Full-brick O'Neill detached with separate-entrance 2-bed basement suite near Ontario Tech
Three-bedroom detached in Oshawa's O'Neill neighbourhood with a separate-entrance two-bedroom basement apartment, positioned for a legal two-unit conversion. Listed at $709,900 with an estimated 2.18% cap rate at current rents.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$709,900
Cap rate
+2.18%
Est. monthly rent
$2,500
Source: comparables
Est. net spread
+$160K
6mo hold
Annualized ROI
+45%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
2.18% on the existing single-unit rent. The thesis is the income uplift after the conversion is complete, not today's number.
Projected post-conversion spread
$159,952 estimated over a 6-month hold using default market reno costs and the underwritten rent source.
Recommended leverage
75% down to reach neutral or positive carry during the conversion window.
Rent backed by
Estimate sourced from neighborhood comparables, not a CMHC fallback.
Every property published on 6Yield clears a multi-stage screen — universal financial floor, per-tier quality gate, and an editorial review on listing evidence. These bullets summarize the specific facts that cleared this property’s tier. Estimates only; not financial advice.
Fix-and-flip projection
The spread, before the buy-and-hold math.
Preliminary · adjust scope & uplift
Renovation scope
Projection
Preliminary estimate. Renovation costs use 6Yield default per-sqft figures. Post-renovation value is modeled as a multiple of list price — replace with comparable post-renovation sales for higher precision. Carrying costs include property tax, condo fees if any, and insurance; financing costs not yet modeled.
Section · Buy-and-hold backup
If you held instead. The carrying 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 | $248,465 |
| Mortgage principal | $461,435 |
| Land transfer tax | $10,649 |
| Closing costs | $10,649 |
| Total acquisition | $269,762 |
Monthly cash flow
| Estimated rent | +$2,500 |
| Operating expenses | -$1,212 |
| Mortgage payment | -$2,695 |
| Net cash flow | -$1,407/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $125/mo |
| Maintenance reserve | $592/mo |
| Insurance | $296/mo |
| Property management | $200/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=5).
Breakeven
This property turns cash-flow positive at 68.9% 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 ($10,649), and closing costs ($10,649).
Section · Investment Thesis
Why this property.
This listing targets the value-add investor pursuing an income-conversion play on an existing duplex layout. The mechanic is straightforward: formalize the separate-entrance two-bedroom basement apartment into a legal second unit, then re-rent both units at market to lift NOI off the 2.18% cap rate baseline implied at $709,900. Current underwriting at $2,500 in estimated monthly rent reflects single-stream income; a two-unit configuration is where the thesis lives.
O'Neill sits minutes from downtown Oshawa with access to Highway 401 and Highway 407, and GO Transit nearby for the Toronto commute. Ontario Tech University anchors the tenant pool, supporting demand for multi-bedroom rentals from students and faculty within walking and short-transit distance. The deep 29.89 by 132 ft lot is consistent with O'Neill's mature streetscape, and the surrounding catchment supports owner-occupier resale as a fallback exit. Oshawa Centre, schools, and parks fill out the everyday-amenity layer that sustains long-term tenant retention in this submarket.
At list financing, scenario 0 carries an estimated monthly cash flow of -$2,029.07; the property does not reach positive carry until scenario 3 at 75% down (+$251.16). The recommended path is to close with significant equity, complete second-unit legalization and any required fire-separation work over the first 6 to 12 months, then re-tenant both units and hold 36 to 60 months while reassessing refinance against a higher stabilized rent roll.
Key features
- Full-brick detached 2-storey
- Separate-entrance 2-bedroom basement apartment with own kitchen and full bathroom
- 3 bedrooms upstairs with hardwood flooring
- 4 bathrooms total
- Deep 29.89 x 132 ft lot
- Ceramic-tiled sunroom overlooking backyard
- Minutes to Oshawa Centre, Hwy 401, Hwy 407, and GO Transit
- Proximity to Ontario Tech University
Original MLS description
Discover the charm and versatility of this full-brick detached 2-storey home, ideally located just minutes from downtown Oshawa in the desirable O'Neill neighbourhood. Thoughtfully designed for comfort, convenience, and flexibility, this residence is an excellent opportunity for families, investors, and multi-generational living. Step inside to a bright and welcoming main level featuring a spacious open-concept living and dining area with hardwood flooring, a functional kitchen, and a sun-filled ceramic-tiled sunroom overlooking the backyard. The upper level offers three well-appointed bedrooms, each with warm hardwood floors and ample natural light. A major highlight of this property is the separate-entrance 2-bedroom basement apartment, complete with its own kitchen, full bathroom, and private living space - perfect for extended family, students, or rental income potential. Situated on a deep 29.89 132 ft lot, this home is surrounded by a peaceful, walkable community close to parks, schools, and everyday amenities. Enjoy quick access to Oshawa Centre, dining, transit, and major highways including Hwy 401 and 407, with GO Transit nearby for effortless commuting. Its proximity to Ontario Tech University adds even more appeal for investors and families alike. With solid construction, a versatile layout, and an unbeatable location, this home offers exceptional value and opportunity. (42785223)
Section · Neighborhood
Where it sits.
O'Neill
O'Neill is an established residential pocket minutes from downtown Oshawa, offering walkable access to parks, schools, and everyday amenities alongside quick connections to Highway 401, Highway 407, and GO Transit for commuters heading west into the GTA. Ontario Tech University is a meaningful tenant demand driver, particularly for multi-bedroom rentals configured for student or shared-tenant households. Oshawa Centre and the downtown core anchor retail and services within a short drive.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: estimated cash flow swings from -$2,029.07/mo at 20% down to +$1,287.62/mo at 100% cash
Negative carry at 20%, 35%, and 50% down scenarios under current rent assumptions
Second-unit legalization requires municipal compliance (fire separation, egress, permits); costs and timing not modeled
Estimated monthly rent of $2,500 reflects current configuration; achieving thesis returns depends on lifting rent through two-unit operation
Cap rate of 2.18% is below typical investor thresholds at current underwriting
Sqft figure in listing data (102) appears to be a data entry artifact and does not reflect actual home size