Condo in Toronto under 200K – Promising Investment Properties

Last wee we discussed free hold homes in and around GTA under 200K. Today we will look what an amount of 200K will get you in a Condo market

Investment

As of today, March 3 there are 36 condos available in GTA in the price range of 150 to 200 K. Please, note that the maintenance on all these properties is under $300 per month.

If we increase the maintenance to $350, availability will increase to 60.

As an example, lets take a 600 sq foot, 1 bedroom / 1 bathroom condo located north west of downtown Toronto. The condo is listed for $195 000 and maintenance fee is $325 per month. 1 parking spot is included.

Lets take a very conservative mortgage rate of 3.2 amortized over 25 years
Property taxes for this condo is listed as $1395

With 35% downpayment of $68 250
Monthly mortgage payment would be $612.92
Other expenses $441.25
Total monthly payment – $1054.17

There was a number of condos leased in this building over the last 3 month. The lowest monthly lease for similar 1 bedroom/  1 bathroom, 600 sq foot condo, was $1150, the highest was $1350. Hydro, telephone, TV is paid by the tenant.

Lets take the average $1250 – 1054.17 = 195.83.

Every month you will be walking away with $195.83. This is 2349.96 per year on your $68 250 investment.
And we did not even account for your tax breaks, property appreciation and annual rate increases.

Have questions? Give me a call, it is easy 🙂

Call or text 416-843-1515 or e-mail marina@marinag.ca

More on the subject:

Investment Properties Under 200K

Compliments of Marina Gavrylyuk
Real Estate Agent with Sutton Group Summit Realty

MarinaG.ca

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