Transforming 110 Marion in Roncesvalles: A Prime Candidate for CMHC MLI Select
Nestled in the vibrant neighborhood of Roncesvalles in Toronto, 110 Marion Street is poised for a remarkable transformation. This property, currently a duplex, holds immense potential for investors and homeowners alike. With its strategic location near trendy restaurants and shops, the plan is to convert it into a 4-plex with three 2-bedroom units, a cozy 1-bedroom unit on the third floor with a rooftop deck, and the addition of a 1300 sqft laneway house. In this blog post, we'll explore why 110 Marion is the perfect candidate for CMHC MLI Select and why this opportunity is too good to miss.
Location, Location, Location
They say that location is everything, and 110 Marion couldn't be better situated. Roncesvalles is a charming and highly sought-after neighborhood known for its tree-lined streets, welcoming atmosphere, and a bustling hub of restaurants, cafes, and shops. From your doorstep, you'll have easy access to delectable dining options and the eclectic array of boutiques that define the area's character.
Expanding Your Investment Potential with CMHC MLI Select
The Canada Mortgage and Housing Corporation's (CMHC) Multi-Unit Mortgage Loan Insurance (MLI) Select program offers an excellent opportunity to enhance your investment. With 110 Marion's planned transformation into a 4-plex plus a laneway house, you can tap into the benefits of this program. CMHC MLI Select provides mortgage insurance for rental properties with multiple units, making it easier to finance such projects.
The 5-Plex Advantage
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Increased Rental Income: By converting this property into a 4-plex, you're maximizing your rental income potential. Four units mean four streams of income, which can help offset expenses and generate positive cash flow.
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Diverse Tenant Pool: With various unit sizes, you can attract a diverse range of tenants, from couples and families to young professionals. This diversity can reduce vacancy risks.
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Attractive CHMC Financing: With current rates hovering around 4.7% and amortization periods of up to 50 years, this is a great opportunity to boost cashflow.
The Laneway House: A Hidden Gem
One of the standout features of this property transformation is the planned 1300 sqft laneway house. Laneway houses have gained popularity in Toronto for their versatility and rental potential. This 3-bedroom, 2.5-bath unit can serve as an additional source of income, further enhancing your investment.
The Numbers Speak Volumes
- $18,500 in monthly rents
- After Reno Value of $4.0M
- $2.75M @ 4.7% amortized over 40 years
- Annual Cashflow of $39,000
Conclusion
110 Marion Street in Roncesvalles is more than just a property; it's an investment opportunity that combines prime location with the potential for significant rental income. With plans to convert it into a 4-plex and the addition of a laneway house, this property aligns perfectly with the CMHC MLI Select program, making it an even more attractive investment.
Don't miss out on this chance to diversify your portfolio, enjoy positive cash flow, and become a part of the vibrant Roncesvalles community. The future is bright for 110 Marion, and it's waiting for you to seize this golden opportunity.
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