Edmonton Rents...

[Lucas]

Hi All,

Can anyone give me any insight into what I would charge for rents in North Glenora for a 2+1 bedroom caharacter home (IMMACULATE!!!!)?

I love the area and I love the property but I can`t find a decent comparable on the net...

Any help would be appreciated...

Thanks,

Lucas

 

[TylerUzelman]

Have you tried www.rentometer.com?

 

[ChrisDavies]

Street and Avenue? There`s a couple sketchy bits that won`t fetch top rents no matter what.

-Chris

QUOTE (Lucas @ Apr 21 2008, 12:26 PM) Hi All,

Can anyone give me any insight into what I would charge for rents in North Glenora for a 2+1 bedroom caharacter home (IMMACULATE!!!!)?

I love the area and I love the property but I can`t find a decent comparable on the net...

Any help would be appreciated...

Thanks,

Lucas

 

[Lucas]

Sorry guys...didn`t include an address...10820 135 ST.

I tried rentometer and all the decent rental websites. This property is a gem as its ALL original and easily the most carefully maintained 50`s bungalow I have ever seen. As I said, I love the property but want to make sure all the numbers crunch (in a good way).

Thanks again,

Lucas


QUOTE (ChrisDavies @ Apr 21 2008, 01:17 PM) Street and Avenue? There`s a couple sketchy bits that won`t fetch top rents no matter what.

-Chris

 

[robertmcleod]

If it has a single garage I`d charge $1525, double garage add $75.

I`m basing this on a home with a value of $385 which is active in the area. Hope this helps.

Best,

Robert F. McLeod, csi
A Proud Rein Member

Top #1 Residential Agent Re/Max Real Estate

QUOTE (Lucas @ Apr 21 2008, 10:47 PM) Sorry guys...didn`t include an address...10820 135 ST.

I tried rentometer and all the decent rental websites. This property is a gem as its ALL original and easily the most carefully maintained 50`s bungalow I have ever seen. As I said, I love the property but want to make sure all the numbers crunch (in a good way).

Thanks again,

Lucas

 

[ChrisDavies]

In good condition I`ll agree with Robert. I went to high school at Shep, just north of there on 111 ave.

Chris

QUOTE (robertmcleod @ Apr 21 2008, 09:55 PM) If it has a single garage I`d charge $1525, double garage add $75.

I`m basing this on a home with a value of $385 which is active in the area. Hope this helps.

Best,

Robert F. McLeod, csi
A Proud Rein Member

Top #1 Residential Agent Re/Max Real Estate

 

[samwei]

QUOTE (Lucas @ Apr 21 2008, 12:26 PM) Hi All,

Can anyone give me any insight into what I would charge for rents in North Glenora for a 2+1 bedroom caharacter home (IMMACULATE!!!!)?

I love the area and I love the property but I can`t find a decent comparable on the net...

Any help would be appreciated...

Thanks,

Lucas

Hi Lucas,

Check out this ad by Kirkside for a home in Glenora at 105 Ave and 135 Street. http://www.rentedmonton.com/Detail.aspx?pr...32-1f9562622a44

Kirkside is asking for $1750 plus utilities per month. Given Kirkside may be 10% high, or that the home in Glenora proper can rent for more, I would guesstimate that they would be about 10% too high, and thus not be able to rent out that home.

So that would put 10820-135 Street at roughly $1600 per month, (which would include rent based on the triple garage).

At $329,900 (reduced from $344,900), 53 days on the market, assuming you are able to pick it up for $320,000, then the numbers should work out at breakeven. (20% DP, $1120 per month for mortgage, $50/mo insurance, $150/mo taxes, $160/mo PM, 5% vacancy, 5% maintenance,)

***Note: $1120 per month mortgage based on Interest only payments at 5.25% Prime, or 40 year amortization. Would the banks offer 40 year amortization on the home?

 

[RebeccaBryan]

I think you should be more aggressive. You need to get at least 2200/mo. to make it pay and not cause you any stress if you are buying it for $330,000.

