$199,000

For sale

181-183 WELLINGTON Street East, Chatham - Multi-family for Sale

181-183 WELLINGTON Street East, Chatham, Ontario, N7M3P2

5,837 sq ft (0.13 ac) lot sizeListed 48 days ago

Overview

This multi-family property in Chatham is for sale. It has been on the market 48 days, fresher than the Chatham average of 77 days.

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Investment analysis

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$199,000

Chatham

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Description

Attention Investors, are you looking for a project to renovate. This brick duplex on a large lot has 5 bedrooms and 2 bathrooms in total. The property is close to downtown core shopping, parks and schools. If this is something you want don't wait to book your viewing now. This property was built in 1900 and falls under the Ontario Heritage Act; Owners must provide formal notice (typically 60 days) before planning any demolition. The seller has the right to accept or reject each offer. The property is being ""SOLD AS IS WHERE IS "" WITH NO REPRESENTATIONS OR WARRANTIES. (id:66096)

Property Details

MLS®: 26022321
Property Type: Multi-family
Zoning: RL3
Lot Size: 5,837 sq ft (0.13 ac)
Units: 2
Year Built: 1900
Storeys: 2
Heating: Space Heater, Natural gas
Garage: Other
Ownership: Freehold
Property Tax: $1,951.09/yr
Listed: 48 days ago

Rooms

Main level

Dining room: 15.9 x 13 feet
Living room: 13.9 x 13.7 feet

Room details as supplied by the listing brokerage. Dimensions are shown in the unit the listing states, and are approximate.

Features

Flooring: Cushion/Lino/Vinyl
Foundation: Block
Exterior: Brick

Services

Sewer: Septic System

Features and services as supplied by the listing brokerage.

Market Timing

Days on market

48d

Chatham listings, avg age

77d

List price

$199K

Haho

This multi-family in Chatham has been listed for 48 days, which is 29 days fresher than the city average of 77. Act while there is still low competition.

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Listed by RE/MAX PREFERRED REALTY LTD. · LISA WRIGHT

Location

Approximate location — exact address confirmed upon showing

Nearby Places

Area context

Neighbourhood profile (N7M)

This home lists at $199,000, about 2.8× the local median household income of $71,000.

Carrying it typically needs a household income of about $38,872 (20% down, 25-yr amortization, stress-tested) — within reach of the area median.

Median household income: $71,000
Population: 25,579
Median age: 44
Owner / renter: 67% / 33%
Avg. household size: 2.3

Source: Statistics Canada, 2021 Census (FSA N7M)

$199,000

For sale

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Full Cost Breakdown

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Down Payment5% · $9,950

Min 5%50%

Mortgage payment$1,048/mo

↳ CMHC premium ($7,562 capitalized)

Property tax (est.)$163/mo

Total monthly$1,211

Cash Needed to Close

Down payment (5%)$9,950

Land transfer tax$1,715

Est. closing costs$3,097

Total cash needed$14,762

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