The neighbourhood's housing stock dates largely from the 1910s through the 1950s, and many of those older character houses were divided into suites decades ago. A property owner who holds one benefits from an established, central rental market, but the age of the stock means fire separation, electrical service and plumbing all deserve real attention rather than assumption.
Tenancies continue under The Residential Tenancies Act, 2006 regardless of ownership changes, so an owner collecting rent today is bound by the same lease terms a future buyer would inherit. Confirming the permitted unit count with the City of Saskatoon protects an owner's ability to claim that rent as legitimate income at all.
Insurance on an older converted property is also priced differently than on newer purpose-built multi-family, so getting a current quote matters before assuming coverage carries over cleanly. Get your hand-reviewed valuation from Joel Dyck.