What was I thinking when I said I would go around Ottawa and find flip houses? Did I mention that my husband and I have 3 kids with the youngest being only 17 months old??!?!? I don't have time to visit multiple houses on the MLS and find good houses to flip! Maybe in 5 years, but not right now.
On the other hand, that still doesn't stop me from browsing all of the new listings now and again and I have found a couple of interesting sales that I think would make great rental properties. The first one is at 325 Lebreton Street in Ottawa. It's a two bedroom townhouse. I am not a huge fan of two bedroom houses because they could potentially be a tough re-sale but in this case, renting it would be great and it could pay for itself. In the future a third bedroom could be added in the basement, potentially. It listed on January 18, 2012 at $249,900 and by February 1, 2012 - only two weeks later - it already had a price drop to $244,900. I have noticed that things are not moving as quickly as they once did so sellers who really need to get rid of a property are being forced to lower their price. Take it from me, I just had to do that too :( Spring is not too far away though so I suspect the market will pick up and things won't sit for as long but I would still take my chances on this particular unit and bid low or wait a little longer and see if another price reduction occurs. I have not seen this unit other than the pictures posted online but I do know that the area is on it's way to becoming a very trendy part of the city. There are many old and unmaintained houses in the area now but some developers have already gone in and torn some down and created new construction. It's a great location in terms of shopping, restaurants, public transit, etc. I think it would make a great rental property for now and when the area develops a little further it would likely result in a very profitable sale down the road.
The second house I have had my eye on is another row house at 1084 Gladstone Avenue in Ottawa. It's an end unit with some great potential as a rental unit or a flip. If you were going to flip it though, you'd have to start today and have it ready for April 1st (or earlier) when the Spring rush starts. I love old houses. They have character and a special warmth about them. Someone once told me that they felt new houses to be "soulless". I have stolen that phrase and referred to it many times. I could not agree more. This particular house is an oldie and could also be a goodie. It has been listed for sometime now and has had a price reduction (or two) over the past couple of months. It's vacant which sometimes suggests a real need to sell, assuming that the owner may very well being paying two mortgages at one time. This house also has a great location near shopping, public transit, schools, restaurants, etc. There is no parking, but this is common in the downtown area, and many buyers don't have cars anyway and choose to walk or use public transit.
Those are my picks for the month, without seeing them of course.
Have fun :)
