Or the perfect start to your investment property portfolio
Here’s a 3 bedroom, 2 bathroom townhouse style condominium offering more space than you think. The main-floor has a large living room, kitchen, bedroom and 2-piece bathroom and the lower level had a very large master bedroom and walk in closet and a 3rd bedroom, laundry room and large 4-piece bathroom.
Priced at only $129,900 a person can likely own their own home more affordably than renting. You could mortgage with a $6500 down payment and monthly payments at just over $500. There are condo fees but hey are only $285/ month and you’ll never have to save for a new roof, a new deck, new siding or new window. Condo fees include exterior maintenance. Owning a condo is more affordable than everyone thinks.
The monthly rent on a 3 bedroom condo will normally be over $1000.
Above explains how ownership of a condo like this can be very affordable and the same stats show how it could be a profitable revenue property too. purchasing this property as a revenue property you would have to put down a higher down payment but that would leave your monthly expenses at $400 (mortgage), $285 (condo fees), and $100 for taxes. The tenants would pay their own utilities and at a $1150/ month your cash flow is over $300/ month.
$300/month doesn’t sound like a windfall of cash but imagine the return you’ll see after the mortgage has been paid off by someone else.
Buying #227, 56 Holmes Street as your first home or as a rental property would be a smart purchase at its current price.