By Sandy MacKay, Found Spaces Realty Group (about Sandy)
A Hamilton duplex unit cost between $226,000 and $340,000 in the sales we checked this fall. A triplex unit cost about $250,000. After taxes, insurance, repairs and a mortgage with 20% down, the cheapest duplex left about $1,000 a month. The dearest left about $300. That is the whole guide in four lines. The rest shows the math on three real sales so you can run your own.
Three Hamilton sales, one table
These three homes sold between August and October 2026. The prices and taxes come from the MLS listing record. We read both boards our team uses, PropTx and ITSO. All three sales were on PropTx.
| Home | Sold | Price | Legal units | Price per unit | Taxes a year |
|---|---|---|---|---|---|
| 174 Rosslyn Ave, Crown Point | Oct 9, 2026 | $452,000 | 2 (two 2-bedroom) | $226,000 | $3,428 |
| 16 Garrow Dr, Hamilton Mountain | Aug 25, 2026 | $680,000 | 2 (3-bedroom up, 2-bedroom down) | $340,000 | $4,956 |
| 100 Balsam Ave, Stipley | Oct 26, 2026 | $750,000 | 3, plus a basement unit | $250,000 | $5,388 |
Price per unit is the price divided by the number of legal units. Only legal units count. 100 Balsam has a fourth unit in the basement. We did not count it. In our underwriting standard an unregistered unit is a project, not a door.
For the bigger picture, our Hamilton duplex, triplex and fourplex report shows the median asking price per unit by neighbourhood, updated weekly.
What rent each unit can earn
We do not guess rents. We use what Hamilton units actually leased for on the MLS from July to October 2026. The middle number, the median, is below.
| Unit size | Leases | Median rent a month |
|---|---|---|
| 1 bedroom | 359 | $1,800 |
| 2 bedroom | 315 | $2,200 |
| 3 bedroom | 355 | $2,800 |
Put those rents on the three homes:
| Home | Units | Rent a month | Rent a year |
|---|---|---|---|
| 174 Rosslyn Ave | two 2-bedroom | $4,400 | $52,800 |
| 16 Garrow Dr | one 3-bedroom, one 2-bedroom | $5,000 | $60,000 |
| 100 Balsam Ave | one 2-bedroom, two 1-bedroom (our assumption, the listing did not say) | $5,800 | $69,600 |
One warning. Two of these homes sold with tenants in place. A tenant who moved in years ago pays an older rent, and Ontario limits how fast you can raise it. Ask for the leases before you count the rent above.
What it costs to run a small building
Rent is not profit. Here is what comes off the top each year, using the shares from our underwriting standard for buildings under five units.
| Cost line | How we set it | 174 Rosslyn | 16 Garrow | 100 Balsam |
|---|---|---|---|---|
| Property tax | From the listing | $3,428 | $4,956 | $5,388 |
| Insurance | 4.5% of rent | $2,376 | $2,700 | $3,132 |
| Repairs and upkeep | 7% of rent | $3,696 | $4,200 | $4,872 |
| Empty weeks and unpaid rent | 3% of rent | $1,584 | $1,800 | $2,088 |
| Property management | 8% of rent | $4,224 | $4,800 | $5,568 |
| Saving for the roof and furnace | 2% of rent | $1,056 | $1,200 | $1,392 |
| Utilities the owner pays | 2% (3% with four units) | $1,056 | $1,200 | $2,088 |
| Total costs a year | $17,420 | $20,856 | $24,528 | |
| Expense ratio (costs ÷ rent) | 33% | 35% | 35% |
A Hamilton duplex or triplex costs about a third of its rent to run. If a listing sheet shows 20%, something is missing. Usually it is management, repairs or the empty weeks.
We budget a property manager even if you plan to do it yourself. Your time has a cost, and a lender will count it anyway. Get a real insurance quote before you firm up. Insurance is the cost rising fastest.
What is left after the mortgage
Our assumptions: 20% down, a 25 year mortgage, a 4.25% rate. Change the rate and the answer changes, so check yours.
| 174 Rosslyn | 16 Garrow | 100 Balsam | |
|---|---|---|---|
| Rent a year | $52,800 | $60,000 | $69,600 |
| Costs a year | $17,420 | $20,856 | $24,528 |
| Left before the mortgage | $35,380 | $39,144 | $45,072 |
| Down payment (20%) | $90,400 | $136,000 | $150,000 |
| Mortgage payments a year | $23,417 | $35,229 | $38,856 |
| Left after the mortgage, a year | $11,963 | $3,915 | $6,216 |
| Left after the mortgage, a month | $997 | $326 | $518 |
That last line is what people mean by cash flow. It is before income tax, and before the mortgage principal you pay down each year, which is yours too.
What the three sales teach
Cheap per unit means more money left over. 174 Rosslyn cost $226,000 a unit and left about $1,000 a month. But it sat on the market 183 days, it is 100 years old, and the tenants pay what they pay. Cheap per unit comes with work and risk.
A renovated Mountain bungalow costs more and leaves less. 16 Garrow left about $326 a month. It is also the easiest of the three to own. Separate hydro meters, laundry in each unit, a quiet street near Mohawk College. Many buyers pay for that calm on purpose.
A triplex earns more rent but not much more cash. 100 Balsam brings in $5,800 a month. After costs and the mortgage, about $518 is left. The basement unit is the upside. Make it legal and the numbers change.
Live in one unit and the math flips. Buy 16 Garrow with 5% down on the first $500,000 and 10% on the rest, live in the 3-bedroom, and the $2,200 from downstairs pays a big share of your mortgage. That is house hacking, and Hamilton is the best city in the GTHA to do it. Our free House Hack Starter Kit walks through it.
Hamilton duplex and triplex questions
How much does a duplex unit cost in Hamilton?
In the fall 2026 sales we checked, between $226,000 and $340,000 per legal unit. A triplex unit came in around $250,000. Our Hamilton multiplex report tracks the median asking price per unit every week, by building size and by neighbourhood, so you can see where a listing sits.
What is a good expense ratio for a Hamilton duplex?
Plan on 33% to 35% of rent, as in the three examples above. That covers tax, insurance, repairs, management, empty weeks and saving for big items. A ratio under 25% on a small Hamilton building almost always means a cost was left out. Ask which one.
Can I count the basement unit as income?
Only if it is legal and registered with the City of Hamilton. An unregistered basement apartment is a renovation project, not a door. We left the fourth unit at 100 Balsam out of every number above for that reason. Making it legal is where the extra value sits.
Do these numbers include a property manager?
Yes, at 8% of rent. Budget it even if you plan to manage the building yourself. Your time is the cost, and a lender will underwrite the deal with management in it anyway. If you do self-manage, that 8% becomes extra cash in your pocket.
Your next step
Pick a home, and we will run these exact numbers on it with you, using the leases in place and a real insurance quote. No charge. Talk to the team, or start with the Hamilton investment listings we are watching this week. Found Spaces has 325+ 5-star Google reviews from people who ran the numbers with us first.
Sales, taxes and rents are from MLS records for Hamilton, read across both boards the team uses (PropTx and ITSO), as of November 2, 2026. Cost shares are the Found Spaces underwriting assumptions, not quotes. Mortgage math assumes 20% down, 25 years, 4.25%. Run your own deal before you buy.