Has anyone here bought rental property in Alberta?
https://www.realtor.ca/real-estate/2045 ... -belvedere
(Listed for $65k, currently rented for $760/month)
https://www.realtor.ca/real-estate/2006 ... lethbridge
(Listed for $115k, currently rented for $1k/month)
Does anyone have any experience with investing in Alberta, particularly condos? Would you recommend it?
Also, when calculating cash flow on condos, what sort of estimates would you use for things like vacancy, repairs, etc? I've been estimating 10% of monthly rent for vacancy, 10% for maintenance/repairs, and 10% for property management (in case remotely managing isn't feasible) but of course that would still result in negative cash flow even with the 10-15% cap rates. I'm hoping those estimates are too conservative. The few hundred dollars of profit left over after mortgage, condo fees, and property tax are subtracted all get eaten up by those estimates plus landlord's home insurance (estimated at $60/month based on a quote I got online).
Any advice is appreciated, thanks!