2 Rental properties for sale - 44ft x 485 ft - Hamilton Mtn

[Michaljeter03]

Hello everyone. This is my first post on here and I just wanted to say that I really enjoy the site! I own 2 rentals myself. This post is for the sale of my parents' properties on the Hamilton Mountain (Very good rental market in this city)

2 Rental properties for sale - side by side - 44ft wide x 485ft deep - Hamilton Central Mountain

-Both properties are rented to families that have rented from us for 1 and 3 years

-The families would like to stay if possible (i.e. if investor or builder/developer buys both properties)

-Rental income is $1,200 from 1318 Upper Wellington and $1,100 from 1322 Upper Wellington

-4 other neighbouring lots are similar frontages with 485 feet depth as well. This entire site will be a future development, likely for a housing development or commercial site. Not much land of this size is left on the central mountain.

-1314 Upper Wellington (neighoburing empty lot) is also on sale for $320K

-Houses purchased 2 and 5 years ago with the intention of holding until the land is purchased by a builder/developer. Both homes have been renovated, but our situation has changed since then.

-Recently, a handful of developers have shown interest in purchaing all 6 properties with addresses of 1314, 1318, 1322, 1324, 1328 and 1332 Upper Wellington.

-Please let myself or our agent (Jeff Frank) know if you have any questions.

-The MLS listings are:

1318 Upper Wellington: http://beta.realtor.ca/propertyDetails. ... d=14723323
1322 Upper Wellington: http://beta.realtor.ca/propertyDetails. ... d=14723325

Thank you

[RichardKim]

1322 UPPER WELLINGTON Street , HAMILTON, Ontario L9A3S9

If you don't mind I have some questions:

1. For $1100 do they pay for own utilities use?

2. Do they have a lease?

3. Do you have credit score and work verfication?

Thank you.

[Michaljeter03]

Hi, thanks for the questions.
The tenants pay for all of their own utilities.
They are on a month to month lease, and yes we do have a formal agreement.

On the income verification question, when we started renting to them over a year ago, we did not perform a credit check or verify income. We had multiple applications and chose the best family. For what its worth, we have not had any payment issues with them.

Let me know if you have any other questions.

Thank you.

[Michaljeter03]

The prices are being dropped by $10K for each property tomorrow.

1318 is now 279,900 and 1322 is 269,900.

Thanks,