This house is currently listed for sale on MLS – the seller needs this sold by any means possible. You may notice that I posted this property on MyREINspace a while back... Through our conversations, the seller is open to the idea of a shorter term AFS. It’s a big bungalow (currently single family) within 500m walk of where the future LRT stop will be on 38Ave & 66St. Here’s the link for the MLS listing: http://rae.paragonrels.com/publink/default.aspx?GUID=494d1d9a-8636-4457-837d-1ed1aedf13c2&Report=Yes The AFS buy-in is roughly $54k – this includes a reduced Realtor fee ($5000), the costs to pay out a second mortgage ($33,100), back taxes ($6200), and a financed furnace ($9700.) The current first mortgage matures October 2018. The bi-monthly (15th & 30th) payments are $839.05 including current year property taxes. The current mortgage balance is approximately $292k. Buy-in plus current mortgage balance means you’d be paying a total of $346k for this property. Depending on your investment strategy, there are a few good options here. You can try to negotiate another mortgage term beyond Oct. 2018 as a longer term rental property. You could renovate & flip this house (in 1 year or less) without having to qualify for a mortgage. Flip it as a single family, or a legal suite. When the LRT is complete (city says by 2020), values will increase in the area. You could also renovate the basement into a legal suite before taking out new financing on the property (based on after-repair value) and potentially recuperate some of your invested $$ (many lenders will do 75% LTV.) Other options include bringing in a JV partner or looking at RTO options. The main floor is live-able , but can use some updating & maintenance. Its 3 bedrooms with a full 4 piece ensuite bathroom off the master bedroom and a double attached oversized garage. The basement is currently set up for single family, but is huge (almost 1400 ft2) and could be fairly simple to turn into a suite. This property can work as a single family home/rental, but might be better suited for a basement suite given the location near the LRT. Either way, the basement needs some work. Contact me for more information or to book a viewing – she wants it sold ASAP!