Wholesale Price: $550,000 (Assignment Fee Included
***Sherbrooke St & Rubidge St, Peterborough, ON***
Photos/Videos:
FULL BUYER’S PACKAGE: https://conta.cc/41eOeVD
Profitable Property is excited to present to you this All Brick 6 Bedroom Legal Duplex with 4 Washrooms at a very reasonable price point- that’s right, only $589k for this property that comes with Vacant Possession.
This property is located in Downtown peterborough, close to the Trent-Fleming Bus route – a high demand rental location. The property will require a little bit of work and updating to get top-quality tenants in. These renos seem to be only cosmetic in nature.
In an environment where soaring demand is pushing up rental prices, this deal is available to you with vacant possession – you get to choose your tenants and set market rents after you take possession. No need for turnovers or worrying about increasing your NOI.
This house has a lot of great things going for itself – a discounted price point, High Demand Location, Vacant Possession, and a demonstrated potential to Cash Flow over $500/month at a high interest rate environment. What else would you call a Profitable Property!?
| The Numbers: | ||
| Income | Unit One(3 Bed, 2 Bath) | $2,000.00 |
| Unit Two(3 Bed, 2 Bath) | $2,000.00 | |
| Total Income: | $4,000.00 | |
| Expenses | Mortgage | $2,411.00 |
| (80% ltv, 5.24%, 30 yr am). | ||
| Taxes | $320.00 | |
| Utilities | $300.00 | |
| Maintenance | $200.00 | |
| Total Expenses: | $3,231.00 | |
| Cash Flow | $769.00 |
Closing: May 31st, 2023
Map Link: https://goo.gl/maps/DvWKvP44bDSuS7KX8
Property Highlights:
- Legal Duplex!
- Two x 3 Bedroom, 2 Bathroom Units
- 32 x 114 feet lot
- Taxes: 3381/year(approx)
- Parking for 4 cars
- Roof Shingles 2017
- Furnace in good shape
- HWT Rental
- Breaker Panel Electrical
- Vacant Possession!
Suggested Renos:
Cosmetic Renos/Cleaning
Comparable Properties:
- 264 Reid Street sold for $635,000 on Jan 24th 2023.
https://housesigma.com/web/en/house/xLkv3V9RnNm7DBNr/264-Reid-Street-Peterborough-K9J3R1-40361712
This property has 3 less bedrooms and 2 less washrooms than our property. It is safe to assume that it would generate a lower amount in monthly rents than our property. It only came with one vacant unit and sold for $635k – that’s $46k over our price point!
- 184 Park St N sold for $610,000 on Feb 25th, 2023
This property is well renovated but smaller than our property in terms of bedrooms and bathrooms. Again, it is safe to assume that it would generate a lower amount in monthly rents than our property. It still sold for $610k in February, when the market was not as hot as it is today.