Sale of the Week: the $1.35-million home that proves buyers will jump on investment properties

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Published on: October 26, 2015

Address: 307 Mutual Street

Neighbourhood: Church-Wellesley Village

Agent: Donald Nadeau, HomeLife/Realty One Ltd., Brokerage

The property: This three-storey semi comprises two rental units, along with an owner’s suite. Inside, old architectural details, like wooden beams and exposed brick, coexist with a modern chef’s kitchen and completely upgraded bathrooms.

The history: Built in 1893, the house is one of only a few old Victorians in the area that haven’t been torn down. The previous owners, a couple in their 30s, moved into the home in 2007 and gutted it, renovating the owner’s suite into a loft-style space and updating the second and third floors to appeal to higher-income renters.

The fate: The new owners, a couple, plan to live in the owner’s suite. They’ll rent out the other two units to help with their mortgage and expenses. (Each unit tends to rent for around $1,700 per month.)

The sale: A week after the open house, there were three offers, all of them close to asking price. The sellers chose the offer that seemed safest: the buyer had a bank draft ready to go and was willing to negotiate the closing date.

By the numbers:

  • $1,350,000
  • $4,974 in property taxes (2015)
  • 122 years old
  • 100 per cent of list price
  • 7 days on the market
  • 4 bathrooms
  • 4 bedrooms
  • 3 rental units
  • 0 parking spaces

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The owner’s suite takes up the entire main floor. This storage unit/desk nook makes good use of the foyer.

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This wood beam is original to the house.

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Just put a little San Pellegrino on the counter and: voila!

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The dining area is on the small side, but a round table makes it seem bigger.

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There’s also a basement rec room—the perfect place for your walking stick collection.

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The basement bathroom.

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The owner’s bedroom is on the second floor.

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It has an en suite bathroom.

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The first of the house’s two rental units occupies the other half of the second floor. It has a pretty sweet little kitchen, but no dining area to speak of.

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Cool coffee table.

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And the apartment’s bathroom.

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The bedroom has a sliding door that leads to a small patio.

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The patio.

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The other apartment has the third floor to itself.

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An Ikea Karlstad two-seater fits neatly into the living area.

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The bathroom.

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Nice video game collection.

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And the apartment has its own little rooftop patio.

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The view from the rear.

Article source: http://torontolife.com/real-estate/houses/toronto-house-sold-307-mutual-street/

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