Coming Soon
Wow! This is a rare find!! A legally registered 3 bedroom bungalow near the University of Guelph! Not only that, but the property has been completely renovated! We are so proud to see the transformation of this property, but sad to see the owners move.
Who Is The Ideal Buyer?
This property is an excellent choice for virtually all buyers but we believe there are three main types of buyers.
- The first buyer type will be an investor. They will be attracted to the legal 3 bedroom apartment which legally allows for a total of 6 bedrooms for rent! At $500 per room, this is music to my ears. The cash flow works and the property is maintenance free.
- The second buyer type is a parent of a student. Someone who wants the cash flow of an investment property, but also wants a safe place for their child. A place that is renovated and attractive. Parents tend to want a property that they would live in too, and this is that property!
- The third buyer type, is a young couple who wants to earn an extra $1200 per month by renting out the basement. They can utilize the new lending laws to use 100% of the rent towards their mortgage qualifying. In other words they can apply $14,400 more towards their annual income, which qualifies them for approximately $80,000 more in purchase price. Talk to your mortgage professional for more information on how this works. (these numbers are approximations, and subject to change)
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What I Love About It
I simply love the renovations that have been done! They are sleek and modern. The property itself is simple and cute, with a quaint, yet functional yard. Inside the trendy laminate and hardwood floors flow throughout the home. Bright white kitchen cabinets, and subway tile backsplash tie the whole main floor together. The 3 bedroom basement apartment is also renovated with similar products as the main floor. A bright white kitchen and durable vinyl wood laminate look floors, create an modern and inviting feel.
What’s Happening
The stager from Nex-Step Designs has visited the property and the sellers are completing her task list. The photographer will be booked next week and the pre-marketing has already begun. The target list date is March 30, 2016.
How Much?
This stunning and profitable investment property will be listed for a target price of $469,900. The cap rate if you are into that sort of thing is hovering over 6%. The property is currently owner occupied with a vacant basement apartment due to renovations.