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Reduced $20,100 (6%) from $310,000
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Rural Cypress County · Single Family · under $325,000 · 1+ bed · 1+ bath. Alerts only send when there are new or meaningfully updated matching homes.
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709/710, 401 4 Street
UNIQUE AND REWARDING RECREATIONAL PROPERTY OPPORTUNITY! Located just 40 minutes south of Medicine Hat is the vacation community of Elkwater, in the heart of Cypress Hills Provincial Park. This is where you'll find the maintenance-free recreational property your family has been dreaming about. This fully furnished condo is unquestionably one of the nicest in the development, found on the TOP FLOOR of the newest building, and in the NW end of the building offering the best available views of Elkwater lake. This two-bedroom condo is modern in decor and design, features vaulted ceilings that many units don't, and offers an incredible layout that provides flexibility in usage. Both a 1 bedroom unit AND a studio suite are yours, with an interconnecting door allowing access between the two. This is a perfect setup for a young family with space for the kids, or bring your friends out for a weekend and they'll essentially have their own private condo. These suites are fully equipped with all the furnishings, appliances, housewares and linens that you and your guests will ever need. If the weather isn't cooperating you can enjoy the indoor pool and hot tub located just across the parking lot. If you've had too much fun and don't feel like cooking, the restaurant is just steps away and ready to feed you a hearty meal. Time to go home? No problem! Just lock up and go, and management will ensure your suite is cleaned and maintained so that it's ready for your next visit. EVEN BETTER - These units are included in a popular rental pool which provides you with steady income to help subsidize your enjoyment of the property. Use the property yourself for up to 120 days each year, collect rental income for the rest, and have all of it capably managed by Elkwater Lake Lodge. This is the perfect opportunity to enjoy everything Elkwater has to offer - boating & fishing, beach & playground, nearby campgrounds, biking trails, incredible hiking trails, golf, skiing, outdoor skating rink, co mmunity centre, and much more! Call today to inquire or to schedule your private viewing. WANT TO TRY IT OUT BEFORE BUYING IT? Take it for a test drive! Book a weekend stay at Elkwater Lake Lodge and request this unit! See for yourself just how much your family will love it! Sublease agreement and Rental Management Agreement can be provided upon request. (id:65958)
Main level
| Room | Dimensions | Features |
|---|---|---|
| Kitchen | 9.75 Ft x 12.83 Ft | |
| Dining room | 14.83 Ft x 6.83 Ft | |
| Living room | 12.83 Ft x 12.83 Ft | |
| Bedroom | 10.83 Ft x 16.92 Ft | |
| 4pc Bathroom | .00 Ft x .00 Ft | |
| Bedroom | 15.42 Ft x 15.67 Ft | |
| 3pc Bathroom | .00 Ft x .00 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
1.13%
Cap rate
5.09%
GRM
12.7
Break-even rent
$1,842
Financing
Operating expenses (monthly)
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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.
Pick a down payment and tap any underlined number to edit. Total updates live. Confirm with a mortgage broker before writing an offer.
Monthly carrying costs (shared)
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. Accelerated bi-weekly frequency reduces total interest paid vs. monthly — confirm with a broker. Suite rental income depends on permits, market rent, and vacancy. Always validate with a mortgage broker 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 30, 2026.
Buyer-fit signals
Derived from listing data and nearby-amenity proximity. Verify anything that matters to your decision — distances are approximate.
Location of this listing. Distances are straight-line.
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