New
30
47
$499,000
5 Cove Road, London South, ON N6J 1H7
South E
4 bd
2 ba
1,500 sf
3
1 weeks on marketMLS® X13736028
Listing courtesy of KELLER WILLIAMS LIFESTYLES
South E · N6J 1J2
$575,000
$523 / sq ft1 weeks on market
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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.
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What this home costs beyond the asking price, and how that price compares to what else is on the market.
This home is priced above most comparable listings — about 78% of comparable detached listings in South E are asking less.
Based on 9 comparable active detached listings in South E. These are asking prices, not sale prices.
Estimate only. Excludes CMHC insurance premiums, which apply below 20% down, and does not constitute a mortgage approval or an offer of credit.
Payable on closing, on top of the purchase price.
An estimate on the asking price of $575,000. Rates current as of September 2026; confirm the final figure with your real estate lawyer.
Listing courtesy of CENTURY 21 FIRST CANADIAN CORP. Listing data is provided in part by the Toronto Regional Real Estate Board (TRREB) and is deemed reliable but is not guaranteed accurate. Information is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties. Data is updated every 15 minutes.
Listing courtesy of INITIA REAL ESTATE (ONTARIO) LTD
$499,000
South E
Listing courtesy of KELLER WILLIAMS LIFESTYLES
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Listing courtesy of CENTURY 21 FIRST CANADIAN CORP
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South E
Listing courtesy of ROYAL LEPAGE TRILAND PREMIER BROKERAGE
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Listing courtesy of SUTTON GROUP - SELECT REALTY
