238 MCELROY DRIVE · Detached rental

238 MCELROY DRIVE is a detached rental in Ottawa, ON, asking $499,999 — $499,999 per door.

That sits above the Ottawa band of $275k - $475k per door. A price above the band has to be earned by rents, condition, or upside that the listing has not yet shown. Ottawa cap rates screen 4.3% - 5.6% against average rent near $2,250 a door.

At 1 unit this finances as residential, not commercial — MLI Select starts at five units. The qualifying rate still applies: federally regulated lenders test a 1–4 unit rental at the greater of your contract rate plus two points or 5.25%.

Ottawa offers durable demand, stable employment, and selected intensification upside, but prices require disciplined underwriting. Investor demand reads high, vacancy tight to balanced.