Hillcrest Village bungalow on premium corner lot with basement in-law suite potential
A solid detached bungalow on a corner lot in North York's Hillcrest Village, offered for the first time in over 50 years with a renovated main level and separate side entrance to the basement. Positioned for end users, renovators, or long-hold investors targeting land value and future income conversion rather than day-one cash flow.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,049,900
Cap rate
+1.28%
Est. monthly rent
$2,800
Source: comparables_widened
Est. net spread
+$241K
6mo hold
Annualized ROI
+46%
preliminary
The Deal
A solid detached bungalow on a corner lot in North York's Hillcrest Village, offered for the first time in over 50 years with a renovated main level and separate side entrance to the basement.
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 | $367,465 |
| Mortgage principal | $682,435 |
| Land transfer tax | $15,749 |
| Closing costs | $15,749 |
| Total acquisition | $398,962 |
Monthly cash flow
| Estimated rent | +$2,800 |
| Operating expenses | -$1,676 |
| Mortgage payment | -$3,985 |
| Net cash flow | -$2,862/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $140/mo |
| Maintenance reserve | $875/mo |
| Insurance | $437/mo |
| Property management | $224/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_widened (63 comps).
Breakeven
This property turns cash-flow positive at 81.7% 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 ($15,749), and closing costs ($15,749).
Section · Investment Thesis
Why this property.
List price is $1,049,900 for a 3-bed, 2-bath detached bungalow in Hillcrest Village. Estimated gross annual rent is $33,600 against an estimated annual NOI of $13,483.50, producing an estimated cap rate of 1.28% and an estimated gross yield of 3.20%. This is a land-and-location play in an established North York family neighbourhood, not a yield asset; the underwriting reflects single-family rental economics on a property priced largely for owner-occupiers and builders.
Leverage sensitivity is high. At 20% down ($209,980), the estimated monthly mortgage is $4,905.20 and estimated monthly cash flow is -$3,781.57, with cash-on-cash of -18.79%. At 35% down, estimated monthly cash flow is -$2,861.85 (-8.61% cash-on-cash). At 50% down, estimated monthly cash flow improves to -$1,942.12 (-4.19%). At 75% down ($787,425), estimated monthly cash flow narrows to -$409.25 (-0.60% cash-on-cash), approaching breakeven. Only at 100% cash ($1,049,900) does the property reach positive carry, with estimated monthly cash flow of +$1,123.62 and cash-on-cash of 1.25%. The minimum recommended down payment for neutral-to-positive carry is 100% cash; 75% down is the closest leveraged scenario to breakeven.
The investment case rests on three levers outside the base rent assumption. First, the separate side entrance and large basement create a path to legalize an in-law or secondary suite, which could materially improve the rent line over time. Second, the corner lot in a builder-active pocket of North York supports a future redevelopment or custom rebuild exit. Third, the AY Jackson SS, Zion Heights, and Cresthaven school catchments anchor end-user demand on resale. Hold-period implications are long: this is a 60+ month hold where returns are driven by land appreciation, suite conversion, or rebuild optionality, not monthly cash flow.
Buyers should size this as a capital-preservation and appreciation position. The numbers do not support a leveraged buy-and-hold rental thesis at current rates; investors who proceed should plan around a low-leverage or all-cash structure, a value-add basement conversion, or a builder/end-user exit.
Key features
- Premium corner lot in Hillcrest Village
- Detached bungalow, first time offered in over 50 years
- Renovated main level: new flooring, kitchen with stone counter and stainless appliances, renovated bathroom
- Separate side entrance to large basement, potential for in-law suite or secondary income unit
- New front, side, and basement windows and doors ('26)
- Rare attached garage plus private driveway
- AY Jackson SS, Zion Heights MS, Cresthaven PS catchment
- Minutes to Highways 401, 404, DVP, Fairview Mall, Don Mills Subway Station, Seneca College
Original MLS description
First Time Ever Offered In Over 50 Years! Lovingly Maintained By The Same Owner For Half A Century, This Solid Detached Bungalow Sits On A Premium Corner Lot In The Highly Sought-After Hillcrest Village Community Of North York. The Main Level Has Been Beautifully Renovated And Features A Bright, Modern Interior With New Wide-Plank Flooring, Fresh Paint, Pot-Lights, Updated Trim, New Front and Side Doors ('26), Smooth Ceiling, Stylish Light Fixtures And A Completely Renovated Bathroom With Contemporary Finishes. Spacious Living And Dining Areas Filled With Natural Light Through Large Picture Windows ('26). Functional Layout With Generous-Sized Bedrooms And A Bright Eat-In Kitchen Ready For Your Personal Touch. Brand New Kitchen With Stone Counter, Stainless Steel Appliances & Pot-lights. Separate Side Entrance To A Large Basement With Expansive Recreation Area, Offering Incredible Potential For An In-Law Suite, Additional Living Space Or Future Income Possibilities, Plus All New Basement Windows ('26). Rare Attached Garage Plus Private Driveway With Ample Parking. Excellent Opportunity For End Users, Renovators, Investors Or Builders Looking To Secure A Property In One Of North York's Most Established Family Neighbourhoods. Surrounded By Mature Trees And Quiet Residential Streets While Still Minutes To Highways 401, 404 & DVP, Fairview Mall, Don Mills Subway Station, TTC, Seneca College, Parks, Community Centre And Everyday Amenities. Located Within The Highly Desirable AY Jackson SS, Zion Heights Middle School and Cresthaven Public School with nearby public and Catholic school options. (42872866)
Section · Neighborhood
Where it sits.
Hillcrest Village
Hillcrest Village is an established North York family neighbourhood characterized by mature trees, quiet residential streets, and strong school catchments including AY Jackson Secondary School, Zion Heights Middle School, and Cresthaven Public School. The location offers proximity to Highways 401, 404 and the DVP, Fairview Mall, Don Mills Subway Station, TTC service, and Seneca College.
End-user demand in this catchment has historically been driven by families targeting the school zone and by builders seeking corner lots for custom rebuilds, which supports underlying land value through cycles.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: only the 100% cash scenario produces positive estimated monthly cash flow; all leveraged scenarios are negative.
Estimated cap rate of 1.28% is well below financing cost; returns depend on appreciation and/or basement suite conversion rather than in-place rent.
Sqft figure in source data (65) appears to be a data entry artifact and is not used in the underwriting; buyers should verify floor area independently.
Annual property tax shown as $0 in the financial inputs; actual municipal taxes will apply and should be confirmed before closing.
Basement in-law suite potential is described in listing remarks but requires permits, compliance with Toronto secondary suite by-laws, and capital to execute.
Single-tenant detached rental: vacancy risk is concentrated in one unit until a second suite is added.
Long hold period required (60+ months) to realize land appreciation or redevelopment thesis.