591 Durie: An Exceptional Investment Opportunity with CMHC MLI Select
Investing in real estate can be a lucrative endeavor, and 591 Durie is a gem that perfectly aligns with the Canadian Mortgage and Housing Corporation (CMHC) Multi-Unit Mortgage Loan Insurance (MLI) Select program. Currently operating as a triplex, this property offers the potential to maximize your investment through strategic renovations and the addition of a laneway house. In this blog, we'll explore why 591 Durie is an outstanding investment, and how it can benefit from the CMHC MLI Select program.
- Ideal Location
The location of 591 Durie is a strong selling point. Nestled in a desirable neighborhood of High Park North, this property offers a sought-after living environment that attracts potential tenants. Proximity to amenities, public transportation, and the charm of the surrounding area make it an attractive choice for both tenants and investors.
- CMHC MLI Select Program
The CMHC MLI Select program is designed to facilitate financing for multi-unit properties, and 591 Durie is a perfect candidate. With this program, you can secure financing with a lower down payment, making it easier to invest in and expand your real estate portfolio.
- 5 Unit Conversion Potential
The existing triplex structure at 591 Durie is just the beginning of its investment potential. By converting the two-story 2nd and 3rd floor unit into two separate units, you can increase your rental income and appeal to a broader range of tenants, while also adding a laneway house. This strategy not only diversifies your rental income but also enhances the property's overall value.
- Laneway House Addition
One of the most exciting aspects of this property is the potential to add a 1,250 sqft laneway house. Laneway homes are highly sought after in today's real estate market, offering spacious and modern living options. The addition of this laneway house creates an additional source of rental income and adds significant value to the property.
- Diverse Rental Opportunities
With the renovations and additions, 591 Durie will offer a variety of rental options. The basement can be converted into a 2-bedroom unit, while the main, 2nd, and 3rd floor units can become 1-bedroom suites. Additionally, the laneway house can provide a perfect 3-bedroom, 2.5-bath living space. This diversification ensures a steady stream of income from different units and meets the diverse needs of potential tenants.
- Potential for Increased Value
The strategic transformation of 591 Durie will not only lead to improved rental income but also increase the overall property value. With the growing demand for multi-unit properties and laneway houses, you can expect significant appreciation in the value of this investment over time.
7. The Numbers At A Glance
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- $15,800 in monthly rents
- After Reno Value of $3.4M
- $2.155M Mortgage @ 4.7% amortized over 40 years
- Annual Cashflow of $42,200
Final Thoughts
591 Durie represents an exceptional investment opportunity that aligns perfectly with the CMHC MLI Select program. With its ideal location, the potential for triplex conversion, the addition of a laneway house, and the diverse rental opportunities, this property offers a promising path to real estate investment success. Don't miss out on this opportunity to secure a valuable asset that promises a steady rental income and long-term appreciation. Invest in 591 Durie and start reaping the rewards of a well-planned real estate investment.
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