True Turn-Key Investment Opportunity
This bungalow is a 2-unit home and is fully renovated. We took this home from being an abandoned single family home and turned it into a tremendous investment property. The goal at the outset was to create a home that would attract wonderful tenants at better-than-market rents. Not only that, we wanted a long-term, maintenance-free income property.
We managed to do all that AND create a LEGAL secondary suite. We meet zoning and building/fire code. It’s also mostly silent between the two floors. It’s safe to say, we achieved the goal we set out to hit.
Both apartments will be rented to vetted tenants. That’s why when we say “turn-key” we mean turn-key. The new owner can rest comfortably knowing that the house is in great shape for the short and long term. There should be little to no need to visit the home, just sit back and collect rent.
It is super rare to find a house with legal secondary suite under $1 million. We are selling for $999,999 to keep the lucky new buyer of this home under that threshold where financing becomes tricky.
Before and After
The bones were great in this home. There was no evidence of any major deficiencies. A lot of the work in the upper floor was done to freshen up the home and breathe new life into the place. Gone are all the swirly plaster ceilings, the dreary kitchen, the dark living room. The pink and beige and black bathroom with its old (and loud vent) have also been discarded.
In its place, we have a brand new modern kitchen with a massive 6’ island, stainless steel appliances, and quartz countertops.
There was no laundry in this unit. We closed off the stairs to the basement so that we could introduce private laundry for the apartment.
The apartment has 3 good size bedrooms. The bathroom has been completely remodelled with gorgeous stone tiles and black hardware accents.
This apartment was rented quickly for $2,500/per month to a wonderful young family on a 12-month lease.
This was probably the most loved feature of the apartment when tenants were visiting. It really achieved the look we were aiming for - luxury and practicality.
We brought the black hardware accents from the main areas of the apartment into the bathroom for a cohesive look. The tiles were imported from Italy.
The deep soaker tub is slick and modern. All plumbing fixtures were all also replaced, as was the plumbing stack in the wall leading to the basement.
What’s a completed renovation without private ensuite laundry, right? We found the perfect spot to house the brand new stacked washer/dryer. Took a bit of effort, and now the upstairs apartment is ready to be fully self-sufficient.
The back wall of the washer/dryer combo unit is insulated for sound so there is less noise to the basement.
These days modern = open concept. Gone are the days where all rooms were separate. It makes each room feel smaller and the home is darker overall.
We were able to sprawl the entire vinyl (waterproof and mostly life proof) flooring across the entire apartment without the need for breaks and junctions.
The result is a wonderful and inviting space that tenants love.
This is where the magic really happened. This is where the true value of the home lies and where 2/3 of the budget was needed. We engaged with Suite Additions to help plan for a fully legal, compliant secondary suite for the basement apartment. It meant a bunch of things, like the opening of an egress window, the movement of plumbing, the introduction of insulation for comfort (walls), noise (ceilings) and fire throughout. We
All of this was completed with proper permits and building inspections. The house is fully compliant as a legal secondary suite. And that is absolutely massive for an investor, particularly when securing great tenants and a great mortgage. We comply with natural lighting.
It doesn’t stop there. We added a brand new furnace, central air-conditioner and humidifier. We created another ensuite laundry closet. We scoped the floor drain to make sure it is all clear. All brand new electrical work by a master electrician. The fire alarms are all compliant with fire code and are wired with upstairs. There’s even a fire detector in the vents - we fully comply.
This 2 bedroom apartment is nearing completion with expected completion end of June. We recently helped another client rent out a very similar basement 5 mins east of here (that one was not a legal secondary suite) for $1600. We expect $1700/month in rent for this apartment on the low end. It will be rented to a vetted tenant.
LOCATION: On Trinnell Blvd, walkable to TTC Warden Station.
RENT: $2500 + $1700 (expected) = $4,200/month
UTILITIES: Paid by tenants, except high-speed internet which is paid by landlord for $32/month.
TAXES (2018): $2,618.29