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Distillery District - Pure Spirit - Condo for sale 1BR+Den w/ parking+locker, Cheap!

N

nekz

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urbandreamer said:
Can I make an offer? Since the DD is dead half the year and there's very little nearby, how about $160,000?
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What are you talking about? There's so much other than the Distillery District. You have convenient access to the DVP and Gardiner, St Lawrence Market, King East... along with junkies and hobos too.

For $160,000, maybe we can arrange a timeshare type of scenario...:)
 
What are you talking about? There's so much other than the Distillery District. You have convenient access to the DVP and Gardiner, St Lawrence Market, King East... along with junkies and hobos too.
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Well let's see: do I need convenient access to the DVP and Gardiner? No because I don't have a car.

St Lawrence Market? Boring!
King East? Boring!
junkies and hobos? I am a junkie and hobo!

So I'll give you $160,000 CASH. deal or no deal?
 
caveatemptor said:
Here come the flippers! Just wait until spring time fellas!

Nekz- any idea what that units would rent for?
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I would say a unit like this could rent for around $1300-1400 per month, for a 1 bedroom plus den which includes parking and locker, excluding hydro.

This is not a quick flip, if it were, he would be holding on to it until after occupancy and then flipping it then. This is a deal.
 
nekz said:
I would say a unit like this could rent for around $1300-1400 per month, for a 1 bedroom plus den which includes parking and locker, excluding hydro.
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That's not really a positive statement for the price you are asking. There are lots of lower risk, higher return investments out there in Toronto real-estate without considering other markets.
 
rbt said:
That's not really a positive statement for the price you are asking. There are lots of lower risk, higher return investments out there in Toronto real-estate without considering other markets.
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I was able to rent it out for $1500, without parking.
 
nekz said:
I would say a unit like this could rent for around $1300-1400 per month, for a 1 bedroom plus den which includes parking and locker, excluding hydro.

I was able to rent it out for $1500, without parking.
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As an investment property, it does not make financial sense.

Maintenance and municipal property taxes for 645 sq ft loft unit, with parking and locker are probably around $500/month alone.

Let's say it rents out for $1500 parking included as you've provided 2 different examples.

Once you've deducted the fixed costs, that leaves $1000/month for mortgage payments, which isn't enough to cover $150,000 @ 7.0% / 5yr term / 25 yr amortization.

So you won't have any positive cash flow unless one puts down 50% :eek:
 
cdr108 said:
As an investment property, it does not make financial sense.

Maintenance and municipal property taxes for 645 sq ft loft unit, with parking and locker are probably around $500/month alone.

Let's say it rents out for $1500 parking included as you've provided 2 different examples.

Once you've deducted the fixed costs, that leaves $1000/month for mortgage payments, which isn't enough to cover $150,000 @ 7.0% / 5yr term / 25 yr amortization.

So you won't have any positive cash flow unless one puts down 50% :eek:
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Well, it was $1500 because that's not what my cousin bought it for... Oh, turns out that the unit didn't have parking. Add another $150 on top for parking.
 
cdr108 said:
As an investment property, it does not make financial sense.

Maintenance and municipal property taxes for 645 sq ft loft unit, with parking and locker are probably around $500/month alone.

Let's say it rents out for $1500 parking included as you've provided 2 different examples.

Once you've deducted the fixed costs, that leaves $1000/month for mortgage payments, which isn't enough to cover $150,000 @ 7.0% / 5yr term / 25 yr amortization.

So you won't have any positive cash flow unless one puts down 50% :eek:
Click to expand...


Who pays 7% interest these days? And really, that 25 yr amortization could be extended a bit to lower monthly costs. If you were to put 25% down, you'd be able to mortgage $195,000 for $1046.81 at 30 yr amortization, 5% interest, on a 5 yr term.
 
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