- Joined
- Nov 10, 2007
- Messages
- 41
I have a property pending in the Killarney area of Edmonton, Alberta (129 ave and 87 st). According to my analysis it looks good but if anybody has some feedback for me or anything I am overlooking I would appreciate it. In particular, I would like some feedback regarding the location and zoning.
The house was built in 1960 and is approximatley 1050 square feet with a self contained secondary suite in the basement. There are 3 bedrooms up and two bedrooms down. Triple car garage and property sits on an oversized lot. Here is the quick version of how the deal breaks down.
Price: $292500
Rent: $2250 (I think this is low but being conservative...)
Vacancy Rate: 2%
Maintenance: $115 per month
property taxes: $200 per month (they were actually about $160 per month based on 2008)
Insurance: $115
1. I am primarily wondering about the location as I am not overly familiar with that area of town. What are the types of clients that would be attracted? Has anybody ever rented out any houses in this area before? Anything that I should be aware of?
2. It is zoned RF-1 but has a secondary suite. Would this be a concern with moving forward or how should I deal with this? (I know that probably 80% of properties in Edmonton with secondary suites are not zoned accordingly)
3. Any other observations or things to consider regarding the numbers, rent etc. or anything else?
Thanks, any thoughts would be appreciated.
Travis
The house was built in 1960 and is approximatley 1050 square feet with a self contained secondary suite in the basement. There are 3 bedrooms up and two bedrooms down. Triple car garage and property sits on an oversized lot. Here is the quick version of how the deal breaks down.
Price: $292500
Rent: $2250 (I think this is low but being conservative...)
Vacancy Rate: 2%
Maintenance: $115 per month
property taxes: $200 per month (they were actually about $160 per month based on 2008)
Insurance: $115
1. I am primarily wondering about the location as I am not overly familiar with that area of town. What are the types of clients that would be attracted? Has anybody ever rented out any houses in this area before? Anything that I should be aware of?
2. It is zoned RF-1 but has a secondary suite. Would this be a concern with moving forward or how should I deal with this? (I know that probably 80% of properties in Edmonton with secondary suites are not zoned accordingly)
3. Any other observations or things to consider regarding the numbers, rent etc. or anything else?
Thanks, any thoughts would be appreciated.
Travis