The Residential Tenancies Act, 2006 governs any existing lease you take on with a purchase, so reviewing current tenancy terms before closing matters as much as reviewing the building itself. A tenant paying below-market rent under an old lease changes the return math from day one.
As with any Saskatoon rental purchase, a lender will look for roughly 20 percent down on a non-owner-occupied property, and only a legal, permitted secondary suite counts toward financeable rental income rather than a finished space with no permit on file.
The neighbourhood sets the demand backdrop; the specific house's legality and lease terms set the actual return. Get your hand-reviewed valuation from Joel Dyck.