397 Lanark Drive
Paradise, NL, A1L4L3
3 Beds | 3 Baths
$550,000
About the property (MLS: 1286624):
Beautiful and modern 2 storey family home is almost near completion in beautiful Adam's Pond subdivision in Paradise. Open concept main floor featuring kitchen with a sit up island, living and dining areas as well as a half bath. Second floor consists of three bedrooms, primary with ensuite and walk in closet, laundry area for added convenience, plus a full bathroom. Close to trails, ponds, schools, community centre, shopping and the highway. (id:56688)
Property Details
MLS: 1286624
Listing ID: 28481346
Address: 397 Lanark Drive, Paradise, Newfoundland & Labrador, Canada A1L4L3
Status: Active
Last updated: 23 days ago ( Jun 17, 2025 )
Year Built: 2025
Property Type: Single Family
Architectural Style: 2 Level
Structure Type: House
Ownership Type: Freehold
Number of stories: 2
Number of Levels: 2
Beds: 3
Baths: 3
1/2 Baths: 1
Heating: Electric
Sewer: Municipal sewage system
Flooring: Mixed Flooring
Living Area Total: 1,631 square feet
Price per sq ft: $338
Tax Annual Amount: $0
Tax Year: 2025
Garage? Yes
Attached Garage? Yes
Carport? No
Open Parking? No
Waterfront? No
Pool? No
Water Source: Municipal water
Foundation Details: Concrete
Heating: Electric
Flooring: Mixed Flooring
Exterior Features: Vinyl siding
Common Interest: Freehold
Number of photos available: 2
Rurl
Coordinates: [47.531299, -52.888138]
Listing ID: 28481346
Address: 397 Lanark Drive, Paradise, Newfoundland & Labrador, Canada A1L4L3
Status: Active
Last updated: 23 days ago ( Jun 17, 2025 )
Year Built: 2025
Property Type: Single Family
Architectural Style: 2 Level
Structure Type: House
Ownership Type: Freehold
Number of stories: 2
Number of Levels: 2
Beds: 3
Baths: 3
1/2 Baths: 1
Heating: Electric
Sewer: Municipal sewage system
Flooring: Mixed Flooring
Living Area Total: 1,631 square feet
Price per sq ft: $338
Tax Annual Amount: $0
Tax Year: 2025
Garage? Yes
Attached Garage? Yes
Carport? No
Open Parking? No
Waterfront? No
Pool? No
Water Source: Municipal water
Foundation Details: Concrete
Heating: Electric
Flooring: Mixed Flooring
Exterior Features: Vinyl siding
Common Interest: Freehold
Number of photos available: 2
Rurl
Coordinates: [47.531299, -52.888138]
Rooms
| Second level | Laundry room Bath (# pieces 1-6) Bedroom Bedroom Ensuite Primary Bedroom | 5.4 x 7.3 null 4pc 11 x 14.3 null 11 x 11.2 null 4pc 13.10 x 11 null |
| Main level | Bath (# pieces 1-6) Dining room Kitchen Living room | 2pc 9.4 x 13.10 null 12 x 13.10 null 12 x 18 null |
Basic Calculator
First Mortgage: $440,000
Mortgage insurance premium: $0
Total Financing: $440,000
Rough closing fee (1.5%): ~ $8,250
Total downpayment with estimated closing fee: $118,250
Investment Calculator:
| Monthly | Yearly | |
|---|---|---|
| Gross Revenue | $1,795 | $21,540 |
| Gross rental income (income/principal ratio) | 0.326% | 3.916% |
| Mortgage | $0 | $0 |
| Monthly Expenses | $688 | $8,256 |
| Vacancy | $90 | $1,077 |
| Management Fee | $144 | $1,724 |
| Expense / Income Ratio | 38.33% | 38.33% |
| Cash Flow | $874 | $10,488 |
| Net Operating Income (NOI) | $874 | $10,488 |
| Capitalization Rate | 0.16% | 1.91% |
Capitalization Rate: 1.91%
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).): $785,715
