!!QUICK CLOSE, UNDER $500,000!! Detached Brick Bungalow Flip or Rental Opportunity in Downtown Woodstock!! Available

  • $490,000
  • 2 beds
  • 1 baths
  • 731 sqft
Own this all-brick bungalow in the heart of the “Friendly City” that is Woodstock, one of the hotter southwestern Ontario tertiary markets, with YOY increase of nearly 30%!! This bungalow features 2 bedrooms with extra high ceilings, large windows, a new furnace, full brick exterior, and wood basement walk-out door. Food Basics, arenas, and 7-Eleven are nearby, with Hwy 401 access just a few minutes down the road. The average price of homes in Woodstock exceeds $800,000, and you can own a freehold bungalow — a sought-after kind of residential real estate — in a convenient centre in town. Plenty of opportunity for an ambitious Investor who wants their latest renovation special at an affordable purchase price!! With the detached market too unattainable and overinflated for some, here’s a commodity that reminds us that below $500,000 for detached in a growing town is still possible in 2022!!

We are selling our assignable purchase contract.

Closing is March 28th, 2022
**PLEASE NOTE: This property is currently used by the Seller’s family friend — the “Grandson” — whose grandfather used to own the home. This property recently transferred to the current owner in January 2022, but the Grandson, his wife, and child still inhabit the home from time to time. The Grandson supposedly has a verbal agreement to pay the Seller $1,200/month + all utilities, but at this time the Grandson only pays utilities and the Seller is knowingly not collecting rent. The Seller claims the Grandson cannot prove he is a true Tenant, as there is no written lease, rent receipts or a month-to-month lease. The Grandson has lived in the home for 30 years, and it contains his furniture and belongings. The Grandson mostly uses the property for storage and his primary residence is elsewhere (as per Seller). The Grandson could possibly be treated as either a Tenant or Trespasser by the Buyer.**

PROPERTY FEATURES
  • 2 bedrooms
  • 1 full bathroom
  • Built in 1860
  • Above grade: 731 sq ft (as per MPAC)
  • Unfinished basement: 801 sq ft (as per Seller)
    • Ceiling height is approximately 6’6” from floor to joists (Buyer to verify)
    • Basement is accessed either through the exterior walk-out door, or a hatch located just off the kitchen
  • All appliances that belong to the Seller will be included
    • Laundry machines in the basement belong to the Occupant/Grandson (as per Seller)
  • New vinyl flooring on the main floor (as per Seller)
  • Living room and both bedrooms feature 10 ft ceilings (Buyer to verify)
  • Side mudroom/foyer is an addition that leads out to the back porch
  • Fuse panel
    • Copper wiring, with no visible signs of knob and tube (Buyer to verify)
  • New gas furnace is 1-2 years-old (as per Seller)
  • HWT is rented (as per Seller)
  • No central AC
  • Water and hydro are currently shut off, but they are both operable (as per Seller)
    • Our Acquisition Rep did notice that the water shutoff valve was engaged during their initial visit (Buyer to verify)
  • No PEX plumbing supply lines and ABS drains
  • Walls are a mix of drywall and lathe and plaster
  • Windows are all wood (as per Seller)
    • Seller received a quote to replace 7 windows for $1,029 + HST per window (see HERE) — Buyer to verify
  • Roof is 5-10 years-old (as per the Inspection Report)
  • Backyard garden shed belongs to the Occupant/Grandson (as per Seller)
  • Seller will be taking his trailer off the property, but most of the clutter belongs to the Occupant, and will remain on site (Buyer to verify)
  • Brick exterior
  • Despite the year of the home, any obvious floor sagging or bowed foundation was not detected during our Acquisition Rep’s initial visit (Buyer to verify)
  • Crack in foundation is not the main structure. It’s the addition separating from the main house due to soil erosion (as per Seller)
  • No parking
    • There might be space to add 1 or 2 spots at the front of the property, however it is difficult to determine due to the snow — Buyer to verify and check all zoning requirements
  • Permit for street parking costs $50 in the winter, and is free during the rest of the year (as per Seller)
  • On municipal services
  • Lot size: 32 ft x 82 ft (as per MPAC)
  • Zoning: R2 (as per MPAC)
    • In Woodstock, the R2 zone permits a duplex dwelling unit. See all permitted uses and requirements for this zone HERE (Buyer to verify)

PROPERTY NEEDS

  • Full cosmetic updating
  • Repair rot and decay around the joists and windows
  • Replace all upstairs windows
  • Reinforce or tear down mudroom addition
  • Improve drainage and fix downspouts

Please click HERE for more pictures and information.

Price:
$490,000
Address:
James St & Hincks St
Woodstock, ON
Square Feet:
731
Lot Size:
32 ft x 82 ft
Bedrooms:
2
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1860
Basement:
Unfinished

Call 647-370-0820 for more details

Property Location