HOME FOR SPECIAL CARE - with 80 ACRE FARM - $1,850,000

HOME FOR SPECIAL CARE -  with 80 ACRE FARM

This Home is located in the City of Kwartha Lakes, 1-1/2 hours from the GTA.

The Property has a 4 bedroom renovated farm house plus a purpose built 16 bed group home (13 HSC beds and 3 private beds). The home is situated on an 80 acre beef farm with good workable land, barn and several outbuildings.

The current owners live with their family in the farmhouse, and the wife operates the group home full time. The huband has a full time job elsewhere.

The ideal buyer would be a couple who have dreamt of owning a farm but for reasons of financial practicality have never gone ahead. If you would love to live on a farm and work from home, this property may be the answer to your dreams.

  1. There is a fully funded "guarantee" TAX FREE income of upto $154,000 before taxes which is equivalent to about $220,000 pre-tax dollars.
  2. Shopping and schools are minutes away in the downtown.
  3. The work is taking care of men with mental illness that need assisted living. This programe is FULLY funded by the Ministry of Health at $1,602.80 per month per person.
  4. As an added bonus, one can keep animals on the farm using the existing barns and land, or rent it to a neighbour farmer. 
  FINANCING    
A Purchase Price $1,850,000    
  30% Down payment $555,000    
  1st Mortgage $1,295,000    
  P&I @6.95%
20 year amortization
$119,100 per year
         
         
  REVENUE & EXPENSES    
  EXPENSES OWNER/OPERATOR
LIVE IN
 
  Food & Supplies $26,000    
  Hydro $7,300    
  Repair/Maintenance $5,000    
  Heating Oil $4,500    
  Taxes Property $3,900    
  Insurance $2,800    
  Internet/Phone $1,700    
  Water $1,500    
  Office Supplies $1,000    
  Accounting $1,000    
B OPERATING COSTS $54,700    
         
  REVENUE      
  HSC Tenants $250,000    
  Private Tenants $52,000    
  Farmland Rent $10,000    
C TOTAL REVENUE $312,000    
         
D NET OPERATING INCOME (C-B) $257,300    
  LESS P&I $119,100    
  CASH FLOW  $138,200 *  
  PRE-TAX +/- $220,000 *  
  CAP RATE 14%    
         
  *No INCOME TAX for HSC Principal Residence 
Equivalent PRE-TAX Cash Flow +/- $220,000
   
         
  Owner will decide if they want to hire help, for example "Time Off" for the owners