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

Project Description

Great family neighbourhood

Purchase Date:  July 15, 2014

Local attributes: The townhouse is centrally located in a family-friendly neighbourhood, close to schools and all other amenities (shopping, recreation centres).  Courtice is a rapidly growing area, focusing on building their own identity as a community (apart from Oshawa and Bowmanville).  The house is located close to the Courtice Community Centre and planned developments to define a downtown area for Courtice.

The Numbers:

Purchase price: $215,000 (current value approximately $275,000)

Down Payment: $43,000

Mortgage: 2.75% (variable), 25 year Amortization

Rental Rate: $1550 plus Utilities per month

Property Taxes: $217.42 per month

Equity-build: $411.72 per month

Cash Flow: $430.67 per month (after deducting 5% Vacancy & Repair allowances)

Renovation costs: $13,500, Closing costs: $2500

Current status: Wonderful tenant took possession on October 15th.

What went right:

  • We worked on improving our systems – painter, colour scheme, sequence of renovation work, developing our list of preferred contractors, planning the renovation.
  • The renovation turned out to be mostly cosmetic.
  • We came in close to budget for the renovation.  Initial rough estimates were $12,500, but we ended at about $13,500
  • We had cash available to pay for most of the reno.

What would we have done different?:

Much longer lead-time than anticipated for the installation of the garage door and the patio door (upwards of 6 weeks from ordering).  This made a Sept. 1st tenant placement impossible.  In the future, we would try to place major orders before closing.

Project Details

  • Date January 13, 2013
  • Tags Courtice, Townhouse

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