Direct Line: 905-431-4159 | Email East Vista Management

Project Description

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

The Numbers:

  • 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).

 

Project Details

  • Date January 14, 2013
  • Tags Oshawa, Townhouse

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