37 Morgan Avenue
Paradise, NL, A1L3N4
5 Beds | 4 Baths
$424,000
About the property (MLS: 1281373):
Attention investors! This charming bungalow-style property with two separate apartments is a fantastic opportunity. The main floor features a spacious veranda that leads into an open-concept living, dining, and kitchen area. The master bedroom includes an ensuite with a stand-up shower and a walk-in closet. In total, there are 3 bedrooms and 2 full bathrooms on the main floor, plus a rec room and additional full bathroom in the basement. The apartment has a separate back entrance and offers 2 bedrooms with a comfortable living space, making it perfect for tenants. The large, level yard also provides the potential for a detached garage, while still maintaining plenty of outdoor space. Currently, the property is tenant-occupied, with reliable tenants in place—one of them has been living here for 3 years. The upstairs rents for $1,800, and the downstairs for $1,200. It's a well-maintained home that’s ready to generate consistent rental income. Don’t miss out on this incredible investment opportunity! Tenants may be home during viewings. No conveyance of offers until 6:00PM Thursday February 6th as per Sellers Directive to be left open for review till 10:00PM. (id:56688)
Property Details
Listing ID: 27862500
Address: 37 Morgan Avenue, Paradise, Newfoundland & Labrador, Canada A1L3N4
Status: Active
Last updated: 13 days ago ( Jan 31, 2025 )
Year Built: 2014
Property Type: Single Family
Architectural Style: Bungalow
Structure Type: Two Apartment House
Number of stories: 1
Number of Levels: 1
Beds: 5
Baths: 4
1/2 Baths: 1
Heating: Electric
Sewer: Municipal sewage system
Flooring: Laminate, Other
Living Area Total: 2,488 square feet
Price per sq ft: $171
Tax Annual Amount: $2,826
Tax Year: 2025
Garage? No
Attached Garage? No
Carport? No
Open Parking? No
Waterfront? No
Pool? No
Appliances: Refrigerator, Dishwasher, Stove
Water Source: Municipal water
Foundation Details: Concrete
Heating: Electric
Flooring: Laminate, Other
Exterior Features: Vinyl siding
Number of photos available: 14
Rurl
Coordinates: [47.553986, -52.898504]
Rooms
| Basement | Living room Kitchen Bedroom Bedroom Laundry room Family room | 11.80 x 18.10 null 9.10 x 12.00 null 9.60 x 9.80 null 12.40 x 12.00 null 6.40 x 7.00 null 11.10 x 19.10 null |
| Main level | Bedroom Bedroom Ensuite Primary Bedroom Dining nook Kitchen Living room | 9.80 x 11.80 null 10.00 x 11.80 null 6.00 x 5.80 null 12.80 x 12.00 null 8.40 x 13.10 null 9.50 x 13.10 null 11.40 x 17.30 null |
Basic Calculator
First Mortgage: $339,200
Mortgage insurance premium: $0
Total Financing: $339,200
Rough closing fee (1.5%): ~ $6,360
Total downpayment with estimated closing fee: $91,160
Investment Calculator:
| Monthly | Yearly | |
|---|---|---|
| Gross Revenue | $2,737 | $32,844 |
| Gross rental income (income/principal ratio) | 0.646% | 7.746% |
| Mortgage | $0 | $0 |
| Monthly Expenses | $530 | $6,360 |
| Vacancy | $137 | $1,643 |
| Management Fee | $219 | $2,628 |
| Expense / Income Ratio | 19.36% | 19.36% |
| Cash Flow | $1,852 | $22,224 |
| Net Operating Income (NOI) | $1,852 | $22,224 |
| Capitalization Rate | 0.44% | 5.24% |
