4 Elmwood Place, London South, Ontario N6J 1J2

Listed for:
$575,000
2 beds
1 baths
Listed 4 days ago
House for rent: 4 Elmwood Place, London South, Ontario N6J 1J2

View all 16 photos

About

Cross Streets: WHARNCLIFFE ROAD. ** Directions: Heading south on Wharncliffe Road, turn right onto Elmwood Place. 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. (id:27476)

Property Highlights

MLS® Number
X13746210
Type
Single Family
Community Name
South E
Ownership Type
Freehold
Land Size
40.1 x 136 FT
Parking Space Total
7

Building

Building Type
House
Storeys
1.00
Square Footage
1100 - 1500 sqft
Bathrooms Total
1
Bedrooms Above Ground
2
Bedrooms Total
2
Amenities
Separate Electricity Meters Park, Public Transit
Exterior Finish
Wood
Fireplace Present
No
Basement Type
Full (Unfinished)
Basement Features
Building Heating Type
Forced air, Heat Pump
Heating Fuel
Electric, Natural gas
Building Cooling Type
Central air conditioning

Utilities

Water
Municipal water
Utility Sewer
Sanitary sewer

Room Layout

Utility room
Basement
12.9 m x 5.84 m
Foyer
Ground level
1.88 m x 1.5 m
Family room
Ground level
5.77 m x 2.59 m
Dining room
Ground level
2.82 m x 2.92 m
Kitchen
Ground level
3.99 m x 2.92 m
Laundry room
Ground level
1.85 m x 1.93 m
Bedroom
Ground level
3.05 m x 2.69 m
Bedroom 2
Ground level
3.05 m x 2.69 m
Workshop
Ground level
7.92 m x 6.1 m

Location

Learn more about this property
Listing provided by:
CENTURY 21 FIRST CANADIAN CORP
MLS® number:
X13746210
Agent:
Anna Gladysz
*Indicates required field
Name is required
Email is required
Please enter a valid phone number (e.g., 416-111-1111).

Community Spotlight: Homes For sale in Your Neighborhood