Those three categories are worth different amounts to the same buyer, and a lender will only credit rental income from a suite the city has on file as legal. Sorting that out before a property is listed protects a seller's price and a buyer's financing at the same time.
Given the age of Mayfair's electrical and plumbing systems, a $400 to $1,000 range is common once inspection and any immediate repairs are considered together, and Joel budgets for that conversation early rather than after conditions are already running on an accepted offer.
Existing tenancies also carry over under The Residential Tenancies Act, 2006 regardless of who owns the building, so a verified rent roll matters on both sides of a Mayfair transaction. Get your hand-reviewed valuation from Joel Dyck.