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203 - 251 LESTER STREET, Waterloo — listed at $509,000. Earn buyer cashback at closing. No catches, just more money in your pocket.
Incredible turnkey investment in the heart of Waterloo's university district! This purpose-built 5-bedroom, 2-bathroom condo at 251 Lester St has the potential to generate over $49,000/year in gross rental income with positive monthly cash flow. Just steps to Wilfrid Laurier University and the University of Waterloo, this high-demand location ensures consistent tenancy. Features include a spacious open-concept living area, two full baths, included furniture, and professional property management options for a completely hands-off experience. Condo fees include heat and water, and the building offers parking, shared laundry facilities, elevator access, and proximity to transit, shops, and various amenities. (id:60164)
| Room | Level | Dimensions |
|---|---|---|
| Living room | Main level | 2.89 x 2.81 meters |
| Dining room | Main level | — |
| Kitchen | Main level | — |
Is this a good starter home?+
At $509,000, this is priced in starter-home territory for Waterloo. With multiple bedrooms, it has room to grow into. Factor in condo fees when calculating your true monthly cost.
What's the parking situation?+
This property includes 0 spaces — No Garage.
How is the home heated? Is it efficient?+
Heating is forced air, natural gas. Gas heating is generally the most cost-efficient option in Ontario winters.
Does it have a basement, and is it finished?+
The listing describes the basement as: None. Confirm the finishing status during a showing — it affects both livable space and resale value.
What are the ongoing costs beyond the mortgage?+
Budget for annual property taxes of $4,356.03, a condo/maintenance fee of $781.37/mo, heating is forced air, natural gas. Always verify the latest figures with your agent before making an offer — these change yearly.
What do the condo/maintenance fees cover?+
The $781.37/mo fee covers: Common Area Maintenance, Heat, Water, Insurance.
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