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464 1st AVENUE E
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Melville · Single Family · under $150,000 · 3+ bed · 1+ bath. Alerts only send when there are new or meaningfully updated matching homes.
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Investors or new home owners take a look! Great family home with 4 bedrooms, 2 bathrooms and a 16x20 detached garage built in 1988. Lots of space and updates done with some recently completed last year! Whether you are looking for a family home or another investment property, this affordable property is ready for its new owners. Taxes are affordable for all this situated on a large parcel of land! UPDATES INCLUDE: New shingles (2020), Some kitchen appliances (2019), New gas furnace and hot water tank (2019), New Central Air Conditioning (2021), plumbing and electrical now 100amp (2018-2019), New Garage window and door (2025), 2nd Floor bath updates (2025). When you walk into the home, you will notice the tall 10ft ceilings throughout! You enter into a large updated kitchen with a separate dining area off to the left. The house has a open concept kitchen and living room which makes entertaining very easy! The living room is also large with a playroom office or bonus room directly adjoining. A full bathroom and laundry complete the main. On the 2nd floor you will find all 4 bedrooms and another full bathroom recently updated. The main bedroom is large and includes a bonus sitting area! But WAIT there is more...the attic is all open and could be developed for even more space to add a 3rd floor games room, storage, bedroom, studio and more, the possibilities are endless. The full size concrete basement can be utilized for many options as well! Enjoy the amenities that the City of Melville has to offer but with a small town feel! This property is is priced to sell considering all the updates with room for you to continue to add some touches of your own! Please allow 24 hours notice for showings! (id:65958)
Main level
| Room | Dimensions | Features |
|---|---|---|
| Dining room | — | |
| Living room | — | |
| 3pc Bathroom | — | |
| Kitchen | — | |
| Playroom | — |
Second level
| Room | Dimensions | Features |
|---|---|---|
| Bedroom | — | |
| Bedroom | — | |
| Bedroom | — | |
| Primary Bedroom | — | |
| 4pc Bathroom | — |
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
94.86%
Cap rate
23.84%
GRM
3.6
Break-even rent
$836
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 May 28, 2026.
Location of this listing. Distances are straight-line.
Full neighbourhood intelligence (schools, halal, mosques, transit) is still building for this address.