Legal suite status decides most of the value gap between two similar-looking properties. A lender will only credit rental income from a unit the City of Saskatoon has permitted, so an unpermitted third unit contributes almost nothing to the appraised value even if it is fully finished and currently rented.
Expenses matter as much as income. Property taxes, insurance, utilities not covered by tenants and a realistic vacancy allowance all reduce the net income a lender will actually underwrite against, and a seller who only presents gross rent is presenting half the picture.
The Residential Tenancies Act, 2006 governs any existing leases and transfers with the sale, so a buyer's lawyer will want those documents reviewed before closing regardless of what the listing says. Get your hand-reviewed valuation from Joel Dyck.