Fredericton NB rental investing

[Andy Pembleton]

What's up BP!

I'm currently an Ontario resident looking to move to Fredericton and have my eyes on a particular property to house hack. Upper floor has 3 bedrooms and a bath and lower has a separate entrance with suitable space to make into a 1 bed apartment.

Upstairs doesn't seem to need any work to be tenant ready. However the basement needs a kitchenette installed, 5/8" drywall on the ceiling, and a bathroom expansion to accommodate a shower stall.

All in to make the basement a self sustainable apartment, I estimated roughly $32,000 in rehab costs. While living there and renting the upper unit, I'd also be making ongoing renos to the basement to add to the cosmetic value.

Is that estimate accurate? I wasn't counting for paint or small things of that sort.

Besides that, I ran the numbers and found cashflow to be positive and, if my estimate is accurate, about a 12% ROI.

Does anyone currently invest in NB that can shed some light on the markets there?

Thanks for reading my long-winded post!