31 Fred W Brown Drive
Paradise, NL, A1L0V9
5 Beds | 3 Baths
$439,900
About the property (MLS: 1282226):
If you're looking for that perfect investment property or you're a first time home buyer wanting to offset your mortgage, then 31 Fred W Brown Drive is the spot for you! This well kept 2-Apartment home in Paradise has been used successfully as an investment property since the day it was built. The vacant main unit has 3 bedrooms, with an ensuite in the primary room, open concept living, kitchen and dining area and your own rec room. The basement apartment, occupied by great long term tenants, has 2 bedrooms, kitchen and living area and separate laundry. This area of Paradise is excellent. It is located in a family friendly neighborhood, close to schools, shopping and recreation which is an excellent advantage to you or potential tenants. With the main unit being vacant and the basement occupied, this 2-apartment home is ready for immediate occupancy and instant rental income. Book your viewing today! As per the attached sellers direction, there is no presentation of offers prior to 5:00pm on Friday, March 14, 2025. Offers to be left open until 10:00pm. (id:56688)
Property Details
Listing ID: 28001930
Address: 31 Fred W Brown Drive, Paradise, Newfoundland & Labrador, Canada A1L0V9
Status: Active
Last updated: 7 days ago ( Mar 10, 2025 )
Year Built: 2012
Property Type: Single Family
Architectural Style: Bungalow
Structure Type: Two Apartment House
Ownership Type: Freehold
Number of stories: 1
Number of Levels: 1
Beds: 5
Baths: 3
1/2 Baths: 0
Heating: Baseboard heaters, Electric
Sewer: Municipal sewage system
Flooring: Laminate
Living Area Total: 2,226 square feet
Price per sq ft: $198
Tax Annual Amount: $2,670
Garage? No
Attached Garage? No
Carport? No
Open Parking? No
Waterfront? No
Pool? No
Appliances: Washer, Refrigerator, Dishwasher, Stove, Dryer, Microwave
Water Source: Municipal water
Foundation Details: Concrete
Heating: Baseboard heaters, Electric
Flooring: Laminate
Exterior Features: Wood shingles, Vinyl siding
Common Interest: Freehold
Number of photos available: 39
Rurl
Coordinates: [47.534266, -52.875565]
Rooms
| Basement | Bath (# pieces 1-6) Bedroom Bedroom Kitchen Living room Recreation room | 4 PCS null 8 x 12 null 10.6 x 11.6 null 10 x 11 null 11.6 x 14.6 null 10 x 18 null |
| Main level | Ensuite Bath (# pieces 1-6) Bedroom Bedroom Primary Bedroom Not known Living room | 3 PCS null 4 PCS null 9 x 12 null 8.4 x 10 null 11 x 12.4 null 12 x 16.6 null 11 x 16 null |
Basic Calculator
First Mortgage: $351,920
Mortgage insurance premium: $0
Total Financing: $351,920
Rough closing fee (1.5%): ~ $6,599
Total downpayment with estimated closing fee: $94,579
Investment Calculator:
| Monthly | Yearly | |
|---|---|---|
| Gross Revenue | $2,449 | $29,388 |
| Gross rental income (income/principal ratio) | 0.557% | 6.681% |
| Mortgage | $0 | $0 |
| Monthly Expenses | $550 | $6,600 |
| Vacancy | $123 | $1,470 |
| Management Fee | $196 | $2,352 |
| Expense / Income Ratio | 22.46% | 22.46% |
| Cash Flow | $1,581 | $18,972 |
| Net Operating Income (NOI) | $1,581 | $18,972 |
| Capitalization Rate | 0.36% | 4.31% |
