House-Hacking/Investing in Invermere, BC

[Roisin Lennon]

Hello fellow BP members! 

I am considering purchasing a one door, 5 bdrm house in Invermere BC and am looking for input on whether my plan is do-able:

I want to purchase for $500k, put 5% down ($25k), (making the mortgage around $2800/month), charge $800-$900 a room, to be making at least $200/month profit. I know this would normally seem crazy in a small town but there is a HIGH demand for pet-friendly rentals (both Invermere, and people working at Panorama Ski Resort) and none of the rental companies are accommodating these people with pets (for good reason- I know). 

Invermere is the central town on the 93/95 corridor (Golden to Fernie) and its surrounding towns are mainly frequented by Calgarians for at least overnight because it's a 3-hour drive so tourism isn't likely to go down, if anything up because of the boom with Covid. Invermere has a really good summer vacation scene, lot's of expensive vacation homes on the lake, town has a good set-up business/employment wise, quirky pubs and artsy places, etc. and it could start taking even more winter tourism as Panorama Ski Resort is small and there is often overspill. 

There is lot's of land for sale, tons of construction, house prices have been going up (even before Covid) so I'm thinking it's going to start to blow up. I would be managing the property myself so a great learning experience but I'm sure there are lot's of cons so if anyone happens to read this far, let's hear your pro's and cons!!

Thanks in advance for the insight guys :)