4 ELMWOOD PLACE
London South (South E), Ontario
MLS® X13746210
$575,000
- Status
- Active
- Property type
- House
- MLS® number
- X13746210
- Bedrooms
- 2
- Bathrooms
- 1
- Year built
- —
1 / 17Listing description
Attention investors, tradespeople, buyers working from home or anyone seeking a mortgage helper. Welcome to 4 Elmwood Place, an updated 2-bedroom bungalow in desirable Manor Park. The $575,000 asking price is for the property as it currently sits.
The accessory dwelling unit has not been built, and its construction cost is additional. A building permit has been issued for a detached 838 sq. ft.
, 2-bedroom ADU, with plans available. Estimated construction cost is approximately $200,000, and projected rent once completed is $1,950 per month. The main house currently rents for $1,950 per month.
The heated and insulated 21'6" x 26' detached garage/shop has a separate hydro meter, electric heat, water, CCTV and security system. With projected rent of $1,100 per month, it is ideal for a hobbyist, workshop or home-based business. Once the ADU is completed, projected gross rental income is approximately $5,000 per month or $60,000 annually.
Based on the worksheet assumptions, annual positive cash flow is projected at $11,262 before vacancy, maintenance and management. First-year principal reduction is projected at $14,269, for a combined first-year benefit of approximately $25,531. A full income, expense, cash-flow and mortgage-amortization projection worksheet is available.
The renovated home offers two bedrooms, a laundry room, an oversized 5-piece bathroom with a custom double vanity, plus an updated kitchen with modern countertops and four stainless steel appliances. The original fireplace is a decorative focal point but is not in use. Improvements include a new furnace and heat-pump/air-conditioning system installed in 2023, upgraded electrical and plumbing, updated windows and lighting, luxury vinyl plank flooring, ceramic tile in 2017, and a metal roof in 2019.
Enjoy a private fenced backyard and wood deck, minutes from downtown London, parks, trails, shopping, restaurants and transit.
Property summary
- MLS® number
- X13746210
- Property type
- Single Family
- Building type
- House
- Title
- Freehold
- Land size
- 40.1 x 136 FT
- Annual property taxes
- $3,772.00
- Parking
- 7 spaces · Detached Garage, Garage
- Days on market
- 1 day
Features & details
- Heating
- Heat Pump, Forced air, Electric, Natural gas
- Cooling
- Central air conditioning
- Basement
- Unfinished, Full
- Appliances
- Washer, Refrigerator, Dishwasher, Stove, Dryer, Microwave, Alarm System, Water Heater
- Exterior features
- Wood
- Lot features
- Cul-de-sac, Ravine, Level, Carpet Free, Sump Pump
- Community features
- School Bus
- Architectural style
- Bungalow
What would this home cost you?
Based on the $575,000 asking price at a 5.00% example rate, semi-annual compounding.
Renanza Realty Inc. can represent you on this property — send an enquiry to arrange a private viewing.
Listing courtesy of CENTURY 21 FIRST CANADIAN CORP, LONDON.
The listing data displayed here is provided in part by the Canadian Real Estate Association (CREA) through its Data Distribution Facility (DDF®) and is drawn from Boards and Associations across Canada. Information is deemed reliable but is not guaranteed accurate by CREA. The listings are held by brokerages other than Renanza Realty unless otherwise noted.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.