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545 Cameron Ave
Windsor, Ontario
Canada
| 12
| Owned
| $234,000
| | 16% per annum | While we specialize in finding assets with high quality and low cost,
rarely have those dual fortunes befallen us so perfectly as Cameron
Estates has. This solid brick walkup, minutes from both downtown and
the river, is at a locked in price of $234,000. Such reverse sticker
shock might tempt one to cynicism, but the building itself is
beautiful and will require little work. Many units have already been
updated, and only minor fire work needs to be done to pass a full
retrofit. We are looking at a mere $36,000 for all the renovations to
get this building up to the high standards we impose on all our
properties. Additionally, Cameron Estates is barely 10 minutes walk
away from the University of Windsor as well as steps away from a major
bus line, making it increasingly attractive to students. And on the
other side of the coin, there are parking spaces for half of the
units, a relative rarity for buildings of this type.
Still, as with Tuscarora, people might be questioning as to why invest
in Windsor at all. No one will question that, at 15.2% unemployment,
Windsor is presently a city in dire straits. But the city is going to
rebound. Not in the immediate future, but it will happen. Its economy
is diversifying, and huge service industries have been moving into the
city. A full-program medical satellite school from the University of
Western Ontario just opened in Windsor last September, and Ford, with
the help of the federal government, is set to spend $600M to re-open a
once-shuttered plant there.
Also, because of how cheap the building is, we will be getting quick
positive cash flow and principle recapture on the mortgage, making for
handsome returns and a safeguard against the market. If Windsor takes
longer to turn around than we expect...well, we are paid to wait! |
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