Sale of the Week: The $775,000 east-end house that proves a good tenant can be an asset

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Published on: January 3, 2017

Address: 71 Hertle Ave
Neighbourhood: Greenwood-Coxwell
Agent: Jerome LaPorte, Sutton Group Associates Realty Inc., Brokerage
 
 
 

The property

An east-end home that shows what a difference a good tenant can make.

The front door opens into the living room:

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A view of the whole first floor:

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The dining area:

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And the kitchen:

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There are three bedrooms on the second floor of the house. Here’s one of them:

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And another:

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And another:

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All three bedrooms share this bathroom:

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And here’s the backyard:

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The history

When the sellers bought the home in 2004, the basement tenant had already been there for several years. Eventually, the sellers decided to downsize to a condo. Before they put the property on the market, though, they agreed to allow the tenant to meet the buyers, so he could decide if he wanted to stay on.

The fate

The buyers are a young family who are counting on the income from the basement apartment. Keeping the existing tenant, who had proven himself stable and reliable, was a plus for them. After meeting the buyers, he decided to remain—for $800 per month.

Here’s the basement kitchen:

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And the living area:

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And the bedroom:

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The sale

More than 200 people attended the open house, and there were about 75 showings. There were some attempts at preemptive offers, but the sellers decided to hold off. On offer day, there were five bids, and a few came back with improvements. The buyers’ offer of $775,000 was by far the highest, and the sellers accepted.

By the numbers

• $775,000
• $3,300.00 in taxes (2016)
• 1,036 square feet
• 489-square-foot basement apartment
• 8 days on MLS
• 3 bedrooms
• 2 bathrooms

Article source: http://torontolife.com/real-estate/houses/toronto-house-sold-71-hertle-avenue/

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