Detached 1.5-Storey Flip or Rental in Hamilton!! Assigned

  • $590,000
  • 7 beds
  • 2 baths
  • 1205 sqft

This mostly brick, detached 1.5-storey is located in Hamilton’s Westdale neighbourhood and is within a short drive to Hwy 403 access and a 4-minute walk to the McMaster University campus. This property is in a student rental hub and offers vacant possession for a landlord-buyer to place their own tenants and cashflow as a lucrative income property. The closing date is at the end of April and leaves time for an Investor to make strategic improvements, allow for schools to reopen, and lease out the 7 bedrooms by the next school term! Alternatively, there is also room in this deal for the Investor to flip it as a single-family and re-list on the MLS in the $700,000s!! This property has a garage, raised backyard deck, newer roof (2018), and new gas boiler, distinguishing it from some of the recent comps with less impressive features. Under $600,000 and only in need of some cosmetic updating, this property is uncommon at this price for 1,200+ sq ft detached. Don’t miss out!!

We are selling our assignable purchase contract.

Closing is April 30th, 2021

PROPERTY FEATURES
  • This property is only a 4-minute walk to the McMaster campus!
  • 7 bedrooms (4+3)
  • 2 bathrooms
  • Built in 1928
  • Total above grade: 1205 sq ft
    • Main floor: 694 sq ft
    • Upper floor: 511 sq ft
  • Main Floor
    • Living room
    • Eat-in kitchen 
    • 1 bedroom (could be a dining room)
  • Upper Floor
    • 3 bedrooms (these are the only bedrooms with closets)
    • 1 bathroom
  • Basement
    • 3 bedrooms
    • 1 bathroom
  • Basement: 690 sq ft
    • Ceiling height is approximately 6’5”- 6’7” ft
      • Bulkheads are closer to 6’
    • Washer and dryer in basement.
  • Separate entrance leads directly to basement
  • 100 AMP breaker panel
  • New gas boiler (February 2020, as per Seller)
    • Radiator heating
  • No central AC
  • HWT is newer and a rental (as per Seller)
  • Concrete block foundation
  • Sizeable front and back deck
  • Roof shingles (2018, as per Seller)
  • Some new vinyl windows (2020, as per Seller)
    • Most are older wood windows
  • 1-car, detached garage
  • 4-car, private driveway
  • Lot size: 32 ft x 110 ft
  • Zoning: C/S-1361
  • Only the Seller’s appliances are included 
    • Washer, dryer, 2 fridges, and stove
  • Currently rented to students on a month-to-month lease paying $3,000/month (as per Seller). These students have occupied this property for 4 years and will be vacating upon closing.
    • Most rooms around the McMaster campus are renting for approximately $600+ per room. This means that the Investor could be making closer to $4200/month in rent or more. (Buyer to verify)
  • Vacant possession!!

PROPERTY NEEDS

  • Cosmetic updating
Price:
$590,000
Address:
Forsyth Ave N & King St W
Hamilton, ON
Square Feet:
1205
Lot Size:
32 ft x 110 ft
Bedrooms:
7
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1928
Basement:
Finished

Call (647) 400-2093 for more details

Property Location