$459,999

For sale

244 Edinburgh Street, London North (North N) - Single Family for Sale

244 Edinburgh Street, London North (North N), Ontario, N6H1M3

5 beds2 baths4 parking900 ft²33 × 127 ft (4,191 sq ft) lot sizeListed 70 days ago

Overview

This 5-bedroom, 2-bathroom home in London North is for sale offering roughly 900 sq ft of space. Listed at $459,999, it is attractively priced about 21% below the $580,000 median asking price in London North. It has been on the market 70 days, fresher than the London North average of 74 days.

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Description

INVESTORS, RUN THE NUMBERS ON THIS ONE. Offered at $459,999, 244 Edinburgh has 5 bedrooms with potential rents of approximately $750 per room, putting potential gross rental income at $3,750 per month or $45,000 per year.For an investor looking for a student rental, the combination of price, bedroom count and location makes this one worth a serious look. With Western students as a natural tenant pool and convenient access to transit and everyday amenities, the property is well positioned for the student rental market.It's also an interesting option for parents with a child attending Western. Instead of paying rent for the next several years, consider owning the property, giving your student a place to live and renting the remaining bedrooms to help offset the carrying costs.At the asking price, the projected $45,000 in annual gross rent represents approximately a 9.8% gross yield before expenses.Five bedrooms. $3,750 in potential monthly rent. $459,999 asking price.If you've been looking for a London investment property where the numbers actually give you something to work with, 244 Edinburgh is it. (id:66096)

Property Details

MLS®: X13723076
Property Type: Single Family
Zoning: R1-7
Bedrooms: 5
Beds (above / below): 2 above · 3 below
Bathrooms: 2
Parking: 4
Interior Size: 900 ft²
Lot Size: 33 × 127 ft (4,191 sq ft)
Frontage: 33 ft
Storeys: 1
Style: Bungalow
Basement: Finished, Full
Heating: Forced air, Natural gas
Cooling: Central air conditioning, Ventilation system
Garage: No Garage
Ownership: Freehold
Property Tax

Rooms

Main level

Living room: 3.3 x 5.97 meters
Kitchen: 2.97 x 2.36 meters
Primary Bedroom: 3.3 x 3.94 meters
Bedroom: 2.77 x 2.9 meters

Lower level

Bedroom 2: 2.39 x 4.09 meters
Bedroom 3: 2.54 x 2.95 meters
Bedroom 4: 2.49 x 3.45 meters
Utility room: 3.81 x 3.25 meters

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

Features

Appliances: Washer, Refrigerator, Water meter, Stove, Dryer, Water Heater
Foundation: Concrete
Exterior: Vinyl siding
Lot Features: Carpet Free

Services

Water: Municipal water
Sewer: Sanitary sewer

Features and services as supplied by the listing brokerage.

Market Timing

Days on market

70d

London North (North N) listings, avg age

74d

Price / ft²

$511

List price

$460K

Haho

This 5-bed single family in London North (North N) has been listed for 70 days, which is 4 days fresher than the city average of 74. Act while there is still low competition.

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Listed by CENTURY 21 FIRST CANADIAN CORP · RAEANNE MUIR

Location

Approximate location — exact address confirmed upon showing

Nearby Places

Area context

Neighbourhood profile (N6H)

This home lists at $459,999, about 6.5× the local median household income of $71,000.

Carrying it typically needs a household income of about $89,854 (20% down, 25-yr amortization, stress-tested) — roughly 27% above the area median.

Median household income: $71,000
Population: 44,215
Median age: 38.8
Owner / renter: 46% / 54%
Avg. household size: 2.3

Source: Statistics Canada, 2021 Census (FSA N6H)

$459,999· $511/ft²

For sale

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Full Cost Breakdown

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Down Payment5% · $22,999.95

Min 5%50%

Mortgage payment$2,423/mo

↳ CMHC premium ($17,480 capitalized)

Property tax (est.)$269/mo

Total monthly$2,692

Cash Needed to Close

Down payment (5%)$23,000

Land transfer tax$5,675

Est. closing costs$3,880

Total cash needed$32,555

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