I do like the city of Cobourg a lot. I have owned my 6-plex for about 4 years now. CMHC numbers show vacancy rates consistantly at 1% or LOWER. Simply put, there is a housing shortage in the area.
Speaking to a local property manager, if you have an upscale unit, you will actually have bidding wars for it. I find the rents Sarah Coupland from TAG Properties is getting compares very favourably to Oshawa and Whitby, yet with re-sale prices significantly lower and competition for properties much less.
I am watching city council very closely. They are trying to put through a plan to allow nearly all homes in the city to be converted to 2-unit homes. I absolutely plan to pick up some desirable bungalow located well for under $250K, add the 2nd suite and generate combined rents exceeding $2200 a month plus utilities.
It also doesn't have the stigma that Port Hope has and is still commutable to Oshawa and Peterborough.