550 College Avenue W
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$799,900 Sale
Listed 30 days ago
· 5
· 2
· 4
· 995
Key Facts
Key facts for 550 College Avenue W
Property Type
House, Bungalow
Outside/Surface/Open,Private Drive Double Wide 4 parking
995 sqft
Listed on
Lot size
Days on Market
Year Built
Maintenance Fee
Given current home prices and interest rate levels, perhaps the best way to enter home ownership is to combine a place to live with an investment component. The upstairs of 550 College Ave. consists of 3 bedrooms, spacious living room and kitchen with solid Maple cabinets and a 4pc bath with soa...ker tub.. The kitchen has a walkout out to a deck where you can enjoy a large private fenced rear yard. This is an awesome place to live. The Investment component comes from the basement. I'm not talking about having your fingers crossed and hoping the market goes up. Hope is not an investment strategy. The two bedroom accessory apartment generates significant income. In todays market $ 1800.00 a month is the going rent. Taking advantage of high rental rates is prudent investment strategy. It's another income stream that can be used for any purpose you choose. Here's an example, if you have a 25 year mortgage and apply the full rental amount as an addition monthly payment to the mortgage, the mortgage is paid off in 15 years instead of 25 years. There are some other considerations for sure, but essentially you save $300,000 in mortgage interest dollars using other peoples money ( the tenants ). The entire property is in good repair and needs no capital expense. Terrific location on a direct bus route to the university. There are wonderful buying opportunities in todays market depending how you look at things. This is one of them., Directions:College West of the Hanlon, Exclusions:Tenant Belongings
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Listing courtesy of: RE/MAX Real Estate Centre Inc Brokerage