Detached bungalow with basement apartment steps to Finch West Subway and LRT
A 3-bedroom main floor bungalow with a separate-entrance basement apartment in York University Heights, walking distance to Finch West Subway and the new Finch West LRT. Priced at $1,135,000 with dual-income potential anchored by York University rental demand.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,135,000
Cap rate
+1.08%
Est. monthly rent
$2,800
Source: comparables_widened
CF at 100% cash
+$1,017/mo
+1.0% CoC
Hold period
60+ mo
planned
The Deal
A 3-bedroom main floor bungalow with a separate-entrance basement apartment in York University Heights, walking distance to Finch West Subway and the new Finch West LRT.
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 | $397,250 |
| Mortgage principal | $737,750 |
| Land transfer tax | $17,025 |
| Closing costs | $17,025 |
| Total acquisition | $431,300 |
Monthly cash flow
| Estimated rent | +$2,800 |
| Operating expenses | -$1,783 |
| Mortgage payment | -$4,309 |
| Net cash flow | -$3,291/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $140/mo |
| Maintenance reserve | $946/mo |
| Insurance | $473/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 84.7% 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 ($17,025), and closing costs ($17,025).
Section · Investment Thesis
Why this property.
This detached bungalow at 230 Derrydown Road is listed at $1,135,000 and offers 2,482 sq. ft. of total living space with a 3-bedroom main floor and a separate-entrance basement apartment containing 2 additional bedrooms and a second full kitchen. The dual-unit configuration supports an estimated $2,800 monthly rent profile, an estimated annual NOI of $12,207, and an estimated cap rate of 1.08%. The investment case here is not current yield; it is transit-anchored appreciation in a York University rental pocket.
Leverage sensitivity on this asset is high. At 20% down ($227,000), estimated monthly cash flow is -$4,285.54 with a cash-on-cash return of -19.70%. At 35% down ($397,250), estimated monthly cash flow improves to -$3,291.27 (-9.16% cash-on-cash). The 50% down scenario ($567,500) still produces -$2,296.99 per month (-4.58%), and even at 75% down ($851,250) the property carries at -$639.87 per month (-0.87%). Only the 100% cash scenario ($1,135,000) produces positive carry, with estimated monthly cash flow of $1,017.25 and a 1.04% cash-on-cash return.
The minimum recommended down payment for neutral or positive monthly carry is 100% cash. Any leveraged buyer should plan to fund a meaningful monthly shortfall from outside capital. The thesis depends on transit-driven appreciation tied to Finch West Subway Station and the new Finch West LRT, plus optionality on renovating or reconfiguring the existing legal-style basement layout to lift rents over time. Hold period should be measured in years, not quarters.
For investors who can absorb negative carry or deploy cash, the location near York University, Highways 400 and 407, and Vaughan Metropolitan Centre supports a long-duration appreciation thesis. For yield-focused buyers, the current numbers do not support a purchase at list. All figures are estimates only.
Key features
- Detached bungalow with 2,482 sq. ft. of total living space
- 3-bedroom main floor plus separate-entrance basement apartment with 2 bedrooms and second full kitchen
- Steps to Finch West Subway Station and new Finch West LRT
- Minutes to Highways 400 and 407
- Walking distance to York University rental catchment
- Dual-income configuration suitable for multi-generational use or rental
Original MLS description
This versatile 2,482 sq. ft. of total living space detached bungalow offers an incredible opportunity for families and investors alike, featuring a bright 3-bedroom main floor complemented by a complete basement apartment with a separate entrance, 2 additional bedrooms, and a second full kitchen. Whether you're looking for a spacious multi-generational residence or a high-yield investment with dual-income potential, this property delivers the perfect balance of comfort and connectivity in a sought-after neighbourhood. Location, Location, Location. Leave the car at home! You are steps away from the Finch West Subway Station and the new Finch West LRT, giving you rapid access to Downtown Toronto, York University, and Vaughan Metropolitan Centre. For drivers, Highways 400 and 407 are just minutes away. Whether you are a first-time buyer looking for room to grow, or an investor seeking a high-demand rental pocket near York U, this property checks every single box. (42877103)
Section · Neighborhood
Where it sits.
York University Heights
York University Heights is a transit-rich pocket of northwest Toronto anchored by York University, the Finch West Subway Station on Line 1, and the new Finch West LRT, which together connect the area to Downtown Toronto and Vaughan Metropolitan Centre. The student and faculty rental base around York U historically supports strong tenant demand for multi-bedroom configurations with secondary suites.
Highway 400 and 407 access broadens the commuter pool beyond the immediate neighbourhood, and the ongoing build-out of the Finch West LRT corridor adds a long-duration infrastructure tailwind. Land value in low-rise pockets near new rapid transit nodes tends to be the primary appreciation driver over time.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Estimated cap rate of 1.08% is well below GTA investment benchmarks
Negative monthly cash flow in all leveraged scenarios (20%, 35%, 50%, and 75% down)
High leverage sensitivity: only 100% cash purchase produces positive estimated monthly carry
Thesis depends on transit-driven appreciation and is not supported by current in-place yield
Rent estimate sourced from widened comparables (63 comps); actual achievable rent may vary
No recent sold comparables available to triangulate market value
Basement apartment legal status and retrofit compliance should be verified during due diligence