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Reduced $10,000 (2%) from $579,000
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2021 38 Street SE
Beds
4
Baths
2
Sqft
1,019
Year
1958
Type
Single Family
On market
46d
** Open House Sunday May 24th 1-3pm ** HUGE Lot | Legal Suite | Income Potential | Endless Possibilities. Welcome to this upgraded bungalow situated on a massive lot, offering outstanding affordability, redevelopment potential, and excellent income-generating opportunities. The bright and inviting main level features brand new vinyl plank flooring (2024), large sun-filled windows, and a spacious living area that flows seamlessly into the eat-in kitchen perfect for everyday living. Three well-sized bedrooms and a full bathroom w/ jetted tub, complete the upper level. Downstairs, you’ll find a charming and bright LEGAL basement suite with its own private front entrance. Finished with beautiful bamboo flooring, this very cute space includes a full kitchen, comfortable living area, bedroom, and a full bathroom. Shared laundry is conveniently located for easy access. With two separate furnaces, both levels enjoy independent climate control for added comfort and efficiency. Central A/C services the upper floor, the basement stays cool in the summer months without it. The basement is currently rented to a long-term tenant of over 20 years who would love to stay - offering immediate, stable income potential. Plenty of room in the basement for storage or to add another bedroom. Step outside to enjoy the expansive backyard - perfect for kids, pets, and entertaining. The low-maintenance, high-quality fencing provides both safety and peace of mind. An 8x10 storage shed adds extra functionality for tools and garden supplies. The oversized double garage (22x24) is insulated, heated, and equipped with 220V power ideal for a workshop or hobby space (radiant heater negotiable; workbenches excluded). The asphalt roof on the garage was done in 2019. There is also excellent RV parking and additional parking space for ultimate flexibility. Further upgrades include newer windows, central A/C, tankless hot water system, and dual furnaces serving both levels. This versatile property offers countless options live up, rent down, invest, or hold for future development. A rare opportunity with a large lot and built-in mortgage helper. Book your showing today! (id:65958)
Basement
| Room | Dimensions | Features |
|---|---|---|
| Kitchen | 9.42 Ft x 10.92 Ft | |
| Living room | 11.00 Ft x 13.83 Ft | |
| Bedroom | 9.33 Ft x 11.58 Ft | |
| 4pc Bathroom | 5.00 Ft x 7.83 Ft |
Main level
| Room | Dimensions | Features |
|---|---|---|
| Other | 12.00 Ft x 13.08 Ft | |
| Living room | 10.92 Ft x 19.00 Ft | |
| Primary Bedroom | 9.92 Ft x 12.92 Ft | |
| Bedroom | 9.17 Ft x 9.33 Ft | |
| Bedroom | 9.92 Ft x 10.58 Ft | |
| 4pc Bathroom | 5.00 Ft x 6.92 Ft |
10-item due-diligence checklist. We can pre-flight most of these for you on a CMA call.
Comparable sales
Ask for 3–5 recent solds within ~1 km and the same beds/baths so the list price has context.
Property condition
Roof age, furnace age, hot-water tank age, electrical panel size, windows. Cosmetic vs structural.
Zoning
Confirm zoning matches your intent (single-family vs duplex vs secondary suite vs commercial).
Suite legality / potential
If suited or being marketed as suited: confirm permits, separate entrance, ceiling height, egress windows.
Monthly carrying cost
Mortgage + property tax + insurance + condo fee (if any) + utilities. Compare to your max budget.
Property taxes
Confirm the annual tax amount on the current assessment — and whether a reassessment is pending.
Insurance estimate
Get a same-day quote. Older homes, knob-and-tube wiring, polybutylene plumbing, flood plains all change the number.
Commute
Drive it (or transit it) at the actual time of day you'd commute. Map ETA lies during peak hours.
Deposit and financing conditions
Deposit size, financing condition window, condition removal date, possession date — all negotiable.
Inspection considerations
Budget for a home inspector ($500–700) and any specialty inspections (sewer scope, mould, asbestos for pre-1990 builds).
Cash on cash
-1.10%
Cap rate
4.64%
GRM
13.8
Break-even rent
$3,535
Financing
Operating expenses (monthly)
Save this analysis — go Pro (free)
Approximation only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 4.5% rate, 30-year amortization, 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.
Rough ballpark only. Pick a down-payment option, then tap any underlined number below to plug in your real numbers — tax, condo fee, insurance, utilities. Total updates live. Confirm with a mortgage broker before writing an offer.
Cost lines (tax, condo, insurance, utilities) are editable inline above. These two control the mortgage payment math.
Approximation only. CMHC default insurance is included when down payment is under 20%. Property tax and condo fees come from MLS when listed and may not reflect the current billing year. Suite rental income depends on permits, market rent, and vacancy — confirm with a property manager. Always validate your scenario with a mortgage broker and your insurance provider before writing an offer.
We'll reply by text within a few hours. Comparable sales, condition flags, things worth checking — sent before you book a showing.
Listing brokerage
Listing brokerage on file
Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Jun 2, 2026.
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