this Section 8 shall survive the closing of the transaction and shall not merge on closing.**

Please note: The main floor is currently being rented for $1000/month, inclusive of utilities and internet (as per Seller). There is no written lease, however the tenant has paid the Seller rent until the end of September, but has verbally agreed to move out by the end of September at the latest.

• 2+1 bedrooms (2 bedrooms, as per MPAC)
  • There used to be 3 bedrooms on the main floor, however a wall was taken down in order to increase the living space (as per Seller)
• 2 full bathrooms (1 full bathroom, as per MPAC)
  • 4-piece bathroom located on the main floor
  • 3-piece bathroom located in the basement
• Built in 1951
• Above grade: 914 sq ft (as per MPAC)
• Finished basement: 914 sq ft (as per MPAC)
  • Was converted into an in-law suite, featuring a 3-piece bathroom, laundry, and a kitchen area
  • Ceiling heights:
    • Living area: 6.772 ft (Buyer to verify)
    • Laundry/hallway area: 6.601 ft (Buyer to verify)
    • Bedroom to duct: 5.935 ft (Buyer to verify)
• Separate entrances:
  • Front door opens to main entrance way
  • Side door opens to mudroom and leads to stairs, either going down to the in-law suite, or up to the door to the kitchen of main floor unit
    • Automatic dog door (fob operated) was installed by the side entrance
• All appliances will be included
• Main floor kitchen was renovated 3-years-ago (as per Seller)
• Flooring is a mix of laminate, tile and hardwood
  • Laminate flooring was updated in the last 3 years (as per Seller)
• 200 AMP breaker panel
• HE gas furnace is owned, and is approximately 10-years-old (as per Seller)
• HWT is rented, and was installed 1-year-ago (as per Seller)
• AC is rented, and is 2-years-old (as per Seller)
  • Cost of the AC rental is ~$40/month (Buyer to verify)
• Roof was updated 5-years-ago (as per Seller)
• 2 basement windows were updated in 2021 (as per Seller)
• On municipal services
• Fence was updated 1-year-ago (as per Seller)
• 1-car, detached garage was demolished (was 420 sq ft, as per MPAC)
• 3-car parking in driveway before fence
  • 4+ car parking if fence is moved
• Property taxes: $3223.86/year (as per Seller)
• Lot size: 50 ft x 100 ft (as per MPAC)
• Zoning: R1 (as per MPAC)
  • Due to the R1 zoning of this property, it has been previously understood that a secondary dwelling unit is actually not a permitted use (please see HERE). However, upon further investigation of the City of Peterborough’s website, a new secondary suite is actually permitted “within a single detached house, semi-detached house or a row/town house” or “within a building that is accessory to one of these houses”, opening up the possibility for a secondary suite so long as it is a permitted use in its specific zone (see HERE) in the Zoning By-law 97-23. However, upon review of Zoning By-law 97-123, no one can alter a dwelling unit or have more than one dwelling unit on a single lot (see HERE, section 7, pg 124). — Buyer to verify

UNIT BREAKDOWN

Main Floor Unit:

• Currently being rented for $1000/month, inclusive of utilities and internet (as per Seller)
• 2 bedrooms
• 1 full bathroom
• Laundry located in one of the bedrooms
• Kitchen
• Entrance is through the front door

In-Law Suite:

• Located in the basement of the property
• Currently occupied by the Seller
• 1 bedroom
• 1 full bathroom
• Laundry located in a basement closet
• Entrance is through the side door, and down the basement stairs

PROPERTY NEEDS

• Cosmetic updating

Please click HERE for more pictures and information.