Incredible property with carriage suite in Airdrie, AB

[Anthony Therrien-Bernard]

Investment Info:

Single-family residence buy & hold investment in Airdrie.

Purchase price: $484,000
Cash invested: $96,800

I just got this property under contract with September 1st possession date. This is very interesting property that is very unusual in this price range. The house has 3 bedroom and 2 bathrooms on the main floor, a separate illegal basement suite with 2 bedrooms 1 bathroom in the basement AND an oversize double garage with a 1 bedroom carriage suite in the backyard.

What made you interested in investing in this type of deal?

Carriage suite+Illegal basement suite, very high cashflow potential

How did you find this deal and how did you negotiate it?

Through Facebook, I made a post that I was looking for a house with a backyard suite and someone sent me this amazing property. Note to myself: I need to post on Facebook more often

How did you finance this deal?

20% down rental mortgage

How did you add value to the deal?

Very minimal repairs are needed, I might replace the carpet in the basement for vinyl plank but it is not a necessary repair.

What was the outcome?

Projected rent: Main Floor: $1450 Basement: $1000 Carriage Suite: $1200 Garage: $300 Total: $3950 (utilities included)

Projected net cash flow: $1220

For more pictures:

https://photos.app.goo.gl/FV6j...