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Meadow Lake · Single Family · under $325,000 · 4+ bed · 3+ bath. Alerts only send when there are new or meaningfully updated matching homes.
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502 1st STREET W
Fantastic Revenue opportunity or Mortgage Helper! This Heritage style home on a large landscaped lot. Main floor features hardwoods throughout with a modern kitchen, main floor laundry and 3 very spacious bedrooms, Primary bedroom has a beautiful en-suite. The basement has 2 money generating suites, 1 - 2 Bedroom Suite and 1 - 1 bedroom suite. South facing deck with mature trees providing shade. This is a beautiful classic home and truly needs to be seen. All 3 units are currently rented and tenants would like to remain. This property is in need of some TLC however it has huge potential. Rental revenue currently $3300/mo. Current tenants wish to stay! Great investment! (id:65958)
Basement
| Room | Dimensions | Features |
|---|---|---|
| Bedroom | 12.1 × 9.1 feet | |
| 4pc Bathroom | 7.1 × 4.4 feet | |
| Kitchen/Dining room | 16.4 × 11.11 feet | |
| Living room | 12.9 × 11.4 feet | |
| Bedroom | 11.5 × 9.5 feet | |
| Den | 12.4 × 8.5 feet | |
| 3pc Bathroom | 7.5 × 6.11 feet | |
| Laundry room | 15.6 × 12.3 feet | |
| Living room | 21.7 × 1308 feet | |
| Kitchen/Dining room | 21.6 × 11.11 feet |
Main level
| Room | Dimensions | Features |
|---|---|---|
| Foyer | 8 × 6.8 feet | |
| Living room | 22.3 × 14.4 feet | |
| Dining room | 14.2 × 12.1 feet | |
| Kitchen | 14.5 × 12.5 feet | |
| Laundry room | 10.9 × 7.6 feet | |
| Primary Bedroom | 12.6 × 12 feet | |
| 3pc Ensuite bath | — | |
| Bedroom | 14.8 × 9.7 feet | |
| Bedroom | 15 × 12.2 feet | |
| 3pc Bathroom | 7.4 × 6.1 feet |
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
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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
26.73%
Cap rate
10.21%
GRM
7.6
Break-even rent
$1,898
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.
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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 23, 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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