Quote from @Rachel Jane: First post, no idea what I’m doing, lolMy grandfather passed away and left me his condo, which is fully paid off (and located in a seniors residence) It’s worth approx $500,000 (CAD).

I'm right there with you. 

They will usually want to see you have the capital for closing costs and some "reserves", meaning they want you to have a few months left over to cover any surprises.

My payment would be $3057/m Before deductions I would be making over $500/m with 23k left in the deal. 

For added context, currently renting, no debt (aside from a car loan with about 25k left).

Would be curios if folks have also just included the cost of utilities at this price and left it unpermitted.

Some used more creative ways to handle the needs but it is still a capital call and dilutes the return (if anything left). 

When the housing market became seller friendly, I unloaded 5/6 of our long term rental units, paid off our house with that and invested in stocks and mutual funds…completely no fun, right??

Spillway to the far left, outlet in the middle, small pier to the right. 

My original loan amount is $323K, balance left $319K at 7% and 28 yrs and 8 months left.