Student Rental Wholesale (Waterloo, Canada) - 15-20K Under MV
Address: 12 Bridgeport Drive East, Waterloo, ON
(note: this is a residential condo, not multiplex. Can't share Canadian residential properties over BP...yet!)
5 bedroom student rental. Corner unit. 10 minute walk to Wilfred Laurier Campus. 2.5km to University of Waterloo. Very low vacancy rate. Rent ready. Big bedrooms, updated laminate floors.
My partner and I will be assigning the property to you as the end buyer.
Closing is June 12th, but we can discuss an extension if needed.
Due to the seller's personal situation, we have negotiated a discounted price for a local investor to take over. This is a cashflowing property and 5 students from University of Waterloo already want to rent out the unit starting September 1st!
Other 5 bedroom units in this building are selling anywhere between 305-325k. Seller is willing to leave behind all chattels and furniture (furnishings are a little shabby but functional for university students).
The unit offers 1 private outdoor parking space (additional income). Coin laundry and rec room in basement commons area. Owner pays gas and hydro. Tenants pay for internet, though all-inclusive rent is negotiable with your tenants. Condo fees are $571 and includes water, exterior maintenance, etc.
MONTHLY FINANCIALS
Gross Rents: $2500 (or $2550-2600 all inclusive) + $50 parking
Utilities: $150
Condo Fees: $571
Contents Insurance: $10
Property Tax: $150
Annual NOI: $19,416-22,416
Cap Rate: 6.5-7.5%
If you're interested and serious about buying this discounted rental, send me an email and I'll provide more numbers, general information, more property photos, and answer any other questions you may have.
Purchase Price: $295,000
Comps: $305-325,000
Closing: June 12th, 2018 (or later, if required)
All serious buyers, pls PM Parker for more details and a dropbox link to additional photos.