101 Mill St. Orangeville. $229,900
This building is a little different. I like to refer to it as the “Sugar Cube”. Its set up as a 2 apartment building, with 3 bedrooms on both the upper and lower levels. Each unit features their very own laundry, and parking. It’s located walking distance to Princess Margaret Public School, and has 2 separate hydro meters. Its a perfect building to start your real estate investment portfolio. It’s economic, and a great layout for tenants.
The building is in good shape, but needs a new flat roof (quotes range from $5,500 to $10,000). It is not retrofit, meaning it would need an inspection from a hydro authority and fire inspection.
Here are the numbers: (these numbers are just a guideline. Please consult your accountant before investing.)
| 101 Mill St |
$229,900.00
|
|
| 3+3 Bedrooms | 95% Mort | $218,405.00 |
| 5% Down | $11,495.00 | |
| Â | CMHC | $17,587.35 |
| Â | Mort amount | $235,992.35 |
| Â | Â | Â |
|
Expense
|
Annually | Monthly |
| Â | Â | Â |
|
Property Tax
|
($2,308.74) | ($192.40) |
|
Insurance
|
($750.00) | ($62.50) |
|
Mortgage (95%)
|
($13,384.68) | ($1,115.39) |
|
Utilities
|
($5,296.00) | ($441.33) |
|
Maint
|
 |  |
| Â | Â | Â |
|
Total
|
($21,739.42) | ($1,811.62) |
|
* Mortgage based on 4.49% amortized over 35 years
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Income
|
Annually | Monthly |
| Â | Â | Â |
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Rent 1 (3 bed)
|
$13,800.00 | $1,150.00 |
|
Rent 2 (3 bed)
|
$11,520.00 | $960.00 |
| Â | Â | Â |
|
Total
|
$25,320.00 | $2,110.00 |
| Â | Â | Â |
|
Cash Flow
|
$3,580.58 | $298.38 |
| Â | Â | Â |
| Â |
ROI *
|
31.15% |
| Â | *based on annual Cash Flow/Down Payment | |
For more information, or to view this property, please call me at 519-938-2225.  I would be happy to set up an appointment to meet with you, and go over these numbers.
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UPDATE March 27/2009:
A client of mine managed to purchase this property for a great price. Â He looks forward to starting with this investment, and buying further buildings in the near future.
