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C$329,900

reducedC$

874 O'BRIEN St, North Bay, Ontario, P1B 5W8

bedrooms 4 Bedroom
|
washrooms 3 Bathroom
|
garages 2 Garage

MLS - #X11897237

FOR Sale

Description

This spacious duplex on a large lot offers incredible potential for homeowners and investors alike. The main floor unit, which will be vacant on closing, is ideal for those looking to move in and benefit from rental income from the second unit or for buyers seeking a full rental property. Unit 1 spans the main floor and basement, featuring 2 +1 bedrooms. The main floor has a 4-piece bathroom, an eat-in kitchen, and a cozy living room and 2 bedrooms. The basement includes a rec room, laundry, a 3rd bedroom, a 3-piece bathroom, and additional storage space. The second-floor apartment, with its own private entrance, boasts 2 bedrooms, a large living room, a bright, spacious kitchen, and a 4-piece bathroom. The property has two hydro meters, with the upstairs tenant paying their own hydro. Additional features include a large backyard, ample parking with a double driveway, and a double garage. No pictures of the second floor apartment however there is a picture of the layout. Annual gas expenses are $729.95, Hydro $1,733.53, Water and Sewer $1147.86 This is an excellent opportunity to start building equity while adding your personal touch to the units. Recent updates include new shingles in 2020 and a furnace from 2010. Whether you're an investor or a first-time buyer looking to offset costs, this duplex offers a combination of potential, practicality, and location. This duplex has been pre-inspected and inspection available to agents who have viewed the property.

Last check for updates

Property type

Detached

Style

2-Storey

Community

Lot size

5,827 Sqft

Garage spaces

2

Home Overview

Basement information

Finished, Full

Virtual tour

Mls® #

X11897237

Building size

Status

Active

Property sub type

Taxes

$2,910

Tax year

2024

Maintenance fee

N/A

Year built

2022

Interior

# total bathrooms

3

# Full baths

3

# of above grade bedrooms

4

# of rooms

15

Family room available

No

Laundry information

Exterior

Construction materials

Vinyl Siding

Other structures

# garage spaces

2

# parking spaces

6

Garage features

Detached

Has basement (y/n)

Yes

Has garage (y/n)

Yes

Drive

Other

Amenities / Utilities

Cooling

None

Heat source

Gas

Heat type

Forced Air

Sewers

Sewers

Location

Water source

Municipal

Area

Nipissing

Community

Community features

, , , , ,

Directions

On O'Brien, across from St. Joseph Scollard Hall. Between Lansdowne Avenue and Devonshire Avenue.

walking  Walk Score for 874 O'BRIEN St

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1. Determine the purchase price of the home.

2. Calculate the down payment (usually 5-20% of the purchase price in Canada).

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4. Choose a mortgage term (typically 5 years in Canada) and amortization period (usually 25-30 years).

5. Determine the interest rate (check current rates from Canadian lenders).

6. Use a mortgage calculator or formula to determine the monthly payment based on the mortgage amount, interest rate, and amortization period.

7. Factor in additional costs like property taxes, home insurance, and possibly mortgage insurance if the down payment is less than 20%.

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9. Review the total interest paid over the life of the mortgage.

10. Ensure the monthly payments fit within your budget, typically not exceeding 32% of your gross monthly income for housing costs.

Terms Explained

Home Value: The current market value or purchase price of the property.

Down Payment: The initial upfront portion of the total home purchase price paid by the buyer.

Mortgage Amount: The amount borrowed from a lender to purchase the home (Home Value minus Down Payment).

Interest Rate: The percentage charged by the lender for borrowing the money, usually expressed as an annual rate.

Mortgage Term: The length of time your mortgage agreement and interest rate are in effect (typically 1-5 years in Canada).

Amortization Period: The total length of time it will take to pay off the entire mortgage (usually 25-30 years in Canada).

Monthly Payment: The amount paid each month towards the mortgage, including principal and interest.

Principal: The original amount borrowed, which decreases as payments are made.

CMHC Insurance: Mortgage default insurance required for down payments less than 20% of the home's value.

Property Taxes: Annual taxes levied by local governments based on the property's assessed value.

Home Insurance: Coverage to protect the property against damage or loss.

Land Transfer Tax: A tax paid to the provincial government when purchasing a property.

Closing Costs: Additional expenses incurred when finalizing a home purchase (legal fees, inspections, etc.).

Prepayment Privileges: Options to pay extra towards the mortgage without penalties.

Fixed Rate Mortgage: A mortgage where the interest rate remains constant for the term.

Variable Rate Mortgage: A mortgage where the interest rate can fluctuate based on the prime rate.

Refinancing: The process of replacing an existing mortgage with a new one, often to take advantage of better terms or rates.

These terms are commonly used in mortgage calculations and discussions about home financing in Canada.
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