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Listed 1 month ago

10 Fairleigh Avenue N

Gibson, Hamilton

$559,000

Detached|2 1/2 Storey
4 | 3 | 0
About this home

Exceptional opportunity to own a legal duplex with a separate basement apartment, offering strong income potential and immediate upside. This well-maintained multi-unit property features three self-contained residential units, with two units currently vacant, allowing the new owner to secure market rents immediately or occupy one unit while generating income from the others. ALL UNITS will be VACANT as of end of September !! Pick your own tenants! Unit 1 (Main Floor): Bright and spacious 1-bedroom apartment. Unit 2 (Upper Level): Large 3-bedroom apartment featuring an expansive finished attic space, ideal for a home office, recreation room, additional living area, or storage. Unit 3 (Basement): Renovated 1-bedroom apartment, updated approximately one year ago. The property previously generated approximately $4,700/month in gross rental income, with rents of approximately $1,400/month (Unit 1, Vacant on September 1st), $2,100/month (Unit 2, Vacant), and $1,250/month (Unit 3, Vacant end of September). Tenants pay their own utilities, helping minimize operating expenses, and the property benefits from two separate hydro meters. Ideal for investors seeking strong cash flow and long-term appreciation or owner-occupants looking for a mortgage helper, this property offers exceptional flexibility and income-generating potential. The vacant units provide an immediate opportunity to maximize returns based on current market conditions. Conveniently located just minutes from Hamilton General Hospital, the future LRT corridor along Highway 8/Main Street East, West Harbour GO Station, Downtown Hamilton, schools, parks, shopping, public transit, and major commuter routes. This central location provides excellent connectivity and access to Hamilton's growing employment, healthcare, and transportation hubs. A rare opportunity to acquire a versatile income-producing property with immediate leasing flexibility, strong rental demand, and outstanding long-term investment potential.

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agent
Macallum Tepsich
(647) 326-2579
TypeDetached
Style2 1/2 Storey
Approx. Age51-99
Size2000-2500 sq. ft.
Property Tax$3,526
Lot Size21 ft x 44.71 ft
mls© NumberX13737250
Listed ByROYAL LEPAGE CERTIFIED REALTY

Listing History

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  • No recent lease history for this listing.

Could you afford this home?

What the bank counts

This home's actual carrying costs, payment stress-tested at 6%

Mortgage, tested at 6%
$2,861
Property tax
$294
Heat allowance
$150
Housing costs
$3,305 / mo

Lenders cap these at 39% of gross income — that sets the number.

Down payment20% · $111,800
25-yr amortization

Income needed

$102,000

gross annual household income

Payment at 4%
$2,352 / mo
Cash down
$111,800

Assumes no other monthly debts · 25-yr amortization

Full affordability check

Investment Analysis

Estimated rent, cap rate and monthly cash flow for this property

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