104 MILL STREET

Property ID: 1269193

104 MILL STREET

104 MILL STREET

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  • beds5
  • bath4
  • garage3

Description

This 13-yr-old home has two units, a full 3-bed, 3 bath house plus a legal 2-bed basement apartment. Among the highest earning dual-unit homes on market in recent memory. The main flagship unit is the perfect fit for a family. HOMEOWNERS: Income from basement unit pays for up to 82% of the mortgage; remaining payment is approx. $339. INVESTORS: Rents sum to $2890/mo, $35k/yr. Tenants pay all utilities. Your expenses are simply tax and insurance. Resulting net income is $29,412. At 1.85% over 30yrs the mortgage is $1,883 and cash flow is a stellar $600/mo. LONG-TERM: over 30yrs this property will carry itself plus cash flow $210k even without rent increases. At 5% appreciation/yr this property could be worth $2.8M when paid off in 30yrs. Thats 15x the avg. Canadians retirement savings. Russell has an extreme rental shortage with vacancy near zero. Modern build suggests low maintenance for foreseeable future. Offers presented Nov 12 @1PM; Seller may review & accept pre-emptive offers. (id:21126)

Property Location

Data Provided by REALTORS® Association of Canadian Real Estate

Last Modified: Thu, 18 Nov 2021 14:10:59 GMT

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