Legal duplex - Turn Key Rental Property in Hamilton

aaronmoore

Frequent Forum Member
REIN Member
Who's looking for a turn-key rental property? This is a LEGAL duplex that's registered with the city. It's a well maintained 2.5 storey brick house and you are positioned well to increase rents. Smells like an opportunity! Take a look at the video below.

SUMMARY:
- LOCATION: 171 Balmoral Ave N, Hamilton
- PURCHASE PRICE: $499,900 or best offer
- CLOSING: Flexible closing. (May 15-June 15)
- TYPE: 2.5 Storey, Detached. Duplex. Legal 2-unit. Registered with the city.
- UPPER UNIT: 3 Bedroom, 1 Bath upstairs (2 floors)
- LOWER UNIT: 1 Bedroom, 1 Bath downstairs with basement storage (Main Floor)
- SQFT: 1485 sqft
- LOT: 20.67' x 107'
- AGE: 1919
- PROPERTY TAX: $2300 approx

MORE DETAILS:
- 3 separate hydro meters (up, down, common)
- Shared washer/dryer in basement
- 4 Year old furnace
- Separate hot water tanks, each on tenants hydro panel
- Landlord pays for water and electricity to common areas and washer/dryer

THE PLAN TO INCREASE RENTS:
- Current tenants have been there for years and rents are low.
- 3 bed unit market rent is $1500-$1600, current rent is $1100.
- Tenant would like to stay, but will sign an N11 and vacate in the fall.
- 1 bed unit market rent is $1000-$1100, current rent is $850.
- Tenant is moving May 01. So you can raise rent right away!

RENOVATIONS NEEDED:
- On tenant turnover both units require painting and you can always find minor cosmetic updates to do.

MORE GOOD NEWS:
- Parking in the back for 4 cars
- New roof just installed

PICTURES AND VIDEO: https://www.housedealsgta.ca/property/rental-property-in-hamilton-ontario/
 
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