***$585k Legal Duplex w/ $6200/month in Rental Income***🏘️Unicorn MultiFamily Property with a $300k VTB🤑
***Queenston St & Hartzel Rd*** St. Catharines, ON
Wholesale Price: $585,000(Assignment Fee Included)
Photos/Videos: https://drive.google.com/drive/folders/1PY83998-D_OjbuBVu2Zw-ho3AA52wp0x?usp=sharing
FULL BUYER’S PACKAGE:
Profitable Property is excited to present to you this Cash Flow Monster in St.Catharines.
Are you looking to acquire a Legal Duplex with a Third Unit in the Basement? Something that generates over $6k a month in its current state? Something that could eventually be converted back into a Charming Large Century Home? This property ticks all the boxes.
Top 3 reason to Buy this Deal:
- This property sits on a large 56’ x 166’ lot on a street that’s lined up with mature trees and charming century homes, bordering the Garden City Golf Course.
- This property currently generates $6200 per month in rental income – you’d be hard pressed to find another property in St.Catharines that meets the 1% Rule.
- We have negotiated a $300k VTB in First Position at 6% per year, with interest only payments for 12 months.
Originally a Large Family Home, this Legal Duplex has a third unit in the Basement.
This property is currently fully rented out by the room. The tenant profile is a mix of low income earners and students. It is currently in poor cosmetic shape but livable.
How Can You Profit?
- Incentivize the tenants to leave, do a cosmetic update throughout the house, and rent the units to families/students. Use the new Rental Income to refinance and pull out your capital from the property.
- Convert it back into a Large Century Home for an end user Family to live in. While it is possible to build and renovate houses, it is impossible to replace the charm and quality this street has to offer with its 100+ year old trees and character houses
- Hold onto it in its current state while collecting $6200/month in rents!
With $6200/month in current rental income, this property is stress tested to weather any upcoming interest rate hikes.
Thanks to the neighbourhood and the size of the property, you will be able to collect premium rents once the property is renovated. At a $585k purchase price, you are looking at acquiring a fantastic long term hold in a solid neighbourhood with lots of Positive Cashflow Potential. Take advantage of the market and acquire this top quality asset at an entry level price point! That $300k VTB at 6% Interest Only is the cherry on top for this Profitable Property!
Closing: August 31st, 2023(flexible)
Property Highlights:
- Oversized Legal Duplex + Basement Apartment
- Large 56’ x 166’ ft irregular lot
- 9 Bedrooms
- 3 Full Bathrooms
- 3 Kitchens
- 2 Hydro Panels
- Driveway Parking for 6+ Cars
- In Ground Pool in the backyard(covered)
- Laundry Rough In in the Basement
- R2 Zoning
- Roof replaced in the last 5 years
- 2 x 60 AMP Breaker Panels
- CCTV Camera System in Common Areas
- Mid Efficiency Furnace
- HWT Rental
- Taxes: $3,818.23/year(approx)
Suggested Renos:
Cosmetic Updates, Tenant Turnover if desired.
The Property is already a legal duplex with a 3rd unit in the basement – no need for permits!
Map Link: https://goo.gl/maps/U6phdWk3wib341vx8