Montreal-style duplex near Hillcrest Park

ASKING $399 900 & SOLD for $390 000.

Located in Toronto, this Montreal-style duplex way up on a hillside is located steps to Hillcrest Park and near Wynchwood Park.  This 2 1/2 storey semi-detached house has two private two-bedroom apartments and a lovely backyard with a huge platform deck.  This house is going to be listed on the market for mid-September 2010.  

The upstairs apartment was recently rented for $1100 per month (plus 1/2 the utilities) and the downstairs for $1200 per month. 

What does this mean to you? 

If you have 5% down (about $22 000) your mortgage would be $1377 based on an open variable mortgage rate of 2.25% spread over 35 years paid monthly.   (OAC) 

If you put 10% down (about $45 000) and go with the conventional closed mortgage for 25 years (vs 35) your morgage would be $1670 per month.

Take away the rent from the upstairs apartment and you are living in your own 2-bedroom apartment for between $200-300 per month plus property taxes of approximately another $225 per month and utilities.  All in all you could be living in your own ground floor apartment with a backyard for well under $900 per month.