Own for $5,000 down + cost of a coat of paint. 3 Bed 1.5 Bath townhouse in Oshawa.
Here’s how to own for $5,000 down + cost of a coat of paint.
1) Buy at a discount with an open mortgage, cash, credit lines, etc.
2) Give it a fresh coat of paint, cleaning, a few touch-ups.
3) Refinance and get a mortgage for 80% of full value.
4) Rent it out and make $300+ net income per month.
You now own a rental property for $5,000 + your cost to paint & clean. And if you get a high appraisal, then maybe you don’t have to put in $5,000!
This is an easy to manage townhouse with strong rental income. The condo company handles a lot of the headaches so you can do your job and collect cheques.
SUMMARY:
– This is a spacious townhouse with 2-storeys + a finished basement. Lot’s of living space.
– Located at 1100 Oxford St, Oshawa
– 2+1 Bedrooms, 1.5 Bathroom
– South Oshawa has a low vacancy rate: 2.8%
– Newer kitchen, newer bathroom, and lots of recent renovations within the past few years.
– Could use a coat of paint and maybe replace carpet in one room.
– Easy to manage. Management company already maintains the exterior.
– Taxes $128/month
– Condo Fees: $403 (Includes ALL utilities)
– Market Rents: $1150-$1300 ALL Inclusive
GOOD CONDITION:
– Modern kitchen with dark cherry kitchen cabinets, brick-style backsplash, updated plumbing.
– Dishwasher in kitchen.
– Laminate flooring throughout main floor.
– Ceramic tiled floor and bathtub surround in bathroom.
– Painted throughout in a light neutral colour with white trim. Needs a fresh coat of paint.
– Newer carpet on stairs and upper bedrooms. Has some worn spots.
– Newer 100 Amp breaker panel.
RENOS: Some rooms need a fresh coat of paint. A few worn spots in carpet. A couple chips in bathtub. Cleaning.
Was renovated 4 or 5 years ago.
Let me know if you are interested and I can get you more details.
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