Start with sold comparables of similar age, size and suite configuration within Varsity View or an immediately adjacent area, since rent-ready older housing there behaves differently from newer construction elsewhere in the city. A triplex a few blocks away is a far better comparable than a newer fourplex across town.
Then confirm the income side. The Residential Tenancies Act, 2006 governs existing leases, and a legal, permitted secondary suite or additional unit is worth far more to an investor than an unpermitted one, because only permitted income can be underwritten by a lender.
Public records and online tools see the sale price of nearby houses but not whether a suite is legal or what a tenant is actually paying, which is exactly where a hand-reviewed number earns its keep. Get your hand-reviewed valuation from Joel Dyck.