Stinson triplex listed for $1.57 million could be used for ‘house hacking’
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Price: $1,577,000
Neighbourhood: Stinson
Features: Located near downtown Hamilton and within walking distance to the Escarpment Rail Trail, this three-storey century home is one of the neighbourhood's most expensive listings.
Historically used as a triplex, the home would be ideal for someone looking to generate extra income through house hacking" or an intergenerational family hoping to stay close together, said Adam Palios, a real estate agent with Keller Williams Complete Realty.
You could have the parents in one unit, the kids in the other and then rent out the third," said Palios. There is also the typical investor, who wants to live in the home and rent out the other units to make their life easier and their mortgage less."
Palios said the home stands out from others listed in the city, some of which are completely renovated and flipped before listing.
The five-bedroom, three-bathroom house has been updated throughout - it has new electrical, energy efficient windows have been installed and its doors are fitted with touchpad locks.
Palios said the backyard has also been transformed into an oasis," while a detached garage with a loft has been built with the hope of laneway homes becoming legal in the city.
However, Palios said the property's history and character have been painstakingly preserved" by the current owners, who are artists.
You have to see it to believe it," said Palios. The actual experience of walking through the home is incredible."
Why is it priced this way: Palios said the home has been priced at a fair market value," noting the seller is not holding offers or intentionally underpricing it in order to get attention" to the listing.
A similar property on Ottawa Street North that has been mostly gutted is listed for $1.35 million, while a duplex with a commercial space on Main Street East is listed for $1.39 million.
It's a very specific type of property," he added.
Fallon Hewitt is a reporter at The Spectator. fhewitt@thespec.com