Renovate This Bungalow Or Build New with Many Options To Choose From.

6569 Rama Road, Longford Mills, Ontario, Washago, ON 0

$500,000 After Repair Value -
$350,000 Asking Price -
$50,000 Cost of Repairs =
$100,000 Potential Profit

Property Details

Asking Price $350,000

After Repair Value $500,000

Costs of Repairs $50,000

Potential Profit $100,000

Living Area 1000 ft2

Property Type Single Family House

Bedrooms 3

Bathrooms 1

Half Bathrooms N/A

Parking 1

Listed with Agent 1

EPI (Estimated Potential Income)

Potential Rental Income $1,500

Yearly Expenses N/A

Property Taxes $1,000

Net Operating Income $15,000

Cap Rate N/A

Property Description

Beautiful well shaded lot for you to relax on duringthose long hot summer days. Property is walkingdistance to Lake Couchiching (at Graham Side Road) where you can enjoy boating, swimming, kayaking, fishing, water skiing, etc. 2 other lakes nearby are Lake St. John and Lake Simcoe.Property is located a 5 minute drive north of CasinoRama, 20 minute drive north of Orillia, 40 minute drive north of Barrie and 2 hours north of Toronto.Lot is approximately 61.98 ft. wide and 230 ft. deep on north side lot line and 214 ft. deep on south side. Total area of lot is approximately 13,745sq. It.Lots of room for a new 2 storey house with 3,200 - ., 3 bedroom, 3 bathroom, attached 3 car garage.Or if you are looking to build a duplex on thisproperty then no zoning changes are required according to Ramara Township. Both septic and drilled well contractors would need to approve of your plan prior to receiving permit.Or even better you can build 2 semi detachedtownhouses that could later be severed and sold separately. Again both septic and drilled well contractors would need to approve of these plans prior to receiving permit.Or if you are working with a smaller budget then the option of an addition at front of existing house of 17 ft. deep x 30 ft. wide (under 50 sq. m.) does not require lot grading plan from Ramara Township. Possibly engineers drawings for new foundation may be required to join up to existing house which currently has footings but no pad. Because there is no history on current septic system you would need to dug in order to determine what’s there and whether or not it can be approved by a septic contractor. Or maybe you are needing a 3 car garage on this lot then there is lots of room for an attached 3 car garage (including a utility room on one side) with the option of an apartment above for an extra income.Current older house faces west and is approximately 1,000 sq. ft., 3 bedroom, 1 bathroom. House needs extensive renovations inside and repairs to roof as well. House has 60 amp. service but needs 100 amp. to reconnect with hydro.House needs to be completely gutted (floors, walls, insulation and drywall). House has mold and possibly asbestos.House has working wood stove, gas furnace that maybe functioning, hot water tank, original plumbing and electrical wiring.Property has a septic system and drilled well but unfortunately l could not find a history of how old either is.Must sign an accident waiver prior to viewing property (thru email). Quick closing.Agents and their buyers welcome.Call or text - WAS $399,000.00… - $350,000.00

Repairs Needed

Roof, floors (and sub-floors), insulation, gutting, new breaker, drywall, kitchen and bathroom cabinets/counters.

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