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.
– 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
– 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.
– The 1 bed unit is currently vacant and getting a facelift. So you can raise rents right away!
– On tenant turnover the upper unit will 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
Let us know if you want to view it or if you want more details. (Comparable solds, MPAC info, and more…)
Aaron Moore & Tomomi Wang
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
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