Legal duplex in Oshawa Lakeview at $599,000, estimated 4.51% cap rate with two-unit income
Legal duplex in Oshawa's Lakeview neighbourhood priced at $599,000, configured as a 3-bedroom main/upper unit plus a self-contained 1-bedroom basement apartment. Estimated cap rate of 4.51% on combined rents, with cash flow turning positive at the 50% down scenario.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$599,000
Cap rate
+4.51%
Est. monthly rent
$3,450
Source: comparables_widened
CF at 50% down
+$504/mo
first positive
Cash-on-cash
+1.90%
at 50% down
The Deal
Legal duplex in Oshawa's Lakeview neighbourhood priced at $599,000, configured as a 3-bedroom main/upper unit plus a self-contained 1-bedroom basement apartment.
Section · Financial Reality
Five ways to buy. The math, side by side.
Each column shows the actual monthly cash flow and cash-on-cash return at that leverage. Click a column for the full breakdown.
Acquisition
| Down payment | $209,650 |
| Mortgage principal | $389,350 |
| Land transfer tax | $8,985 |
| Closing costs | $8,985 |
| Total acquisition | $227,620 |
Monthly cash flow
| Estimated rent | +$3,450 |
| Operating expenses | -$1,197 |
| Mortgage payment | -$2,274 |
| Net cash flow | -$21/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $173/mo |
| Maintenance reserve | $499/mo |
| Insurance | $250/mo |
| Property management | $276/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_widened (33 comps).
Breakeven
This property turns cash-flow positive at 35.6% down.
Run your own scenario
Move the assumptions. See the math live.
Live result
All figures are estimates only and do not constitute financial advice. The sliders use the same math as the locked five-scenario calculator; only assumptions change. Total acquisition includes the down payment, land transfer tax ($8,985), and closing costs ($8,985).
Section · Investment Thesis
Why this property.
741 Ritson Road S is a legal duplex listed at $599,000 in Oshawa's Lakeview area. The configuration includes a main and upper level with three bedrooms (plus a den/4th bedroom) and a four-piece bath, and a fully self-contained one-bedroom basement apartment with its own kitchen and four-piece bath. Shared laundry serves both units. Estimated gross annual rent is $41,400, with estimated annual NOI of $27,033, producing an estimated cap rate of 4.51% and gross yield of 6.91%.
Leverage sensitivity on this property is high. At 20% down ($119,800), the estimated monthly mortgage payment is $2,798.56 and projected monthly cash flow is -$545.81, an estimated -4.75% cash-on-cash. At 35% down ($209,650), the deal approaches breakeven with projected monthly cash flow of -$21.08 and -0.11% cash-on-cash. The 50% down scenario ($299,500) is the minimum recommended for positive carry, producing projected monthly cash flow of $503.65 and 1.90% cash-on-cash. At 75% down, projected monthly cash flow improves to $1,378.20 (3.54% cash-on-cash), and an all-cash purchase ($599,000) generates projected monthly cash flow of $2,252.75 at a 4.38% cash-on-cash return.
The investment case rests on Oshawa's continued role as an affordable end-of-line GTA market anchored by Ontario Tech University, Durham College, Lakeridge Health, and the Oshawa GO station. Legal duplex status is the key feature here; it removes the regulatory risk that surrounds many basement-suite rentals in Durham Region and supports financing and insurance on a two-unit basis. Rent estimates are drawn from a widened comparable set of 33 units, so investors should validate unit-level rents against current Lakeview lease activity before closing.
Recommended hold is 60+ months. Leveraged buyers should expect to subsidize carry in the early years and rely on rent growth, mortgage paydown, and longer-term Durham appreciation to drive returns. Conservative buyers putting 50% or more down can underwrite this as a yield play from day one. Brokerage: Sutton Group Admiral Realty.
Key features
- Legal duplex (two registered units)
- Main/upper unit: 3 bedrooms plus den/4th bedroom, 4-piece bath
- Self-contained 1-bedroom basement apartment with private kitchen and 4-piece bath
- Shared laundry serving both units
- Estimated gross annual rent $41,400 across both units
- Estimated annual NOI $27,033
- Estimated cap rate 4.51%
- Estimated gross yield 6.91%
- Rent estimate sourced from 33 widened comparables
Original MLS description
*****Legal Duplex ***** The main level features a bright living room, a functional den/4th bedroom, and a combined kitchen and dining area. The primary bedroom and a full four-piece bathroom complete this level, while the upper floor offers two additional well-sized bedrooms, ensuring plenty of privacy for everyone.The lower level houses a fully self-contained one-bedroom basement apartment with kitchen, a comfortable living area, and a private four-piece bathroom. Both units benefit from shared laundry area, maximizing convenience without sacrificing living space. (42785081)
Section · Neighborhood
Where it sits.
Lakeview
Lakeview sits in south Oshawa between Simcoe Street and Ritson Road, within reach of Highway 401, the Oshawa GO station, and the Lakeridge Health hospital campus. Tenant demand in this submarket is anchored by Ontario Tech University, Durham College, hospital staff, and trades workers tied to Durham Region's industrial and logistics base, supporting steady demand for affordable two-unit rentals.
Oshawa remains one of the more affordable detached markets in the GTA on a price-per-door basis, and legal duplex inventory is comparatively scarce, which can support both rent stability and resale optionality to end-user buyers seeking mortgage-helper income.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: property is cash-flow negative at both 20% and 35% down scenarios; 50% down is the minimum for positive monthly carry
Listed square footage of 65 appears to be a data error and should be verified before underwriting
Rent figure is derived from a widened comparable set of 33 units rather than in-place leases; actual achievable rent should be confirmed unit-by-unit
Property tax shown as $0 in the financial model; buyer must verify actual municipal tax assessment, which will reduce NOI and cash flow once incorporated
Oshawa rental market is sensitive to student enrollment cycles at Ontario Tech and Durham College
Shared laundry between units can create tenant friction and may warrant separation over the hold period