Rental Property in Calgary?
I am having a dilemma here and in need to have different perspectives on this so I can make a better judgement call. I am planning purchasing a Single family rental property in Calgary (more specifically, Airdrie). Here's the dilemma:
In Calgary, there are a lot of illegal 2nd suite units (basements), but that's not something I want to do. Not only it costs about 30k to complete the basement, the illegality of it risks the chance of being reported by the neighbors ($$ fine). However, by doing so, I can increase my rent/total value from about 0.5% to 0.7-8% (which is not bad in the area). I also think by renting it to one family is better in terms of living quality, hence a better market. But again...I'll be losing at least $500 monthly cash flow if I rent it to one family.
What do you think/know? Thanks in advance :)!