238 Fleming Drive
London East, N5V 4Y9·MLS® X13161064·
Listing courtesy of Re/max Icon Realty·Updated May 22
Listing price
$589,000
Est. $2,805/mo
Days on market
Listed May 22, 2026
Description
Exceptional Investment Opportunity Near Fanshawe College! Welcome to this spacious and well-maintained 5+1 bedroom, 4-level backsplit located in one of London's most desirable rental locations. Just a short 2-minute walk to Fanshawe College, this City of London licensed rental property offers outstanding income potential with a proven history of strong tenancy and virtually zero vacancy.Designed for maximum flexibility and future income growth, the layout offers excellent potential for 2 independent living units, making it an ideal opportunity for investors or multi-generational living. The upper level features 3 generously sized bedrooms and a 4-piece bathroom. The bright main floor showcases an open-concept design with a spacious great room, kitchen, dining, and breakfast area - perfect for comfortable shared living.The lower level includes a separate side entrance, 2 additional bedrooms, and a 3-piece bathroom, creating excellent potential for a secondary suite setup. The basement offers a sixth bedroom with brand-new flooring, plus additional laundry and storage rooms for added convenience.Recently refreshed with full interior painting and various updates throughout, this property is truly move-in ready. Additional features include a fully fenced backyard, attached single-car garage, and parking for 2 vehicles on the driveway. Strong rental potential with projected income exceeding $4,500/month (depending on use and future configuration). Conveniently located near public transit, shopping, restaurants, parks, and all major amenities.An exceptional turnkey income property in one of London's most sought-after rental locations.
Property details
Garage
1 car Built-In
Basement
Full, Separate Entrance, Finished
Parking
3 spaces
Type
Detached — Backsplit 4
Heating
Forced Air
AI property estimate
82% confidence · 4 comparable sales analysed
Monthly payment estimate
Land transfer tax
Ontario LTT
$8,255
First-time rebate
−$4,000
First-time buyer rebate of up to $4,000 may apply. Consult a lawyer for eligibility.
Price & listing history
Sold comparables nearby
Sold$682,900
80 Empire Street, London East
Sold$455,000
24 Empire Street, London East
See all 10 comparables
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Market conditions · East D
Avg. sold price
$682,400
+5.2%
Avg. days on market
18
−3d
Sale-to-list ratio
101.2%
+0.8%
Investment analysis
Est. monthly rent
$2,356
Rental yield
4.8%
Est. cash flow
-$1,460
Cap rate
3.2%
Best time to sell
Affordability
Minimum household income required
$143,113
Based on 20% down, 5.24% stress test rate, 25yr amortization, 32% GDS ratio.
Similar Listings
AI estimate
$565,440
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