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Listed 9 months ago

257 Concord Avenue

Palmerston-Little Italy, Toronto

$1,495,000

Semi-Detached |3-Storey
4 | 2 | 2
About this home

Home with Two Apt Units: Apt 2 Second/Third Floor renovations have finally been completed (4 months long). Now, rented on a lease for $3,600/month plus hydro. Tens of thousands of dollars have been spent upgrading this apartment. Apt 1: Tenants on Month-to-Month, former Owners' apt, open-concept main-floor, renovated kitchen with stainless steel appliances, marble counter and many other upgrades. Can be used as a 2 or 3-Bdrm apartment. Apt 2: is a 3-bedroom apt. Mechanically sound home, but we will let your Home inspector verify this. Possibilities abound: live in one unit and use the $3,600/month to help pay the mortgage, or assume both Tenants, or maybe in the future you want to convert back to a very large single-family home with still a potential basement ensuite. Parking from the laneway, 2 spots depending on vehicle size. This home is very close to the Ossington Subway station and multiple transit options. Fenced-in backyard with a shed included. This owner has pride of ownership and has made multiple renovations over the years. Since 2022, to name a few, new electrical completed with permits, new furnace, new central air conditioning, hot water tank owned, new electrical panel, new flooring, new drywall and plaster walls and ceilings, new paint, new drains and basement flooring, new full-sized stainless steel refrigerator, new stainless steel induction stove and oven on the second floor. A complete renovation of the main floor and basement some years ago. As per Apt 1 tenant's request and respect for tenant's privacy, no interior photos are posted. Showings are available by appointment with appropriate notice. The seller is confident about the property and its condition; there might be a possible discussion for some Seller-assisted financing.

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agent
Angela Montano
(647) 283-2643
TypeSemi-Detached
Style3-Storey
Approx. AgeNot available
Size1500-2000 sq. ft.
Property Tax$8,559
Lot Size15 ft x 128 ft
mls© NumberC12611292
Listed ByBOUTIQUE REAL ESTATE CORPORATION

Listing History

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  • No recent lease history for this listing.

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What the bank counts

This home's actual carrying costs, payment stress-tested at 6%

Mortgage, tested at 6%
$7,652
Property tax
$713
Heat allowance
$150
Housing costs
$8,515 / mo

Lenders cap these at 39% of gross income — that sets the number.

Down payment20% · $299,000
25-yr amortization

Income needed

$262,000

gross annual household income

Payment at 4%
$6,291 / mo
Cash down
$299,000

Assumes no other monthly debts · 25-yr amortization

Full affordability check

Investment Analysis

Estimated rent, cap rate and monthly cash flow for this property

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