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Downtown Brampton, Brampton
$589,900
An opportunity to own a detached bungalow on an impressive 60 x 132 ft lot in the heart of Downtown Brampton! Located on a quiet residential street, just a short walk from the Brampton GO Station, Gage Park, restaurants, shops and other downtown amenities, this property offers plenty of potential for buyers with vision. The home features two bedrooms on the main floor, a spacious living room, eat-in kitchen and a full bathroom. The lower level offers additional living space, including a third bedroom, a second partial kitchen, recreation room, bathroom, laundry and two separate walkout entrances (side door as well as rear door). Outside, the generous lot provides plenty of outdoor space, along with a detached garage and shared driveway. Situated on a sloping ravine lot, the lower level is fully above grade at the rear of the home. Please note that the property requires substantial repairs and updating and is being offered in its current condition. An opportunity for renovators, investors or buyers looking to make the most of a large property in an established neighbourhood with convenient access to transit and amenities.
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What the bank counts
This home's actual carrying costs, payment stress-tested at 6%
- Mortgage, tested at 6%
- $3,019
- Property tax
- $497
- Heat allowance
- $150
- Housing costs
- $3,667 / mo
Lenders cap these at 39% of gross income — that sets the number.
Income needed
$113,000
gross annual household income
- Payment at 4%
- $2,482 / mo
- Cash down
- $117,980
Assumes no other monthly debts · 25-yr amortization
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