Cornwall and Belleville, ON: Realty Input Appreciated

[Connor MacFarlane]

Hello all,

I'm brand new to the site but I've been a podcast follower for several months now. Last year, I finished with schooling and entered the working world in earnest, immediately taking to all things personal finance related. I've been burning through finance and real estate books for the better part of a year now and I feel as though it's time to take the plunge. As I'm sure many of you will attest to, there's only so much you can learn from a book.

I live in eastern Ontario and have considered the Belleville and Cornwall markets as potential areas for cashflowing properties. While I don't mean to ramble, I'd greatly appreciate any/all input concerning these markets.

Having viewed 25+ properties in Belleville, I believe I have a preliminary sense of the town. The demographics show a large renter pool. Tenants consist primarily of lower- and lower-middle class citizens. The government projects minimal population growth over the next 10 years. The downtown strip has been gentrified and various real estate developments (ie. condos) are slated to be built within the next few years. Rent to value ratios can hit 1%, although these properties are  in the town's higher drug/crime areas. Otherwise 0.8-0.9% is reasonable. Most duplexes I've come across are 100+ years old.

I've recently started looking in Cornwall too. Cornwall is almost exclusively a rental town. Tenants consist of low-income and government assistance recipients. Some money has been put into Cornwall's downtown but updates seem minimal. Stats-Can projects no meaningful population growth in the upcoming years. While Belleville has high drug/crime pockets, Cornwall seems to be much more riddled by drugs and crime. As with Belleville, properties in Cornwall tend to be 100+ years old.

Does anybody here have experience buying and holding rentals in these markets? Have I missed any crucial details/considerations about these towns? How have your experiences with tenants been in these markets? Has anybody invested in both and, if so, have you come to prefer one market over the other? Has anybody considered both and chosen one market over the other? If so, why? Are there any town-specific ordinances that might negatively affect my capacity to buy and hold in these markets? 

Any and all advice on these matters is greatly appreciated. If it suits you, feel free to reach out directly. If you are local to these markets, I'd be willing to drive your way for coffee. I'm eager to get started on my real estate journey and I look forward to hearing from other BP members.

Cheers,
Connor