44 Ravine Drive

East Galt, Cambridge, Ontario

When We Started

When We Started The property wasn’t in great condition. The main floor had
recently had updated flooring but that was about it. The kitchen required a
full renovation, but the basement was the real issue. It hadn’t been touched
since the 70’s and required a full gut and renovation.

Why This Property?

We chose this property because although it’s a bit far from the major highways, it’s a great location for a quiet peaceful neighbourhood. We knew there would be a lot of applicants to rent both units out being so close to schools and an older crowd would love the peacefulness. Lastly, we really liked that it had an attached garage which not all bungalows have.

What We Did

Main floor just needed a kitchen renovation (paint cabinets, quartz countertop, backsplash, and stainless-steel appliances). Along with a fresh paint job and painting the baseboards. Basement was a full gut renovation, bringing it back down to concrete walls and making the 2-bedroom apartment to code. Completing the renovations took around 90 days.

How We Increased Value

The biggest value-add was making the two-bedroom basement apartment into a legal rental unit. Cosmetic renovations to the main floor also helped increase monthly rental value.

The End Result

End result was refinancing the property after it was all said and done. We pulled all of our own money out, including down payment and renovations, had $0 down and the property cash flows over $1000/month.

  • Purchase Price = $456,000
  • Renovations + Holding Costs = $110,000
  • ARV = $705,000