Could you get that rent? Maybe if it were furnished. You could market it to companies that are bringing employees into the city for short stints.

It will suck your blood if you don`t follow at least the 8% solution in my opinion.

There are many properties in the city that you can still find that meet the 8% solution.

The higher you get in rent, the less people that can afford it, but if you can find tenants that share that might also be a possibility. We have many tenants that share and we are getting top rents for just regular 60`s houses with no upgrades and no character.

I`m getting for example, 1575 for just the main floor of a house including the garage near Londonderry. Three young guys with jobs split the rent. Paid 335,000 for this one but we`re also renting out the basement suite for 1050. This cashflows about $600. Yes it`s an non-conforming suite. Yes we have made freinds with the neighbors.

My son is getting 1575 for a 4 bedroom Townhouse in Rundle Heights and that`s a transitioning area with "all kinds" of neighbors. Paid 238,500 for this. This cashflows only a couple of hundred bucks.

Don`t get emotional about a property, ALWAYS look at the numbers!! I`ve wanted to buy many properties that "I LOVED" , but by looking at it realistically they just didn`t fit my system and looking at it square on would have caused financial stress.

Like the property you are buying for sure, but definitely don`t get emotional.

 

[PeterKinchMortgageTeam]

QUOTE (samwei @ Apr 22 2008, 07:19 AM) Hi Lucas,

Check out this ad by Kirkside for a home in Glenora at 105 Ave and 135 Street. http://www.rentedmonton.com/Detail.aspx?pr...32-1f9562622a44

Kirkside is asking for $1750 plus utilities per month. Given Kirkside`s not so stellar reputation here on Rein, I would guesstimate that they would be about 10% too high, and thus not be able to rent out that home.

So that would put 10820-135 Street at roughly $1600 per month, (which would include rent based on the triple garage).

At $329,900 (reduced from $344,900), 53 days on the market, assuming you are able to pick it up for $320,000, then the numbers should work out at breakeven. (20% DP, $1120 per month for mortgage, $50/mo insurance, $150/mo taxes, $160/mo PM, 5% vacancy, 5% maintenance,)

***Note: $1120 per month mortgage based on Interest only payments at 5.25% Prime, or 40 year amortization. Would the banks offer 40 year amortization on the home?


The amoritization will depend on the remaining economic life of the property. If there is greater than 45 years left - you should be able to get a 40 year am (assuming that the product that you choose has that option). If you are able to get a 40 year amoritizaton, consider taking that over an interest only product. The payments are pretty close and you are paying off some principal. If you can`t get a 40 year am, take the LOC.

In order to maximize the amount of financing that you qualify for, make sure that you apply a portfolio approach - and that you understand the implications of the product terms that you choose when considering properties with negative or breakeven cash flow.

 

[Lucas]

Great info and advice from everybody...Likely I will pass unless I decide to move my family into it as I like it that much...I should probably run that by my wife first...

Thanks again for the help...

Lucas

QUOTE (CanadianMortgageTeam @ Apr 22 2008, 10:11 AM) The amoritization will depend on the remaining economic life of the property. If there is greater than 45 years left - you should be able to get a 40 year am (assuming that the product that you choose has that option). If you are able to get a 40 year amoritizaton, consider taking that over an interest only product. The payments are pretty close and you are paying off some principal. If you can`t get a 40 year am, take the LOC.

In order to maximize the amount of financing that you qualify for, make sure that you apply a portfolio approach - and that you understand the implications of the product terms that you choose when considering properties with negative or breakeven cash flow.

 

[ChrisDavies]

QUOTE (Lucas @ Apr 22 2008, 12:23 PM) Great info and advice from everybody...Likely I will pass unless I decide to move my family into it as I like it that much...I should probably run that by my wife first...

Thanks again for the help...

Lucas

That`s a great area to raise a family in. My parents, my grandparents, and lots of my friends live within a 5 minute drive of there.