Discover Your Dream Investment in Trinity-Bellwoods - 78 Givins
Goldmine in Trinity Bellwoods.
It is rare that an affordable investment opportunity pops up in Trinity Bellwoods. It is the perfect neighbourhood for both investors and renters and when that happens investors get stable returns, and renters get an amazing place to call home. The home already has 3 existing units (likely not legal) including a 2 storey owner’s suite on the 2nd/3rd floor. There is a lot of work to be done as the house needs to be updated and brought into the 21st century, but when the renos are done, you can be sure that this property will produce ample rental income.
Firstly, basement needs to be underpinned. Normally I prefer homes that have adequate basement ceiling height but this is such a great property in a great location, that I will make an exception. Since you will be underpinning it would be easier to change up the floorplan to accommodate a 2 bed 1 bath apartment that would easily rent for $2500.
On the main floor you can build a swanky split 2 bedroom layout. With a new kitchen, flooring, drywall and the addition of a bathroom and laundry will ensure maximized rents of around $3,200. Lastly, the top two floors can be a show stopping 3 bed 1 bath unit with a rooftop deck. Again, this unit needs a full cosmetic updating to make this a highly desirable unit that will likely rent for $4,300.
The property is listed at 1.198M with offers being reviewed on Monday May 29th. I think any number under 1.45M is a good buy, however, I would prefer to purchase this home around 1.35M. All in all this home likely needs around $400,000 in improvements around the home will generate around $10,000 a month in rental income.
Overall, there is a lot to like about this home and its rental potential. Most of the value is being located in Trinity Bellwoods which produces strong rental returns. There is a little more work than I would like to do on this property, especially with underpinning the basement, however the potential rents justify the extra work. Contact us today for a private tour of this property, financing options for property improvements, and meet our trades!
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