Renovated Milliken semi with finished basement apartment, walk to TTC and future subway station
Freehold semi-detached in Milliken with a finished basement apartment and roughly $100K in recent upgrades, listed at $798,000. The income-conversion layout and walk-to-TTC location support a value-add hold while a future subway station builds the longer-term appreciation case.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$798,000
Cap rate
+2.16%
Est. monthly rent
$2,800
Source: comparables_widened
Est. net spread
+$180K
6mo hold
Annualized ROI
+45%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
2.16% on the existing single-unit rent. The thesis is the income uplift after the conversion is complete, not today's number.
Projected post-conversion spread
$180,435 estimated over a 6-month hold using default market reno costs and the underwritten rent source.
Recommended leverage
75% down to reach neutral or positive carry during the conversion window.
Rent backed by
Estimate sourced from city-wide comparables, not a CMHC fallback.
Every property published on 6Yield clears a multi-stage screen — universal financial floor, per-tier quality gate, and an editorial review on listing evidence. These bullets summarize the specific facts that cleared this property’s tier. Estimates only; not financial advice.
Fix-and-flip projection
The spread, before the buy-and-hold math.
Preliminary · adjust scope & uplift
Renovation scope
Projection
Preliminary estimate. Renovation costs use 6Yield default per-sqft figures. Post-renovation value is modeled as a multiple of list price — replace with comparable post-renovation sales for higher precision. Carrying costs include property tax, condo fees if any, and insurance; financing costs not yet modeled.
Section · Buy-and-hold backup
If you held instead. The carrying 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 | $279,300 |
| Mortgage principal | $518,700 |
| Land transfer tax | $11,970 |
| Closing costs | $11,970 |
| Total acquisition | $303,240 |
Monthly cash flow
| Estimated rent | +$2,800 |
| Operating expenses | -$1,362 |
| Mortgage payment | -$3,029 |
| Net cash flow | -$1,591/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $140/mo |
| Maintenance reserve | $665/mo |
| Insurance | $333/mo |
| Property management | $224/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=63).
Breakeven
This property turns cash-flow positive at 69.1% 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 ($11,970), and closing costs ($11,970).
Section · Investment Thesis
Why this property.
This listing suits a value-add investor or owner-occupant house-hacker who can carry a freehold semi in Scarborough's Milliken pocket and lean on the existing finished basement apartment for income. The mechanic is straightforward: a renovated main dwelling plus a separate lower-level suite, acquired at $798,000 with an estimated 2.16% cap rate. Returns improve materially as leverage drops, and the property is structured for a long hold rather than a quick flip.
Milliken sits along the Steeles East corridor in northeast Scarborough, with Milliken Park and the TTC stop on Steeles within walking distance per the listing, and short drives to Pacific Mall, Woodside Mall, Highway 401, the GO Station, and Scarborough Town Centre. The listing also references a future subway station nearby, which aligns with planned Line 4/Sheppard area extensions and the broader transit build-out into northeast Scarborough. The submarket has a stable owner-occupier base feeding Pacific Mall and the Markham employment edge, and freehold semis under $800,000 inside the 416 with a legal-style basement layout remain scarce. Recent capital already spent on kitchen, bathrooms, AC, furnace, driveway, and basement reduces near-term capex risk for an income-focused hold.
At 20% down the estimated monthly cash flow is -$2,289.80, narrowing to -$891.69 at 50% down and crossing into positive territory at 75% down with $273.40 per month. The recommended structure is 75% down or all-cash at $1,438.50 monthly for investors prioritizing carry; a house-hacker living upstairs and renting the basement can operate comfortably at 20%-35% down. Hold 60+ months through the subway station delivery to capture the appreciation leg.
Key features
- Freehold semi-detached, 3 bed / 3 bath
- Finished basement apartment for secondary income
- Approximately $100K in recent upgrades
- New main-floor kitchen and second-floor bathroom
- New AC, furnace, interlock driveway (2023), garage door
- Extended driveway with two additional parking spots
- Walking distance to TTC stop on Steeles and Milliken Park
- Minutes to Pacific Mall, Woodside Mall, HWY 401, GO Station, STC
Original MLS description
Newly renavated and Move-in Ready Family Home in Highly Demanded and Very Convenient Neighborhood.! Bright & Functional Layout Freehold semi-detached house with almost $100K spent on upgrades (interlock driveway (2023) with extended Driveway W/2 Additional Car Parking), garage door, backyard shed, AC, furnace, and finished basement apartment, bathrooms (second floor bathroom brand new), kitchens(main floor kitchen is brand new), fresh paint & new flooring, front enclosed Porch (all done within lase few years). Backyard Facing To South Lots of Sunshine. brand new Open concept kitchen. Quiet, sought-after neighborhood, perfect for first-time buyers, close to parks. Walks To Schools, Supermarkets, Restaurants, Parks, Banks, Library. Mins walks To Milliken Park and TTC stop; mins drive to Woodside Mall, HWY 401, Pacific Mall, Go Station, STC and future subway station...Close To All The Amenities You Need Nearby! Don't miss out! (42838588)
Section · Neighborhood
Where it sits.
Milliken
Milliken is a stable northeast Scarborough neighborhood at the Steeles East corridor, anchored by Milliken Park, Pacific Mall, and Woodside Mall, with quick access to Highway 401 and Scarborough Town Centre. The pocket draws a long-tenured owner-occupier base and steady rental demand from the adjacent Markham employment edge.
The listing references a future subway station in the area, consistent with planned transit expansion into northeast Scarborough. Combined with TTC service on Steeles and proximity to a GO Station, the corridor offers multiple commuter options that support medium-term land value.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: estimated monthly cash flow is negative at 20%, 35%, and 50% down, only turning positive at 75% down or all-cash.
Estimated cap rate of 2.16% is below typical financing costs; thesis depends on appreciation and/or basement-suite income rather than going-in yield.
Estimated rent of $2,800/month is derived from widened comparables and may not reflect achievable rent for the upper unit plus basement suite separately.
The 'future subway station' reference in the listing is not tied to a confirmed delivery date; appreciation timing carries execution risk.
Basement apartment legal status (retrofit compliance, second-unit registration) is not confirmed in the listing and should be verified.
Reported 102 sqft figure appears to be a data error; buyer should confirm actual floor area.