- Oct 22, 2008
Are you the parent of a Waterloo post secondary student? Why not buy instead of rent and build some equity for their future?!
Convenient central location! Across the street from grocery, fast food, bank, etc. Next door to elementary school and down the road from high school. 5-10 minute drive from a college and two universities (Conestoga, Waterloo & Wilfried Laurier). No car? No problem! Bus stops at door.
How can you profit?
1) STUDENT RENTAL: Keep renos minimal, rent to 6 students, and gross $4800-$5400/month! (Student rooms rent between $800-$900 inclusive, on average.) They'll love having 2 kitchens and 2 bathrooms.
2) 2 UNIT RENTAL or BRRRR: If you renovate nicely first, rent the main floor for approx $2500/month and the basement for $2200/month ($4700 plus utilities!). Legalize the second unit to maximize your refi. There's a great $940k comp (renovated duplex) to show your appraiser.
3) FLIP: Buy for $649,900, renovate, and sell close to $800k.
- LOCATION: Waterloo, ON (Conestoga Pkwy & University Ave)
- PURCHASE PRICE: $649,900 Or Best Offer
- AFTER REPAIR VALUE: Nearing $800k for your standard flip. But a nicely renovated legal duplex sold for $940k in December.
- CLOSING: April 11, 2023 (Option to close earlier if you like. This is an assignment sale.)
- TYPE: Raised Bungalow - Detached
- BEDS/BATHS: 3+3 Beds/1+1 Bath.
- PARKING: 4 Driveway / 1 Garage
- BASEMENT: 3 Bedroom Apartment (not yet legal).
- SQFT: 1175 sq. ft.
- LOT: Approx 85' frontage x 147' (narrows at back)
- AGE: 1966
- PROPERTY TAX: $3700
- A leaky pipe in the basement needs repair.
- Some windows need updating.
- Deck needs a railing, stairs, and some touch ups.
- Front & garage doors need sanding & painting.
- For a flip, cosmetic upgrades to kitchen, baths, flooring and paint.
- Almost rent-ready as is. A few small touch ups would do the trick.
- Some junk and furniture removal.
- Please view the pictures and videos for ideas on what you'd like to renovate.
- Currently vacant!
- New roof 2018
PICTURES are here: https://www.housedealsgta.ca/property/waterloo-investment-real-estate/