Multi-Family vs Single-Family Rentals: Which Makes More Money in Hamilton?

By Solutions Property Management — Thu Feb 26 2026

The honest cash-flow comparison between duplexes, fourplexes, and single-family rentals in Hamilton right now.

Ask ten investors and you'll get ten answers. Here's what our numbers actually look like across the Hamilton portfolio in early 2026.

**Single-family detached**

• Typical acquisition: $650k-$800k
• Typical rent: $2,600-$3,200
• Cap rate at current prices: 3.8-4.4%
• Vacancy risk: high (one tenant = 100% or 0%)
• Management difficulty: low
• Appreciation: historically strongest

**Legal duplex (up-down)**

• Typical acquisition: $750k-$950k
• Typical rent (both units): $3,800-$4,600
• Cap rate: 4.6-5.2%
• Vacancy risk: medium
• Management difficulty: medium (shared systems, tenant-tenant issues)

**Fourplex / small multi**

• Typical acquisition: $1.3M-$1.9M
• Typical rent: $7,200-$9,200
• Cap rate: 5.0-5.8%
• Vacancy risk: low
• Management difficulty: high (commercial financing, more maintenance, more turnover)

**The honest read**

Single-family wins on appreciation and simplicity. Multi wins on cash flow and vacancy resilience. In Hamilton specifically, the sweet spot for most first-time investors is the legal duplex — you get one CMHC-insured mortgage, meaningful rental income, and a manageable operational footprint.

The mistake we see most: investors buying illegal duplexes because the cap rate on paper looks better. When the city catches up (and they will), you're paying for a second-suite permit retroactively, or you're evicting an entire unit. Verify legality with the city before you close.