3 Bed, 3 Bath, updated.
Local attributes: Near the lake. Plenty of biking trails, parks, and recreational facilities. This area will likely improve in the future, as waterfront properties are developed. The city has also undertaken a cleanup of the Oshawa Harbour area.
Purchase Date: January 15, 2011
- Purchase price: $160,000 (2015 appraised value: $265,000)
- Down Payment: $32,000
- Mortgage: 3.64%, 35 year Amortization
- Rental Rate: $1375 plus Utilities per month
- Property Taxes: $241.66 per month
- Equity Build: $182.08 per month
- Cash Flow: $325.73 per month (after deducting 5% Vacancy & Repair Allowances)
- Additional costs: Property Inspection: $400, Land Transfer Tax: $1500, Lawyer Fee: $1200, Paint and Flooring: $6.000, 2013 renovation $17,000.
What went right:
- We were unsure whether to use a Property Manager or not. After much consideration, we decided to hire a manager that was referred to us. This was the best decision that we made. She was able to get us an extra $100.00 per month in rent and has done a great job of managing our properties.
- The house has a lot of potential, in terms of appreciation. It needs some TLC, but we secured it for approximately $25,000 below market value.
What would we have done different?:
- Outsourced some of the renovations. We did all of the work ourselves over the course of six weeks, working evenings and weekends. Luckily, my father-in-law was available to help us. Without him, I doubt that we would have been ready for the March 1 move-in.
- Explored other financing options. We went with our bank, but we might have found better options with a Mortgage Broker (e.g. Matrix Mortgage).
- Date January 14, 2013
- Tags Oshawa, Townhouse