Why This Property: Parkview Bungalow
One of my few passions has always been investing in real estate. My experience previously as a real estate appraiser and now as a REALTOR®® has definitely taught me a lot about how to look for a good deal. The most important factor has always been location, location and location.
This month’s good deal is something I would typically purchase. After looking through hundreds of properties on the MLS® from all different neighbourhoods, I chose this month’s good deal because of its location in Parkview. Parkview is a highly desirable neighbourhood that’s in transition with good upside potential and tenant profile.
The average sale price of a single-family home in Parkview within the last 12 months has been $577,280 (see this PDF of all the comparable homes). I’ve removed new infills and homes located on Valleyview Dr and Cres as these homes skew the average sold price.
The subject property is listed for $399,900—well below the average price even in today’s market condition. Considering the location of the property, there are so many different ways I could use this property as an investment:
- I can simply just buy and hold.
- I can buy and develop a basement suite, refinance and rent out the suite for additional income.
- I can hold onto this property and redevelop it in the future. The zone is RF1 and the dimensions are huge… at 56.1x121 ft.
- Or I can do all three options!
Knowing my construction cost, I can work backwards and determine what my after renovated value will be. This is great if I am going to be spending thousands of dollars in renovations and knowing that I will get a return on investment.
The options are endless when you buy into a good location.
If you’re interested in this property or buying an investment property and want to get my thoughts or advice, feel free to reach out. I would love to chat.