$589,000

3481 Old Vernon Road Unit# 4, Kelowna, British Columbia, V1X 6Z4

QuickQuote^TM: $505K - $615K

MLS® # 10336308

2 Beds

2 Baths

1055 FEETSQ sqft

Open House

Sat Mar. 15 1:00 PM - 3:00 PM

Property Information:

Immaculate 2 bedroom, 2 bath, and very spacious den home in a rural setting in the very sought-after 55+ Country Lane community just minutes from town. This meticulously maintained home offers privacy and ownership of your land, allowing you to plant a garden, trees, or flowers. The Bare Land Strata has low monthly fees of $150/month with optional RV Parking and a community clubhouse for social gatherings as well as private events. This 1055 sq.ft. home features a beautiful covered deck off the kitchen that wraps around extending to the back, with two gas hookups for easy outdoor entertaining. This property is complete with an underground sprinkler system. Interior upgrades include granite countertops in the kitchen as well as both bathrooms. The extended kitchen/butlers kitchen boasts lots of storage as well as laundry. Other upgrades include premium blinds and vinyl flooring throughout. The spacious south facing living room is filled with natural light. Practical features include a crawl space with easy access to water tank, water Softener, furnace and lots of storage. Generous parking is available in the garage and driveway. Lease is fully paid out, offering exceptional value and true ownership. Schedule your showing today! (id:27)

Building Features:

Style: Detached
Building Type: House
Architectural Style: Rancher
Construction Style - Attachment: Detached
Floor Space: 1055 sqft
Heating Type: Forced air
Cooling Type: Central air conditioning

Property Features:

OwnershipType: Strata
Property Type: Single Family
Bedrooms: 2
Bathrooms: 2
Half Bathrooms: 1
Built in: 1990
Community Features: Pets Allowed, Seniors Oriented
Floor Space (approx): 1055 Square Feet
Zoning Type: Unknown
Sewer: Septic tank
Parking Type: Attached garage, Other
No. of Parking Spaces: 2

Rooms:

Other Main Level 11'0'' x 9'5''
Bedroom Main Level 10'5'' x 12'1''
Bathroom Main Level 5'1'' x 4'1''
Primary Bedroom Main Level 16'7'' x 11'3''
Bathroom Main Level 8'0'' x 4'10''
Living Main Level 18'0'' x 11'6''
Pantry Main Level 8'7'' x 5'2''
Kitchen Main Level 9'1'' x 8'8''
Dining Main Level 12'11'' x 9'5''

Courtesy of: Oakwyn Realty Okanagan

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Potential Investment Performance

Cumulative ROI

108.8%

Cumulative Market Appreciation

$162,729

Net Operating Income in Year 5

$27,543

Cash on Cash Return in Year 5

-1.2%

Assumptions

Market Appreciation Per Year

Rent Increase Per Year

Expense Increase Per Year

The information below is based on user inputs and general assumptions for informational purposes only. The outputs are not legal, financial, investment, or other advice. Review all fields for accuracy and consult an agent for guidance.

Mortgage Calculator

Mortgage
Purchase Price	$
Down Payment %	$117,800
Mortgage Amount	$471,200
Mortgage Payment %	$2,444

Cash Flow Calculator

monthly

yearly

Income
Gross Rental Income Powered By	$
Vacancy Rate %	$
Other	$
Gross Operating Income	$2,777

Operating Expenses
Management Fees %	$
Property Tax	$
Repair Reserve %	$
Insurance	$
Total Operating Expenses	$767
Net Operating Income	$2,009

Debt Service
Mortgage Payment	$2,444

Net Cash Flow	-$434

Cap Rate

4.10%

Acquistion Costs

Down Payment $117,800

Land Transfer Tax $9,780

Legal Fees $1,500

Adjustments $0

Appraisal $500

Total Acquisition Costs $129,580

Components of Return

Potential Returns

	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Investments
Down Payment	$117,800	-	-	-	-	-	-	-	-	-
Closing Costs	$11,780	-	-	-	-	-	-	-	-	-
Mortgage Paydown	$7,331	$7,683	$8,053	$8,440	$8,845	$9,270	$9,716	$10,183	$10,673	$11,186
Total	$136,911	$7,683	$8,053	$8,440	$8,845	$9,270	$9,716	$10,183	$10,673	$11,186
Cash Invested	$136,911	$144,595	$152,648	$161,088	$169,933	$179,204	$188,921	$199,105	$209,778	$220,964

Rental Cash Flows
Rent and other income	$33,326	$34,325	$35,355	$36,416	$37,508	$38,633	$39,793	$40,986	$42,216	$43,482
Operating Expenses	-$9,206	-$9,435	-$9,669	-$9,910	-$10,157	-$10,411	-$10,671	-$10,937	-$11,211	-$11,492
Mortgage Payment	-$29,338	-$29,338	-$29,338	-$29,338	-$29,338	-$29,338	-$29,338	-$29,338	-$29,338	-$29,338
Net Cash Flow	-$5,218	-$4,447	-$3,652	-$2,832	-$1,987	-$1,115	-$216	$710	$1,666	$2,652

Returns
Property Price Appreciation	$29,450	$30,922	$32,468	$34,092	$35,796	$37,586	$39,465	$41,439	$43,511	$45,686
Mortgage Paydown	$7,331	$7,683	$8,053	$8,440	$8,845	$9,270	$9,716	$10,183	$10,673	$11,186
Net Cash Flow	-$5,218	-$4,447	-$3,652	-$2,832	-$1,987	-$1,115	-$216	$710	$1,666	$2,652
Total Return	$31,562	$34,158	$36,869	$39,699	$42,655	$45,742	$48,965	$52,333	$55,850	$59,524
Cumulative Return	$31,562	$65,721	$102,590	$142,289	$184,944	$230,686	$279,652	$331,986	$387,836	$447,361

Investment Metrics
Cumulative ROI	23.1%	45.5%	67.2%	88.3%	108.8%	128.7%	148.0%	166.7%	184.9%	202.5%
Cash On Cash	-3.8%	-3.1%	-2.4%	-1.8%	-1.2%	-0.6%	-0.1%	0.4%	0.8%	1.2%