Newly renovated west-end triplex on the market today…

A newly renovated triplex came on the market today – November 15, 2010.  This is another example of home that you can purchase and live almost for free.  The list price is $499 900 and it has 3 separate fully renovated units that are separately metered.  The main and second floor one-bedroom units would each conservatively rent for $1000 per month, if not more, and the basement for at least $800.  Hence, you could live in the ground floor unit and enjoy the backyard space while you rent out the upper and basement units for a total of $1800 per month. 

The mortgage of $450 000 (with 10 % down) which would carry for $1560 per month based on a 35-year mortgage with a 5 year closed term of 3.29% works out to $1800 – or $1560 at an open variable rate of 2.30% (both OAC.)  The taxes are about $225 per month and your utilties would likely be between $75-$125 per month.  Hence, the rent coming in totaling $1800 per month covers your mortgage (either way) and your taxes, leaving you with only your electricity bill to pay monthly.  The best part of this house is that it could be CASH FLOW POSITIVE if you didn’t want to live in it but wanted to rent it out and pocket the $1000 per month excess funds.

The location is just south of King & Springhurst which is just south of Dufferin.  You will be steps to Liberty Village and overlook the CNE grounds.  This means you are steps to the GO station at the CNE and steps to the King TTC streetcar line which runs 24 hours a day, not to mention minutes drive to the Gardiner Expressway and Lakeshore Ave W.

Call me to go see this gem.