By Jamie Palmer, President/Broker of Power Properties
What makes a great rental property? There are several key things to look for when selecting an investment property including, location, layout, and cash flow.
Location
As the saying goes, location, location, location. Calgary has over 200 neighbourhoods, how do you know which ones are the right ones? Ideally, you want a property that is close to an employment hub, close to transit, and close to amenities. Employment hubs are places with a high concentration of jobs like hospitals, shopping centres, or industrial parks. Do you like a long commute? Neither does your future tenant, being close to employment hubs makes your property attractive to those who work in those locations, the larger the hub the more prospective tenants. Being close to transit makes your property accessible, however, there is a “sweet spot” if you are too close to a mass transit station it can actually devalue your property. Ideally, you want to be two to five blocks from a transit station. Too close leads to increased traffic and noise (think crossing bells by an LRT station), too far and it’s no longer convenient. Being close to amenities like shopping, restaurants, schools, and parks makes your property more convenient and thus more desirable. Some additional features regarding location are age and future development. Purchasing a property in a newer neighbourhood means your property will be new, and likely experience fewer repairs. You can also see development maps to see what will be built close by in the future. As an example, I purchased a property that had nothing much around it when it was built, but I knew there was going to be a future transit station and a major shopping hub built within the next five years. Today that property is highly sought after because of it’s convenience and amenities.
Layout
What makes a good layout? A floor plan that accommodates the widest range of tenant types is going to be the most successful. Typically this means three or more bedrooms and two or more bathrooms. This type of layout can accommodate a family with children, roommates, empty nesters, or even a single person. Obviously, floor plan and size are directly correlated to price so, staying within your budget is also important. The take-home lesson is to avoid niche or inflexible properties if possible. Properties like a house with only one above-grade bedroom, or a property with lots of bedrooms and only one bathroom. These types of properties are less sought after and thus have a smaller target market.
Cash Flow
Cash flow is tricky in Calgary as the cost to own is higher than the cost to rent in Calgary. This means you either need to have a large down payment or be willing to accept negative cash flow for the first one to two years (the rent will increase over time eventually catching up to the expenses). A ratio to look at is the purchase price divided by the gross annual rent, if you can keep this ratio under 18 for a single-family property that is good for Calgary. Multi-family properties (whole apartment buildings) should be under 15 and ideally closer to 13. At these ratios, the properties should break even on cash flow.
It is also important to have context when selecting an investment property, many clients might say, “I wouldn’t live there” or “I wouldn’t live in that” but if you think back to the first apartment or home you lived in after you moved out on your own, chances are the prospective property is nicer. So no, you might not live in that neighbourhood or house now that you are established, but 25 year old you would think it was wonderful…
So what are some of my favourite investment neighbourhoods right now? Cornerstone and Livingston in the NE; Carrington and Rockland Park in the NW; Walden, Wolf Willow, and Seton in the SE; Beltline in the SW.
If you're interested in purchasing an additional rental property, we've got you covered. Our team of experienced Realtors is here to assist you every step of the way. Whether you're a seasoned investor or new to the real estate game, we have the expertise to help you find the perfect investment. Contact us today and let us connect you with the ideal rental property that fits your goals and promises great returns. Take the first step towards financial freedom now!
About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
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