4 ELMWOOD PLACE, London South (South E)

$575,000

For sale: Detached

Detached at 4 ELMWOOD PLACE, London South (South E)
Property type
Detached
Bedrooms / bathrooms
2 bedrooms, 1 bathroom
Living area
1,500 sqft
MLS®
MLS® X13746210
Neighbourhood
South E

Attention investors, tradespeople, buyers working from home or anyone seeking a mortgage helper. Welcome to 4 Elmwood Place, an updated 2-bedroom bungalow in desirable Manor Park. The $575,000 asking price is for the property as it currently sits. The accessory dwelling unit has not been built, and its construction cost is additional. A building permit has been issued for a detached 838 sq. ft., 2-bedroom ADU, with plans available. Estimated construction cost is approximately $200,000, and projected rent once completed is $1,950 per month. The main house currently rents for $1,950 per month. The heated and insulated 21'6" x 26' detached garage/shop has a separate hydro meter, electric heat, water, CCTV and security system. With projected rent of $1,100 per month, it is ideal for a hobbyist, workshop or home-based business. Once the ADU is completed, projected gross rental income is approximately $5,000 per month or $60,000 annually. Based on the worksheet assumptions, annual positive cash flow is projected at $11,262 before vacancy, maintenance and management. First-year principal reduction is projected at $14,269, for a combined first-year benefit of approximately $25,531. A full income, expense, cash-flow and mortgage-amortization projection worksheet is available. The renovated home offers two bedrooms, a laundry room, an oversized 5-piece bathroom with a custom double vanity, plus an updated kitchen with modern countertops and four stainless steel appliances. The original fireplace is a decorative focal point but is not in use. Improvements include a new furnace and heat-pump/air-conditioning system installed in 2023, upgraded electrical and plumbing, updated windows and lighting, luxury vinyl plank flooring, ceramic tile in 2017, and a metal roof in 2019. Enjoy a private fenced backyard and wood deck, minutes from downtown London, parks, trails, shopping, restaurants and transit.

Sold data

Detached homes in London South (South E) — recent sold market

Detached homes in London South (South E) took a median of 25 days to sell over the last 90 days, with the quickest quarter selling within 13 days and the slowest quarter taking more than 46, across 778 recorded sales.

That clock counts only the listing each home finally sold on. Measured from the first time these properties came to market, including any earlier listings that were withdrawn and re-entered, the median is 46 days.

The median sale price was $629,900.

Homes sold for about 2.8% below asking on average, so there was room to negotiate.

About 14% of sales closed above the list price.

Around 23% of sellers reduced their price before finding a buyer.

Median days to sell
25
Median sale price
$629,900
Sale-to-list ratio
97.2%
Sold above asking
14%

Based on 778 recorded sales in the last 90 days. Aggregate statistics only; individual sale prices are not shown.

Schools

Schools in London South (South E)

London South (South E) has 116 Fraser Institute–rated schools (97 elementary and 19 secondary), averaging 5.5/10.

Rated schools
116
Elementary
97
Secondary
19
Average rating
5.5 / 10

Top-rated schools in London South (South E)

  • John Dearness — elementary, LondonFraser rating 9.8/10
  • St George — elementary, LondonFraser rating 9.1/10
  • Jack Chambers — elementary, LondonFraser rating 8.8/10
  • Sir Arthur Currie — elementary, LondonFraser rating 8.8/10
  • London Central — secondary, LondonFraser rating 8.7/10
  • Ryerson — elementary, LondonFraser rating 8.7/10

School ratings from the Fraser Institute's Ontario school report cards.

Currently for sale

Homes for sale near 4 ELMWOOD PLACE