Interesting Property Up For Grabs
An ancient two-storey home boasts five units in total, which was listed for an ordinary $150,000. Half of it is in Canada, while the other 50% is on American soil. Based on the listing, the house provides investors “a chance to own property on the Canadian border. It straddles the border, and a small portion of the house is in Canada. Historic building called the “Old Stone Store” was formerly a store and US/Canadian Post Office. Currently 5 living units in need of some fixing up to rent . . . Canadians or Americans can buy! Sold ‘as is.’ Come take a look!”
In 1782, the house was constructed and had an increase of 3,010 square feet in total. Half of the home is located in Beebe Plain, Vermont, while the other is in Stanstead, Quebec. The current owner Brian Dumouli said to Macleans; “when I was a kid we walked across and just played on both sides without even thinking about it. In that town, the border didn’t really exist. Inside the house, it was fun. My aunt slept in Canada and my uncle slept in the States. They had a Canadian TV and an American TV, a Canadian phone and an American phone. The electricity came from Vermont. The water came from Canada.”
The home was a family heirloom to Dumoulin from his aunt over 40 years back. Two of the asset’s five apartment are all situated in Canada, taxes will be equally paid to both Canada and United States. The property is an interesting asset and it could get a practical investor a reasonable cap rate. However, is it a risk worth taking by investors in Canada?