Cash flow is the number to build first. Take a realistic rent backed by a lease or a documented market estimate, subtract property tax, insurance and a maintenance reserve, then compare what remains against the mortgage payment on 20 percent down, the minimum for a non-owner-occupied purchase.
Vacancy risk is the number buyers underestimate. A single month of vacancy erases more of the annual return than most buyers expect, so ask for the actual occupancy history on the specific unit rather than assuming it will always be rented.
With supply at 1.63 months citywide, a well-priced, legally rented property still finds a buyer or a tenant quickly. Get your hand-reviewed valuation from Joel Dyck.