Renovated 3 Bedroom Rancher Flip or Rental Opportunity Near Downtown Chilliwack!! Available

  • $725,000
  • 3 beds
  • 1 baths
  • 1412 sqft

Chilliwack has been one of the Lower Mainland’s hottest markets in 2021, with prices up over 20% year-over-year. Take advantage of this red-hot market with this renovated, 3 bedroom rancher and the 832 square foot, 2-storey garage/shop that provides an opportunity for a coach/laneway house conversion. The Investor could potentially hold this property as 2 rental units, or flip with a new mortgage helper. Don’t miss out on this property at an amazing price, and located just steps away from downtown Chilliwack, schools, parks, and more!!

We are selling our assignable purchase contract.

Closing is June 15th, 2021
**As per our APS, the Buyer and Seller agree that the Seller will be permitted to remain on the property for no later than 60 calendar days after closing. The rate will be $2500/month, excluding utilities, which shall be in the Seller’s name and calculated on a pro-rated basis. $6000 will be held deducted from the purchase price ($2500 for each 30 calendar days, and a $1000 damage deposit) which shall be pre-paid to the Buyer on the date of closing. The Buyer shall refund any portion of unused rent to the Seller upon the date in which the Seller vacates the property and it is deemed to have been left in reasonable condition.**

WHAT are the options?
This well-kept, recently renovated, rancher-style home currently allows for multiple different exit strategies for the Investor.

Option 1: Cosmetic updating of the main unit to flip and sell on the market as a single-family home.

Option 2: Option 1, and a conversion of the detached garage/shop unit to a garden suite/coach house for a premium return on the market. (Buyer to verify)

Option 3: Option 1, and a conversion of the detached garage/shop unit to a stay-at-home office space.

Option 4: Option 1 & 2, but keep the property in order to rent both units out for an estimated $3000-4000/month in rental income. (Buyer to verify)

PROPERTY FEATURES
  • 3 bedrooms
  • 1 bathroom
  • Built in 1937
  • Total floor area: 1412 sq ft (as per BC assessment)
  • No basement (just a crawl space)
  • Flooring is a mix of modern hardwood, tile, and laminate throughout
  • Kitchen was fully renovated in 2017 (as per Seller)
  • Washer, dryer, dishwasher, stove, and fridge are all included
  • 125 AMP breaker panel
  • Gas furnace is owned, and was replaced in 2018 (as per Seller)
  • HWT is owned, and was replaced in 2020 (as per Seller)
  • No central AC
  • Windows were all updated in 2015 (as per Seller)
  • Roof was replaced in 2020 (as per Seller)
  • Backyard is fully fenced and features a paved side patio
  • 2-car parking on private driveway, as well as access to garage via rear laneway
  • Additional parking on the side of the house
  • On municipal services
  • Lot size: 58 ft x 122 ft (as per previous listing)
  • Zoning: R1-A — see HERE (pg. 15)
    • Chilliwack allows for a garden suite/coach house on the property of a residential home due to the high demand for affordable housing. The coach house must meet all of the requirements to be permitted (see HERE) — Buyer to verify
  • Average rent for a 3 bedroom in this area is ~$2250/month (Buyer to verify)

Shop/Garage Unit:

  • 2-storey
    • Main floor measurements: 19.9 ft x 31.5 ft (as per Seller)
    • Top floor measurements: 19.5 ft x 10 ft (as per Seller)
  • Total area: 832 sq ft
  • Unfinished but has full electrical 
  • Garage door access to rear laneway
PROPERTY NEEDS
  • Cosmetic updates
  • Buyer has the option to convert garage/shop unit into a garden suite/coach house (Buyer to verify)

 

Please click HERE for more pictures and information.

Price:
$725,000
Address:
Robson St & Wellington Ave
Chilliwack, BC
Square Feet:
1412
Lot Size:
58 ft x 122 ft
Bedrooms:
3
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1937
Basement:
Crawl Space

Call (647) 400-2093 for more details

Property Location