Student Rental Condo Townhouse in Toronto – Vacant Possession
***Finch Ave W & Martin Grove Rd*** Toronto, ON
Wholesale Price: $550,000(Assignment Fee Included)
Photos/Videos: https://drive.google.com/drive/folders/1aU7pUu6P8C_ItTpBU7sABkqzSXV5kxyg
FULL BUYER’S PACKAGE:
Investors, are you ready for your next summer project? Profitable Property is excited to present this fixer upper Condo Townhouse near Humber College – this is your chance to pick up a property in a fast growing area in Toronto for under $600k!
This Condo Townhouse is currently set up as a student rental. The original layout was modified and an extra bedroom was added to the unit, giving it a total of 5 bedrooms and 2 full washrooms. Due to the property’s close proximity to Humber College, the area is very popular for students looking for a place to live. There are multiple transit options nearby and students without a car are willing to pay a premium to live here. There are plenty of rooms listed for rent at over $800/month on Kijiji/Marketplace.
The property currently requires a cosmetic update to bring it to modern standards. Once renovated, the property can be used for many purposes. Due to the lower price per square foot, the townhouse complex is becoming popular amongst young families looking to buy something spacious within the city limits. There are also many first time home buyers that house hack in the townhouse complex.
Since it is a condo townhouse, the roof, snow removal, landscaping, fencing etc are taken care of by the condo corporation. Property Taxes are really low for a property of this size- under $800/year for over 1000sq.ft of living space!
Once renovated, the property should be able to sustain itself from the monthly rental income. This property would be a great fit for anyone looking to buy a low maintenance rental property. 5 bedrooms, and 2 full washrooms for under $600k in Toronto – lots of value for your money in this Profitable Property!
Property Highlights:
- End Unit Condo Townhome
- 4+1 Bedrooms(Layout was Modified to create an extra Bedroom)
- 2 Full Washrooms
- Private Front Porch
- One Dedicated Parking Spot
- Size Estimate: 1000-1199 feet²(excluding basement)
- Hardwood/Tile Flooring throughout
- Fully Renovated in the last 5 years
- Furnace & HWT(Owned)
- Newer Central A/C
- 100 AMP Breaker Panel
- Taxes: $736/year(approx)
- Condo Fees: $546/month(covers Roof, Lawn Maintenance, Snow Removal, Building Insurance etc.)
- Vacant Possession
Suggested Renos:
Cosmetic Renovation
Closing : July 31st, 2023(Flexible)
Comps:
- Unit 99 – 250 John Garland Blvd sold for $697,000 on April 2nd, 2023
This unit is similar to our property in terms of overall footprint and square footage. It has one less bedroom than our property. It was recently renovated with standard finishes, and sold for $697k – that’s almost $150k over our price point. Our property could be updated to those standards with a $60k renovation.
- Unit 20 – 242 John Garland Blvd sold for $650,000 on May 26th, 2023
Same area and layout as our property but this unit was in better shape than ours. The property has one less bedroom than ours and sold for $650k in April – that’s $100k over our price point.