Alright – what you’re up to see here is nothing glamorous. It’s not Hollywood quality, it’s straight-up reality.
These video shoots were taken when I was there with my property inspector Philip. I knew going in what to expect – having seen old Toronto homes for years live and in person. So none of the findings frightened me.
We had clear goals on this purchase (as mentioned in my previous post) – break even or better on monthly cash flow, and expect no appreciation. If that translates to a 7-12% return on my 20% down payment, we’re interested. Otherwise, it’s a no go. This house was one that – when we considered what market rents would be – would fit into our specific requirements.
Let’s take a look at the basement unit. This entrance is from the side of the house – and it’s really just an UGLY basement bachelor’s unit.
The main floor enters off the back of the house. As it is, it’s a 2 bed apartment (1 on main floor, 1 in the basement). Nothing glamorous here again. Most people would walk into places like these – and walk away. We saw potential all over the place.
Last, but not least, we walked into the front door. This is an awkward layout. What used to be a single-family home’s living room is now a bedroom. The rest of this apartment is up on the 2nd level. It’s a “puke green” space with a decent sized living area, bathroom and bedroom.
All in – there are 3 apartments spread out across 3 levels. Will we leave it as-is? What does this cost? What will we do to the space?
Find out next time. 🙂