28 Paradise Road
Paradise, NL, A1L3B2
5 Beds | 3 Baths
$299,900
About the property (MLS: 1281623):
Don't miss this incredible opportunity to expand your rental portfolio with this well-maintained split-entry, two-apartment home in beautiful Paradise. Conveniently located near shopping, recreation, and scenic walking trails, this property features 5 bedrooms and 3 bathrooms, an oak kitchen, durable laminate flooring, and energy-efficient vinyl windows. Currently rented with long-term tenants in place, this investment property offers immediate rental income with no vacancy upon closing. A rare find in a prime location—act fast! (id:56688)
Property Details
MLS: 1281623
Listing ID: 27901461
Address: 28 Paradise Road, Paradise, Newfoundland & Labrador, Canada A1L3B2
Status: Active
Last updated: 4 days ago ( Mar 12, 2025 )
Year Built: 1994
Property Type: Single Family
Structure Type: Two Apartment House
Ownership Type: Freehold
Beds: 5
Baths: 3
1/2 Baths: 0
Heating: Baseboard heaters, Electric
Sewer: Municipal sewage system
Flooring: Laminate, Mixed Flooring
Living Area Total: 1,840 square feet
Price per sq ft: $163
Tax Annual Amount: $1,737
Garage? No
Attached Garage? No
Carport? No
Open Parking? No
Waterfront? No
Pool? No
Appliances: Refrigerator, Stove
Water Source: Municipal water
Foundation Details: Poured Concrete
Heating: Baseboard heaters, Electric
Flooring: Laminate, Mixed Flooring
Exterior Features: Vinyl siding
Common Interest: Freehold
Number of photos available: 22
Rurl
Coordinates: [47.533492, -52.864519]
Listing ID: 27901461
Address: 28 Paradise Road, Paradise, Newfoundland & Labrador, Canada A1L3B2
Status: Active
Last updated: 4 days ago ( Mar 12, 2025 )
Year Built: 1994
Property Type: Single Family
Structure Type: Two Apartment House
Ownership Type: Freehold
Beds: 5
Baths: 3
1/2 Baths: 0
Heating: Baseboard heaters, Electric
Sewer: Municipal sewage system
Flooring: Laminate, Mixed Flooring
Living Area Total: 1,840 square feet
Price per sq ft: $163
Tax Annual Amount: $1,737
Garage? No
Attached Garage? No
Carport? No
Open Parking? No
Waterfront? No
Pool? No
Appliances: Refrigerator, Stove
Water Source: Municipal water
Foundation Details: Poured Concrete
Heating: Baseboard heaters, Electric
Flooring: Laminate, Mixed Flooring
Exterior Features: Vinyl siding
Common Interest: Freehold
Number of photos available: 22
Rurl
Coordinates: [47.533492, -52.864519]
Rooms
| Main level | Bedroom Bedroom Primary Bedroom Not known Living room | 11 x 8 null 10 x 8 null 10 x 11 null 19 x 10 null 13 x 11 null |
Basic Calculator
First Mortgage: $239,920
Mortgage insurance premium: $0
Total Financing: $239,920
Rough closing fee (1.5%): ~ $4,499
Total downpayment with estimated closing fee: $64,479
Investment Calculator:
| Monthly | Yearly | |
|---|---|---|
| Gross Revenue | $2,025 | $24,300 |
| Gross rental income (income/principal ratio) | 0.675% | 8.103% |
| Mortgage | $0 | $0 |
| Monthly Expenses | $375 | $4,500 |
| Vacancy | $102 | $1,215 |
| Management Fee | $162 | $1,944 |
| Expense / Income Ratio | 18.52% | 18.52% |
| Cash Flow | $1,387 | $16,644 |
| Net Operating Income (NOI) | $1,387 | $16,644 |
| Capitalization Rate | 0.46% | 5.55% |
Capitalization Rate: 5.55%
After-repair value (ARV) (This is a rule for purchasing and flipping distressed real estate for a profit, which states that the purchase price should be less than 70% of after-repair value (ARV) minus repair costs (rehab).): $428,429
