Upgraded 4-bed detached in Central Oshawa with finished basement and separate entrance
A renovated 4-bedroom detached in Central Oshawa listed at $599,900 with a finished basement and separate entrance suitable for a secondary suite conversion. Estimated 4.5% cap rate with breakeven near 35% down and positive carry at 50% down.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$599,900
Cap rate
+4.50%
Est. monthly rent
$3,450
Source: comparables_widened
Est. net spread
+$133K
6mo hold
Annualized ROI
+44%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
4.50% 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
$132,527 estimated over a 6-month hold using default market reno costs and the underwritten rent source.
Recommended leverage
50% down to reach neutral or positive carry during the conversion window.
Rent backed by
Estimate sourced from city-wide 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 | $209,965 |
| Mortgage principal | $389,935 |
| Land transfer tax | $8,999 |
| Closing costs | $8,999 |
| Total acquisition | $227,962 |
Monthly cash flow
| Estimated rent | +$3,450 |
| Operating expenses | -$1,198 |
| Mortgage payment | -$2,277 |
| Net cash flow | -$26/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $173/mo |
| Maintenance reserve | $500/mo |
| Insurance | $250/mo |
| Property management | $276/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=33).
Breakeven
This property turns cash-flow positive at 35.7% 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 ($8,999), and closing costs ($8,999).
Section · Investment Thesis
Why this property.
This listing fits a value-add investor targeting income conversion in a sub-$600K freehold. The mechanic is converting the finished basement, already plumbed with a separate entrance, into a legal secondary suite to lift NOI above the 4.5% cap rate baseline. At a $599,900 list price, the estimated rent of $3,450 per month produces a 6.9% gross yield before suite legalization, which gives the file room to absorb compliance costs while preserving cash-flow upside as the second unit comes online.
Central Oshawa sits within walking distance of the Oshawa GO station on the Lakeshore East line, which Metrolinx is upgrading to two-way, all-day service under the GO Expansion program. Ontario Tech University and Durham College drive sustained tenant demand in the north end, and the Lakeridge Health Oshawa hospital anchors healthcare employment minutes from Harold Street. Highway 401 and the planned Highway 407 East connections feed Toronto-bound commuters, while the City of Oshawa's downtown revitalization framework continues to add density near Simcoe Street. The neighborhood's prewar detached stock supports legal two-unit conversions under Oshawa's residential zoning, an established path for income properties in this submarket.
Execution favors 50% down, where the estimated monthly cash flow turns positive at $499.89 against a $1,751.73 mortgage payment. At 35% down, the file sits near breakeven at an estimated negative $25.62 per month, acceptable during the suite-legalization window. Plan a 24 to 36 month hold to permit, finish, and stabilize the basement unit, then refinance against the lifted NOI or hold for long-term yield in a tightening Durham Region rental market.
Key features
- 4 bedrooms across 2nd floor and finished attic
- Finished basement with separate entrance, suite-conversion candidate
- Upgraded kitchen with quartz countertops
- 200 AMP electrical panel
- Exterior waterproofing completed in 2022
- Freshly paved 2-car driveway
- Fully fenced backyard
Original MLS description
Beautifully upgraded 4-bedroom home in a prime location! Features a freshly paved driveway with 2-car parking, elegant pot lights throughout, and a covered glass porch for added curb appeal. Enjoy an upgraded kitchen with quartz countertops and almost new appliances. The home offers 3 spacious bedrooms on the 2nd floor plus a finished attic currently used as a 4th bedroom. The finished basement with separate entrance offers great flexibility for extended family or potential income. Additional highlights include a cozy fireplace, upgraded 200 AMP panel, and exterior waterproofing completed in 2022 for added peace of mind. Fully fenced backyard-perfect for privacy and outdoor enjoyment. Conveniently located close to all amenities and top-rated schools. (42907407)
Section · Neighborhood
Where it sits.
Central
Central Oshawa is a mature, transit-served neighborhood anchored by the Oshawa GO station on the Lakeshore East line and a short drive to Highway 401. Ontario Tech University, Durham College, and Lakeridge Health Oshawa generate steady rental demand from students, healthcare staff, and young professionals.
The City of Oshawa has actively encouraged secondary suite registration to address rental supply, and prewar detached stock in the Central pocket is well suited to two-unit conversion. Continued GO Expansion investment and downtown revitalization initiatives near Simcoe Street support medium-term demand fundamentals.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: estimated cash flow swings from -$551.14 at 20% down to +$2,251.62 at 100% cash
Negative carry at 20% down (-$551.14/mo) and near-breakeven at 35% down (-$25.62/mo) require capital reserves during the suite-legalization period
Secondary suite legalization in Oshawa requires permits, fire-code upgrades, and inspections that can extend timelines and add unbudgeted cost
Listed sqft of 139 appears to be a data-entry error; verify gross floor area before underwriting
Rent estimate sourced from widened comparables; achievable rent may vary with unit configuration and finish level
Durham Region rental market is sensitive to interest-rate cycles and university enrolment patterns