House of the Week: $1.15 million for a classic cottage in Cabbagetown
The Place: A historic cottage with a huge front porch in Cabbagetown.
Bragging Rights: Normally, you’d have to move somewhere rural like Stratford to get your hands on a classic Ontario cottage, but this picturesque example of the style has been fully renovated and sits in one of the city’s most desirable neighbourhoods.
Big Selling Point: A million may seem steep for just over 2,000 square feet of living space, but the potential $2,025 a month in rental income from the self-contained two-bedroom unit in the basement could subsidize the mortgage.
Possible Deal Breaker: The sellers recently dropped the price from $1.2 million in the hopes that someone will buy the cottage before the market slows down in December. We’ve seen smaller houses go for more.
By The Numbers:
• $4,811.63 in property taxes (2014)
• $2,025 a month in potential rental income
• 1,382 square feet, above grade
• 1,005 square foot basement apartment
• 4 bedrooms
• 3 washrooms
• 2 apartments
• 2 kitchens
• 2 entrances
• 1.5 storeys