Single Family Property in London offers a great monthly rental income potential of $4,500:
Main Highlights:
- Listed Price is – 650K
- Renovated brick bungalow in Fairmont community in London.
- 6 bedrooms (3 on main floor, 3 in finished basement).
- New laminate flooring, updated washrooms, and kitchen with quartz countertops.
- Finished basement with second kitchen and separate entrance.
- Potential rental income of $4,500/month, ideal for first-time buyers or investors
- Backs onto greenspace with walking trails.
- Detached 2 ½ car garage with gas heating.
Key Facts:
- Tax: $3, 044 / 2022
- Property Type: Single Family Residence, Bungalow
- Year Built: 1958
- Size: 830 feet²
- Lot Irregularities: 33.91×33.91×110.28×30.2×30.2×30.2×110.28
- Parking: 2 garage, 8 parking
- Basement: Finished, Separate Entrance
Our Take – Why do we think this is a good deal?
High income potential makes this property highly attractive for first-time buyers who want to reduce their monthly mortgage payment with extra income from a basement or this property can generate positive cash flow of about 1200 to 1500 if you are investor. Numbers are given below –
How much it will cost you to buy this property?
Considering you can secure a deal of 5%, you would need around 130K to close this property. Below is the breakdown –
| Buying Price | 620,000 |
| Down Payment (20%) | 124,000 |
| Closing fees (Approx) | 6600 |
| Total Funds required at closing | 130,600 |
How much it will cost you monthly to hold this property?
If the mortgage interest rate is around 5% and the amortization period is 25 you would need only need to pay around 2900 monthly as a mortgage payment to hold this property. Below is the breakdown –
| Mortgage Payment | 2900 |
| Property Taxes (Approx) | 254 |
| Condo fee | 0 |
| Total monthly cost | 3153 |
Interested in knowing about this property or wanting to book a showing just WhatsApp us.