Is a duplex in Kingston a good investment?
It depends on the purchase price, the rents you can document, expenses, financing and the condition of the building. No investment is guaranteed. Compare each property with the leases, a vacancy allowance you choose and a real mortgage quote, and have the building inspected before you buy.
What is a legal duplex, and how do I check in Kingston?
A legal duplex is a property the zoning and building rules allow to have two separate homes. Ask for zoning confirmation, permits and inspections, and electrical and fire-code papers where they matter. Confirm the details with the City of Kingston before you buy.
Can I live in one unit and rent the other?
Many buyers do. Financing and tax rules for an owner-occupied multi-unit purchase can differ from a purchase you will not live in. Speak with a mortgage professional and an accountant before you offer.
How does rent control work in Ontario?
Ontario sets a yearly rent increase guideline for most residential units. Some units first occupied for residential purposes after November 15, 2018 are exempt from the guideline. Check ontario.ca before you set or raise a 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 a cash-on-cash return. Use real quotes. The worksheet file is labelled for Cornwall; the lines are the same, and it does not contain Kingston rents or returns.
Are student rentals different?
Houses near Queen's are often bought for student rooms as well as for self-contained units. Room rentals, licensing and house condition are a separate conversation. See the Kingston student rental page, and still confirm zoning and the building's papers.
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, and repair records. A real estate lawyer can advise on tenancy conditions in the offer.
Do you work with investors who live outside Kingston?
Yes. I am based in Kingston. We can review listings by video, book virtual or in-person showings, and I can introduce inspectors, lawyers and mortgage professionals.
