Remember this place?

It used to look like this...

And it is the ridiculously underpriced house at 115 Glencairn Avenue that had 72 offers in April.

It was a 5 bedroom, 1 bathroom house on a 30 x 127 foot south facing lot.

It was listed at $699,000.

It sold for $1,365,888.

I was convinced it sold to a builder as houses across the street had recently sold for $2.5 and $4.4.

But this house is now 'For Lease' and the listing says...

Tenant Pays All Utilities, Landscaping And Snow Removal.

That sucks!

Who wants to rent a place and pay for landscaping and snow removal?  And what neighbour wants a rental to be responsible for those things either!?!  If this is a renter, they more than likely don't care if the hydrangeas stay alive or not.

Unless they are staying long term.

But considering that the reno to this house was basically a paint touch up at best on the windows trim, the doors, the walls, even the kitchen cabinets...

This couldn't have cost a lot of money and they probably won't get a long term renter. 

Sure, the floors have been redone, the ceiling has been repaired, the bathroom has been redone and they added another one...

But considering this was probably bought by a builder who probably did the washrooms with leftover tile and old tubs and sinks (just a speculation!)...

This couldn't have cost more than $10,000....maybe $15,000 to touch up.

And now they are asking $3,999/month.

My guess is that they will be planning the new house for the next year, they put as little into it as possible to make it livable, will rent it for a year, and make $48,000 if it sells at the ask (they should through in landscaping and snow removal!) and still make a $30,000+...

And list it again in 2016...

For $3.8.

Or they are just lazy landlords who didn't spend another $10,000 on a new kitchen.

(thanks to the Peter for pointing out the listing!)

listing