Full-brick O'Neill detached with separate-entrance 2-bed basement apartment near Ontario Tech
Detached 2-storey in Oshawa's O'Neill neighbourhood with a separate-entrance 2-bedroom basement apartment, listed at $709,900. Estimated cap rate of 2.18% with positive carry only at 75% down or higher under current assumptions.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$709,900
Cap rate
+2.18%
Est. monthly rent
$2,500
Source: comparables
CF at 100% cash
+$1,288/mo
+2.1% CoC
Hold period
60+ mo
planned
The Deal
Detached 2-storey in Oshawa's O'Neill neighbourhood with a separate-entrance 2-bedroom basement apartment, listed at $709,900.
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 | $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 |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables (5 comps).
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 full-brick detached home at 111 Elgin Street W is priced at $709,900 and sits on a 29.89 by 132 ft lot in Oshawa's O'Neill neighbourhood. The investor angle here is the separate-entrance 2-bedroom basement apartment with its own kitchen and full bath, which supports a multi-unit rental strategy or multi-generational use. Estimated gross annual rent is $30,000 with annual NOI of $15,451.50, producing an estimated cap rate of 2.18% and gross yield of 4.23% on the list price.
Leverage sensitivity is high on this asset. At 20% down ($141,980), estimated monthly cash flow is -$2,029.07 against a $3,316.70 monthly mortgage payment, with cash-on-cash of -14.91%. Moving to 35% down ($248,465) narrows the monthly shortfall to -$1,407.19 (cash-on-cash -6.26%), and a conservative 50% down ($354,950) still leaves estimated monthly cash flow at -$785.31 (cash-on-cash -2.50%). The property only approaches positive carry at 75% down ($532,425), where estimated monthly cash flow turns to +$251.16 and cash-on-cash to 0.54%. A full cash purchase at $709,900 yields estimated monthly cash flow of +$1,287.62 and cash-on-cash of 2.11%.
The minimum recommended down payment for neutral or positive carry under these assumptions is 75%. Investors using 20%, 35%, or 50% leverage should expect to fund a monthly shortfall and underwrite the hold on appreciation, principal paydown, and potential rent upside rather than current cash flow. The current rent estimate of $2,500/month is based on five comparables; achieving stronger blended rent across the upper unit and the basement suite could materially improve the operating picture, but this is not assumed in the figures above.
Hold period should be 60+ months. The thesis is best framed as a long-hold, dual-unit detached in a Durham submarket with proximity to Ontario Tech University, Oshawa Centre, GO Transit, and Highways 401 and 407, where leverage discipline (or cash) is required to make the monthly economics work.
Key features
- Full-brick detached 2-storey in O'Neill neighbourhood
- Separate-entrance 2-bedroom basement apartment with own kitchen and full bath
- 3 bedrooms up, 4 bathrooms total
- Deep 29.89 x 132 ft lot
- Hardwood flooring on main and upper levels
- Ceramic-tiled sunroom overlooking backyard
- Close to Ontario Tech University, Oshawa Centre, GO Transit, Hwy 401 and 407
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, walkable neighbourhood just north of downtown Oshawa, characterized by mature lots, brick detached housing stock, and proximity to parks and schools. The location offers quick access to Oshawa Centre, Highway 401, Highway 407, and GO Transit for commuters into the eastern GTA.
Ontario Tech University and Durham College anchor local rental demand from students and faculty, which is relevant given the property's separate-entrance basement suite. Downtown Oshawa's continued investment in transit and amenities supports long-term demand drivers for the O'Neill submarket.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: estimated monthly cash flow is negative at 20%, 35%, and 50% down scenarios
Property only reaches positive estimated carry at 75% down or higher, requiring substantial capital
Rent estimate of $2,500/month is based on 5 comparables and may not reflect achievable blended rent across both units
Annual property tax shown as $0 in the financial inputs; investors should verify actual municipal tax with the listing before underwriting
Sqft field reports 102, which appears to be a data anomaly; verify floor area on-site
No recent sold comparables available to anchor valuation