I recently purchased a home in KW.
It is a legal duplex, about 30-40 years of age. The only deficiency the inspector found is the roof. Has roughly 2-3 years life expectancy. I am looking at rougly $3000+ for 25 year asphalt shingles + labour.
Currently it has no tenants.
Now understand that this essentially is not a cashflow property. This will be my primary residence(temporarily), as I intend on taking the downstairs unit. The rent that I intend on getting is based on at the very least paying off my mortgage + expenditures.
Sale Price: $324,000
Property Tax: $3,100/year or $258/month
Mortgage: (5% down + $3,000 deposit) - LTT($3,335) = $308,135 @ 3.79 over 35 years = $1,320/month
Utilities+Hydro: Estimated Approximation of $250/month for both units(Both units have never been rented, previous owner used as a SFH /w family inlaw suite)
Maintenance & Repairs: Roof in the near future of $3000+, and due to this being my primary residence, I will be doing/paying for maintenance/repairs.
So I need around $1700-$1,800 rent in order to break even. Now that may seem like alot, but the unit i`m offering has alot to give.
Upper unit is a 4+1 bedrooms /w master bedroom, 2 3-peice bathrooms, fully finished kitchen, china cabinet-furnished dining room, hardwood floors throughout, finished foyer, spacious living room, large deck with child playground. Parking for 2 cars. Their rent includes both utilities/hydro.
Lower unit(my unit) is a 1 bedroom, 1 bath, extremely spacious unit. The master is 12x18ft!, with a walk in closet. Has a gas fireplace, with quaint-sized kitchen. Fair sized, beautifully sun-lit living room. When it is time to move out, I figure I could rent this unit for $750-800/month. This property with no work at all could quite easily become a cashflowing property. It is only my current situation(lacking 20% down) that stops this property from doing so.
I think without seeing pictures, this description does not do this property justice. This property is in a great area in the KW, has great prospect for appreciation in the long term, and will give me a roof over my head, mortgage free! Lots of work to be done however, and it`s not mine yet. I get it on the 28th of June.
It is a legal duplex, about 30-40 years of age. The only deficiency the inspector found is the roof. Has roughly 2-3 years life expectancy. I am looking at rougly $3000+ for 25 year asphalt shingles + labour.
Currently it has no tenants.
Now understand that this essentially is not a cashflow property. This will be my primary residence(temporarily), as I intend on taking the downstairs unit. The rent that I intend on getting is based on at the very least paying off my mortgage + expenditures.
Sale Price: $324,000
Property Tax: $3,100/year or $258/month
Mortgage: (5% down + $3,000 deposit) - LTT($3,335) = $308,135 @ 3.79 over 35 years = $1,320/month
Utilities+Hydro: Estimated Approximation of $250/month for both units(Both units have never been rented, previous owner used as a SFH /w family inlaw suite)
Maintenance & Repairs: Roof in the near future of $3000+, and due to this being my primary residence, I will be doing/paying for maintenance/repairs.
So I need around $1700-$1,800 rent in order to break even. Now that may seem like alot, but the unit i`m offering has alot to give.
Upper unit is a 4+1 bedrooms /w master bedroom, 2 3-peice bathrooms, fully finished kitchen, china cabinet-furnished dining room, hardwood floors throughout, finished foyer, spacious living room, large deck with child playground. Parking for 2 cars. Their rent includes both utilities/hydro.
Lower unit(my unit) is a 1 bedroom, 1 bath, extremely spacious unit. The master is 12x18ft!, with a walk in closet. Has a gas fireplace, with quaint-sized kitchen. Fair sized, beautifully sun-lit living room. When it is time to move out, I figure I could rent this unit for $750-800/month. This property with no work at all could quite easily become a cashflowing property. It is only my current situation(lacking 20% down) that stops this property from doing so.
I think without seeing pictures, this description does not do this property justice. This property is in a great area in the KW, has great prospect for appreciation in the long term, and will give me a roof over my head, mortgage free! Lots of work to be done however, and it`s not mine yet. I get it on the 28th of June.