In a great location overlooking the Niagara river as it leaves Lake Erie on its way to the mighty Niagara Falls, nearby, Riverside has been steadily improving as a neighbourhood over the past 5 years. Originally an Italian suburb, the area, along with much of West Buffalo is now more and more becoming a magnet for the upwardly mobile asian refugee communities that are a key element in the ongoing regeneration of the city.
This two family unit is a newly reonvated house. Currently rented at $800.00 monthly and set on a nice part of the street with a larger number of owner occupier type homes.
Sale Price – $36,000
Legals – $800
Total Cost to Buyer – $36,800
Gross Monthly Rent $800
Monthly Costs $202
Net Monthly Rent $598 – $80
Management = $518
Gross Yield – 26.67%
IRR in first year assuming no capital growth – Net Income / Cost = 16.89%
IRR after 5 years assuming no capital growth – Net Income/Cost = 84.45%
Tel: +44 20 7193 2079
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