Renovated 3+1 link detached in Bayview Glen with legal-style basement suite, walk to Langstaff GO
Renovated detached-link in Richmond Hill's Bayview Glen pocket with a 2024 finished basement apartment and separate entrance, walking distance to Langstaff GO. Negative carry under typical leverage; the property only reaches positive monthly cash flow on an all-cash basis given current rent comparables.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,098,000
Cap rate
+1.45%
Est. monthly rent
$3,100
Source: comparables_widened
CF at 100% cash
+$1,325/mo
+1.4% CoC
Hold period
60+ mo
planned
The Deal
Renovated detached-link in Richmond Hill's Bayview Glen pocket with a 2024 finished basement apartment and separate entrance, walking distance to Langstaff GO.
Section · Financial Reality
Five ways to buy. The math, side by side.
Each column shows the actual monthly cash flow and cash-on-cash return at that leverage. Click a column for the full breakdown.
Acquisition
| Down payment | $384,300 |
| Mortgage principal | $713,700 |
| Land transfer tax | $16,470 |
| Closing costs | $16,470 |
| Total acquisition | $417,240 |
Monthly cash flow
| Estimated rent | +$3,100 |
| Operating expenses | -$1,776 |
| Mortgage payment | -$4,168 |
| Net cash flow | -$2,844/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $155/mo |
| Maintenance reserve | $915/mo |
| Insurance | $458/mo |
| Property management | $248/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_widened (15 comps).
Breakeven
This property turns cash-flow positive at 79.3% down.
Run your own scenario
Move the assumptions. See the math live.
Live result
All figures are estimates only and do not constitute financial advice. The sliders use the same math as the locked five-scenario calculator; only assumptions change. Total acquisition includes the down payment, land transfer tax ($16,470), and closing costs ($16,470).
Section · Investment Thesis
Why this property.
185 Red Maple Road is a 3+1 bedroom, 4-bathroom renovated detached-link home listed at $1,098,000 in Richmond Hill's Langstaff/Bayview Glen pocket. The property includes a brand new professionally finished basement apartment (2024) with a separate entrance, providing a secondary income stream on top of the main dwelling. Estimated gross annual rent across both units is $37,200, with annual NOI of $15,894, producing an estimated cap rate of 1.45% and gross yield of 3.39% at list.
Leverage sensitivity on this asset is high. At 20% down ($219,600), the estimated monthly mortgage payment is $5,129.92 and monthly cash flow is approximately -$3,805.42, a cash-on-cash return of -18.08%. Moving to 35% down ($384,300) narrows the monthly shortfall to roughly -$2,843.56 (-8.18% cash-on-cash), and 50% down ($549,000) still produces an estimated -$1,881.70 per month (-3.88%). At 75% down ($823,500) the property approaches breakeven at approximately -$278.60 per month (-0.39% cash-on-cash). Only the 100% cash scenario produces positive carry, with estimated monthly cash flow of +$1,324.50 and a cash-on-cash return of 1.41%.
The investment thesis here is appreciation-led rather than yield-led. The location justifies the underwriting: walking distance to Langstaff GO, Viva BRT on Highway 7, proximity to Highways 7, 407, and 404, and the future Yonge North subway extension. The top-ranked school catchment (Adrienne Clarkson PS, Langstaff SS, St. Robert CHS) supports end-user demand and rental stability. The 2024 basement suite with separate entrance reduces near-term capex risk and supports the dual-income strategy.
Recommended hold is 60+ months, with the minimum down payment for neutral or positive monthly carry being 100% cash. Investors using leverage should expect to fund monthly shortfalls and underwrite to appreciation and principal paydown rather than current yield. All figures are estimates only.
Key features
- 3+1 bedrooms, 4 bathrooms, detached-link (linked by garage only)
- Brand new 2024 finished basement apartment with separate entrance
- Renovated kitchen with granite counters, stainless appliances
- Primary bedroom with walk-in closet and 3-pc ensuite (quartz, glass shower)
- Fully fenced backyard with oversized deck
- Walking distance to Langstaff GO station and Viva BRT
- Top-ranked school catchment: Adrienne Clarkson PS, Langstaff SS, St. Robert CHS
- Close to Hwy 7, 407, 404; minutes to future Yonge/7 subway line
Original MLS description
A Beautifully Renovated Detached Link. Linked By Garage Only Feel Likes Detached *Direct Access To Garage*. Conveniently Located In The Heart Of Richmond Hill. This Home Basks In Ample Natural Light & Is Connected By The Garage Only. Spacious 3+1 Bedrooms, And 4 Washrooms. Live In The Highly Sought After The Coveted Bayview Glen Neighbourhood. This Home Offers Endless Opportunities. Enjoy The Rental Income Of The Private Basement Apartment With Separate Entrance. Meticulously Designed To Cater To Both Comfort & Style. Open Concept Living And Dining Room, Creating A Seamless Flow. Renovated Kitchen With Granite Countertops, Stainless Steel Appliances, Undermount Sink, And Unique Back Splash. Primary Bedroom Features Spacious Walk-In Closet And 3 Pc Ensuite With Quartz Countertop, Seamless Glass Shower, Designer Mirror And Light Fixtures. Brand New Professionally Finished Basement Apartment (2024) With Separate Entrance, Features New Laminate Floor, Fully Equipped Kitchen With Brand New Stainless Steel Appliances (2024), Quartz Countertop, Recreation Room, A Bedroom, 3-PC Bathroom And Plenty Of Storage Space. Fully Fenced Private Backyard With Oversized Deck, Perfect For Entertaining. Top Ranking School Zone: Adrienne Clarkson Public School, Langstaff Secondary School & St. Robert Catholic High School. Extras: Enjoy An Array Of Amenities. Walking Distance To the GO train station ensuring a seamless commute to Toronto & beyond, Viva Bus, Park, School And Shopping. Close To Hwy 7/407/404. Minutes To Future Yonge/7 Subway Line. (42802131)
All photos
49 additional · click any to expand
Section · Neighborhood
Where it sits.
Langstaff
Langstaff/Bayview Glen is an established Richmond Hill pocket anchored by top-ranked schools (Adrienne Clarkson PS, Langstaff SS, St. Robert CHS) and immediate access to the Langstaff GO station, Viva BRT on Highway 7, and Highways 7, 407 and 404. The area is a primary catchment for the future Yonge North subway extension, a long-dated infrastructure catalyst that has historically supported land value in adjacent York Region nodes.
Demand drivers are end-user-led: family buyers chasing the school zone, GO commuters into downtown Toronto, and tenants seeking detached-form housing with separate basement units. Inventory of renovated detached-link homes with finished secondary suites in this catchment is limited, which supports the appreciation thesis even where current yield is thin.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: property is cash-flow negative at 20%, 35%, 50%, and 75% down scenarios
Positive monthly cash flow only achieved at 100% cash purchase, with an estimated 1.41% cash-on-cash return
Estimated cap rate of 1.45% is below typical financing cost; thesis depends on appreciation and principal paydown
Annual property tax shown as $0 in the supplied financials; verify actual municipal tax before closing as this materially affects NOI
Basement apartment income depends on tenant placement and applicable zoning/second-suite compliance in Richmond Hill
Future Yonge North subway timing is subject to government schedule risk
Detached-link form (shared garage wall) may price below true detached comps on exit