The 2-in-1 home

7849 Fraser Street, Vancouver

List Price: $739,000
Floor Area: 1745
Unit: 6 bed, 3 bath
Taxes: $3,500
MLS: V986596

Ever consider purchasing a home with a mortgage helper that pays half the bill?  This is the place to do just that.  The duplex has 6 bedrooms with the option of having the lower suite as a 2 or 3-bedroom unit.  It has private access to the back yard and one garage parking stall.  More than one car? No problem, there is plenty of street parking available for residents and guests.

Built in 2005 and renovated in 2009, some additional improvements could be made to increase the value.   Adding a separate entrance walkway and making minor improvements to the lower suite are a couple of examples.

Currently listed at below assessed value, a buyer would be sure to find value in the property.   Enjoy as a 2-story home or two separate condos, with yard access.

PROS

  1. Option to have a 2 or 3 bedroom mortgage helper.
  2. Newer building
  3. Access to major road ways (Fraser, SE Marine Dr, Knight, Cambie, Main)
  4. Rooms decent in size
  5. Lots of street parking
  6. Private access to the backyard
  7. Access to a garage

CONS

  1. Lots of stairs
  2. Some work still to be done to elevate the overall aesthetics
  3. Higher property taxes
  4. Although close to many parks and shopping areas, the area is not as desirable as other family communities in Vancouver

MORTGAGE DETAILS

Based on 2.99%; List Price: $739,000

High Ratio Loan (less than 20% down payment); 25-year amortization
Down Payment (5%): $36,950.00
CMCH fees: $19,306.38
Total loan: $721,356.38
Amortization: 25 years
Payment: $3,410.09
Approximate income required: $142,500

Conventional Loan (20% or more down payment); 30-year amortization
Down Payment: (20%) $147,800.00
Total Loan: $591,200.00
Amortization: 30 years
Monthly payment: $2,483.46
Approximate income required: $108,000

From my home to yours –
Irene

Leave a Reply

Your email address will not be published. Required fields are marked *