Why 28 Fennings is the Perfect Opportunity for First-Time Real Estate Investors
Embarking on the journey of real estate investment can be both exciting and daunting for first-time investors. However, nestled in the heart of West Queen West, 28 Fennings presents an exceptional opportunity that combines low risk with high potential returns. In this blog, we'll explore why this property is an ideal choice for those taking their first steps into the world of real estate investment.
Property Overview:
At first glance, 28 Fennings appears as a charming row house, but its true allure lies in its potential for transformation. Situated on a generous 17x131 lot in the vibrant West Queen West neighborhood, this property offers proximity to an array of shops, restaurants, and nightlife hotspots. Currently configured as a multigenerational home, with a kitchen and bathroom on each level, 28 Fennings is primed for conversion into a triplex, offering multiple streams of rental income.
Minimal Renovation Required:
Unlike many investment properties that require extensive renovation work, 28 Fennings presents a rare opportunity where minimal effort is needed to unlock its full potential. The existing units are in great shape and can be rented out quickly, providing immediate cash flow for the investor. With minor modifications, such as converting the main floor into a 2-bedroom unit and sprucing up the the second-floor unit, the property can be optimized for maximum rental income.
Additional Income Streams:
In addition to the triplex conversion, 28 Fennings offers the potential for additional income streams. The basement can easily be transformed into a cozy 1-bedroom, 1-bathroom unit, while the garage presents an opportunity to create a small laneway studio or junior 1-bedroom laneway house. These additions not only enhance the property's rental potential but also increase its overall value, providing a solid foundation for long-term growth.
Prime Location:
One of the most compelling aspects of 28 Fennings is its location in the heart of West Queen West, often hailed as one of the most desirable streets in the world. With its vibrant atmosphere, diverse community, and abundance of amenities, West Queen West attracts both residents and visitors alike, ensuring strong demand for rental properties in the area. This prime location not only offers stability but also the potential for significant appreciation over time.
Low Risk, High Reward:
For first-time investors, 28 Fennings represents a low-risk investment opportunity with considerable upside potential. With minimal renovation required, strong rental demand, and multiple income streams, this property offers a solid foundation for building wealth through real estate investment. By capitalizing on the property's prime location and unlocking its full potential, investors can embark on their real estate journey with confidence and excitement.
Numbers At A Glance
- $10,500 in monthly rents
- After Reno Value of $2.2M
- $1.14M Mortgage @ 5.2% amortized over 30 years
- Annual Cashflow of $30,600
Final Thoughts:
In the competitive world of real estate investment, 28 Fennings stands out as a beacon of opportunity for first-time investors. With its prime location, minimal renovation requirements, and potential for multiple income streams, this property offers the perfect combination of low risk and high reward. Whether you're looking to generate immediate cash flow or build long-term wealth, 28 Fennings presents an enticing opportunity to make your mark in the world of real estate investment.
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