We use cookies for basic analytics + follow-up. Privacy
We remember this notice, run basic analytics, and use account activity like saved homes and listing views to provide real-estate follow-up. Privacy.
647 Water Street E
Swipe through similar matches — tap the heart to save, or open one for the full read.
Beds
6
Baths
3 full + 1 half
Sqft
2,330
Year
1963
Type
Single Family
On market
69d
Well-maintained 6 bedroom with a fully self-contained 2 bedroom apartment set on a spacious 1.14 acre R2-zoned lot. This property offers a strong combination of comfortable living + income potential + long-term flexibility. The main level features a bright kitchen + living + dining area with updated countertops and a clean functional layout. The home includes 4 bedrooms plus a separate office or study along with 1.5 bathrooms. Flooring consists of vinyl in the kitchen and bathrooms with laminate throughout the remaining living spaces. Kitchen appliances include fridge + stove + dishwasher and microwave. The lower level offers a fully finished 2 bedroom apartment with a full bathroom and open concept living area making it ideal for rental income or extended family use. Laundry is located downstairs with the option to add additional hookups on the main floor if needed. Recent upgrades include updated kitchen countertops + full interior paint + renovated bathrooms with new vanities + a new upstairs tub and the addition of a heat pump. The home is equipped with a 200-amp electrical panel + oil boiler heating + electric hot water and supplemental electric heat providing multiple heating options. Outside the 1.14 acre lot offers plenty of usable space for outdoor living, future improvements, or added privacy. A 13 x 28 covered patio and double paved driveway and 2 car garage complete the property. Zoned R2 and located near everyday amenities and established commercial activity this property presents a solid opportunity for both homeowners and investors looking for flexibility and future potential. NOTE: Some photos in this listing have been virtually staged or digitally enhanced. (id:65958)
Lower level
| Room | Dimensions | Features |
|---|---|---|
| Living room | 10.6 x 14 | |
| Kitchen | 10 x 14 | |
| Bedroom | 12.4 x 13 | |
| Bath (# pieces 1-6) | 5 x 8 | |
| Laundry room | 8 x 8 | |
| Bedroom | — |
Main level
| Room | Dimensions | Features |
|---|---|---|
| Living room | 12.6 x 19 | |
| Kitchen | 7.6 x 10.8 | |
| Dining room | 8 x 12.4 | |
| Primary Bedroom | 10.4 x 12.6 | |
| Bedroom | 11 x 11.6 | |
| Bedroom | 9.4 x 11.6 | |
| Bedroom | 9.4 x 11.6 | |
| Den | 11 x 12 | |
| Other | 13 X 28 (Covered Patio) |
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
2.10%
Cap rate
5.28%
GRM
12.6
Break-even rent
$3,116
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 May 12, 2026.
Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Summerside. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.
Buyer-fit signals
Derived from listing data and nearby-amenity proximity. Verify anything that matters to your decision — distances are approximate.