Is a duplex in Cornwall a good investment?
It depends on the purchase price, rents, expenses, financing and condition of the building. No investment is guaranteed. Compare each property using actual rents and expenses, a vacancy allowance and a real mortgage quote, and have the building inspected before you buy.
What is a legal duplex, and how do I check?
A legal duplex is a property that is permitted by local zoning and building rules to have two separate units. Ask for documents such as municipal zoning confirmation, permits and inspections, and electrical and fire-code compliance where relevant, and confirm details with the City of Cornwall before you buy.
Can I live in one unit and rent out the other?
Yes, many buyers do. Financing and tax rules for owner-occupied multi-unit purchases can differ from pure rental purchases, so speak with a mortgage professional and an accountant before you make an offer.
How does rent control work in Ontario?
Ontario sets a yearly rent increase guideline that applies to most residential units. Some units first occupied for residential purposes after November 15, 2018 are exempt from the guideline. Check ontario.ca for the current guideline and rules before setting or increasing rent.
How do I calculate cash flow on a rental property?
Start with gross annual rent, subtract a vacancy allowance and operating expenses to get net operating income, then subtract your annual mortgage payments. Divide that cash flow by the cash you invested to estimate your cash-on-cash return. Use real quotes and your own assumptions.
Can I add or legalize a basement or additional unit in Cornwall?
Provincial rules have expanded where additional residential units are allowed, but zoning, servicing and building-code requirements still apply and vary by property. Confirm what is permitted with the City of Cornwall before you buy or build.
What should I ask for when buying a tenanted property?
Ask for current leases, the rent roll, proof of rent payments, utility bills, property tax and insurance details, and any maintenance or repair records. A real estate lawyer can advise on tenancy-related conditions in your offer.
Do you work with investors who live outside Cornwall?
Yes. I'm Kingston-based and work with buyers and sellers in Cornwall. We can review listings by video call, arrange virtual or in-person showings and discuss next steps without you being in town every time.
