House of the Week: $1.15 million for a classic cottage in Cabbagetown

Bragging Rights: Normally, you’d have to move somewhere rural like Stratford to get your hands on a classic Ontario cottage, but this picturesque example of the style has been fully renovated and sits in one of the city’s most desirable neighbourhoods.

Big Selling Point: A million may seem steep for just over 2,000 square feet of living space, but the potential $2,025 a month in rental income from the self-contained two-bedroom unit in the basement could subsidize the mortgage.

Possible Deal Breaker: The sellers recently dropped the price from $1.2 million in the hopes that someone will buy the cottage before the market slows down in December. We’ve seen smaller houses go for more.

By The Numbers:

• $1,149,000 • $4,811.63 in property taxes (2014) • $2,025 a month in potential rental income • 1,382 square feet, above grade • 1,005 square foot basement apartment • 4 bedrooms • 3 washrooms • 2 apartments • 2 kitchens • 2 entrances • 1.5 storeys