9-Unit Brand New BRRRR Windsor Ontario — The Full Deal Breakdown
Nine units. One project. One deal that permanently changed the trajectory of an investor's financial life.
This is the complete breakdown of a real 9-unit Brand New BRRRR project we completed in Windsor, Ontario — every number, the full timeline, what worked, and what the investor walked away with. The short version: the investor deployed capital, recovered more than they put in, and now owns a building generating significant monthly passive income.
Why 9 Units? Understanding the Scale Decision
In Canada, the financing rules shift at 4 units. Under 4 units: residential mortgage rules, up to 80% LTV, qualified on the borrower's personal income. At 4 units and above: commercial rules apply, 75% LTV, qualified primarily on the property's rental income.
At 9 units, the income the property generates is substantial enough that 75% LTV still produces strong recovery. For investors with significant capital and an appetite for scale, a 9-unit project delivers more total passive income per project, more total equity per project, and a larger asset in a single execution cycle.
The Deal: Full Numbers
Location: Windsor-Essex, Ontario. Unit mix: A combination of 1-bedroom, 2-bedroom, and 3-bedroom units. Unit rents ranged from $1,600/month for 1-bedroom units to $2,200/month for 2-bedroom units and $2,800/month for 3-bedroom units — achieving $18,000/month gross across all 9 units. Total build size: Approximately 9,000 square feet.
| Investment Item | Amount |
|---|---|
| Lot purchase | $185,000 |
| Closing costs (LTT + legal) | $5,500 |
| Construction (~$200/sqft × 9,000 sqft, all-in incl. HST) | $1,800,000 |
| Construction loan fee (due after occupancy only) | $72,000 |
| Insurance during build | $8,000 |
| Total all-in investment | $2,070,500 |
| Recovery Item | Amount |
|---|---|
| After-build appraised value | $2,800,000 |
| Refinance mortgage at 75% LTV (commercial) | $2,100,000 |
| HST rebate from CRA | $207,000 |
| Total capital recovered | $2,307,000 |
| Recovery rate | 111.4% |
| Cash Flow Item | Monthly |
|---|---|
| Gross rental income (9 units) | $18,000 |
| Mortgage (75% LTV, 5.05%, 30-year) | ($10,200) |
| Property tax | ($1,500) |
| Building insurance | ($900) |
| Property management (8%) | ($1,440) |
| Maintenance reserve (3%) | ($540) |
| Vacancy buffer (3%) | ($540) |
| Net monthly cash flow | $2,880 |
Nearly $3,000 per month — on zero capital permanently in the deal, because all of it came back at refinance.
The Timeline
Month 1: Lot identified, purchased, construction agreement signed at fixed price. Month 2: Permits submitted. Month 3: Foundation poured. Months 4–7: Framing, mechanical, electrical, insulation, drywall. Month 8: Finishing. Month 9: Occupancy permit. Leasing team activates. Month 10: All 9 units tenanted. Month 11: Bank appraisal. Month 12: Refinance closed. Capital returned. HST rebate filed.
Total time from lot purchase to capital returned: 12 months.
What Made This Deal Work
The fixed-price construction contract: On a $1.8M construction budget, a 10% cost overrun would be $180,000. The fixed-price contract is the structural protection that lets investors plan with certainty. Everything is included: HST, design fees, engineering, permits, services. The number does not move.
The construction loan structure: On a $1.8M build, traditional private lender terms — roughly 3-4% upfront plus 1% per month — would have cost approximately $200,000+ over the 12-month timeline. Our construction lender charges a flat fee, due only after occupancy. On this project, that was $72,000. The saving versus market-rate construction financing is substantial.
The leasing timeline: The leasing team began marketing units at month 8 — before the occupancy permit. By month 10, all 9 units were tenanted. Zero vacancy gap. On a 9-unit building with $18,000/month gross rent, every empty month costs $18,000 in lost income.
Who Does a 9-Unit Project?
A 9-unit project requires a larger capital commitment. The investor on this project contributed approximately $450,000 to $500,000 in equity, with the construction loan covering the balance. This was not a first deal — they had completed a smaller Brand New BRRRR project first and understood the process before stepping up to this scale.
For investors with $400,000 or more in available capital who want to make a larger impact with a single project — rather than completing three smaller ones — a 9-unit can make sense from the first deal. The execution complexity is higher, but the team and process are the same.
Aditya Kumar Soma is a real estate investor with 50+ rental units and a $20M+ portfolio in Windsor-Essex, Ontario. He has personally completed 20+ Brand New BRRRR projects — including multiple large-scale builds — and documented every deal on YouTube since 2019.