Renovated Scarborough bungalow with two-unit basement, steps to UTSC and Centennial College
Detached Morningside bungalow listed at $1,088,888, fully renovated with a separate-entrance basement configured as a 2-bedroom and a 1-bedroom unit. Estimated cap rate is 1.18% on $2,800 monthly rent, with negative carry at all leveraged scenarios and modest positive cash flow only on an all-cash basis.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,088,888
Cap rate
+1.18%
Est. monthly rent
$2,800
Source: comparables_widened
Est. net spread
+$250K
6mo hold
Annualized ROI
+46%
preliminary
The Deal
Detached Morningside bungalow listed at $1,088,888, fully renovated with a separate-entrance basement configured as a 2-bedroom and a 1-bedroom unit.
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 | $381,111 |
| Mortgage principal | $707,777 |
| Land transfer tax | $16,333 |
| Closing costs | $16,333 |
| Total acquisition | $413,777 |
Monthly cash flow
| Estimated rent | +$2,800 |
| Operating expenses | -$1,725 |
| Mortgage payment | -$4,133 |
| Net cash flow | -$3,059/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $140/mo |
| Maintenance reserve | $907/mo |
| Insurance | $454/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 83.1% 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 ($16,333), and closing costs ($16,333).
Section · Investment Thesis
Why this property.
53 Milford Haven Drive is a renovated detached bungalow in Scarborough's Morningside neighbourhood, listed at $1,088,888. The property has been updated with a new furnace, new A/C, and a new roof, and the finished basement features two self-contained units (a 2-bedroom and a 1-bedroom) with a separate entrance. On the stated estimated monthly rent of $2,800 and estimated annual NOI of $12,898.68, the property pencils to an estimated cap rate of 1.18% and an estimated gross yield of 3.09%, which is low for a multi-unit configuration and suggests current rent assumptions may understate the achievable income from a fully tenanted three-unit operation.
Leverage sensitivity on this asset is high. At 20% down ($217,778), the estimated monthly mortgage of $5,087.35 produces estimated monthly cash flow of -$4,012.46 and a cash-on-cash return of -19.23%. At 35% down, estimated monthly cash flow improves to -$3,058.58 (cash-on-cash -8.87%); at 50% down, -$2,104.70 (-4.38%); at 75% down, -$514.91 (-0.73%). Only the all-cash scenario reaches positive territory, at an estimated $1,074.89 per month and a cash-on-cash return of 1.15%. No down payment scenario short of 100% cash delivers neutral or positive carry on the modeled rent.
Given those mechanics, the investment case rests on either (a) achieving meaningfully higher blended rent than the $2,800 modeled figure by leasing the main floor and both basement units separately, or (b) an end-user/multi-generational buyer using the basement units to offset their carrying cost. Investors underwriting this property as a pure rental should stress-test actual three-unit rent rolls in Morningside before committing, and should expect to bring substantial equity. The minimum recommended down payment for neutral carry on the modeled rent is 100% cash.
Demand drivers are credible: the raw listing notes the property is minutes from Centennial College, University of Toronto Scarborough Campus, Highway 401, transit, parks, and shopping. That tenant pool (students, faculty, healthcare workers tied to Centennial Health Sciences) supports a long hold thesis, but the entry yield does not reward short-term holders. Plan for a 60+ month hold.
Key features
- Detached bungalow, fully renovated
- New furnace, new A/C, new roof
- Main floor: 3 bedrooms, hardwood, quartz kitchen
- Finished basement with separate entrance
- Two self-contained basement units (2BR + 1BR)
- Steps to schools; minutes to UTSC, Centennial College, Hwy 401
- 63 rental comparables informed the $2,800 rent estimate
Original MLS description
Completely newly renovated detached bungalow located in a desirable, family-oriented Scarborough neighbourhood, ideal for end-users or investors. Features new furnace, new A/C, and a new roof. The main level offers 3 spacious bedrooms, hardwood flooring throughout, and a modern kitchen with quartz countertops and pot lights, creating bright and functional living spaces. The finished basement features two selfcontained units-one 2-bedroom and one 1-bedroom-with a separate entrance, offering excellent potential for extended family living and additional inlaw suites. Conveniently located steps to schools and minutes from Centennial College, University of Toronto (Scarborough Campus), Highway 401, transit, parks, and shopping. (42878921)
Section · Neighborhood
Where it sits.
Morningside
Morningside sits in eastern Scarborough with direct access to Highway 401 and TTC bus routes feeding Kennedy and Scarborough Centre stations. The raw listing notes the property is minutes from Centennial College and University of Toronto Scarborough Campus, two institutions that anchor sustained student and faculty rental demand in the immediate area.
The neighbourhood is predominantly low-rise residential with a family-oriented profile, and proximity to schools, parks, and shopping supports both end-user resale and multi-unit tenancy. Long-term infrastructure tailwinds in east Scarborough (UTSC expansion, Centennial campus growth, Eglinton East LRT planning) underpin a multi-year appreciation thesis rather than near-term yield.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: negative monthly cash flow at 20%, 35%, 50%, and 75% down on modeled rent
Only the 100% cash scenario produces positive estimated monthly cash flow ($1,074.89)
Modeled rent of $2,800/month likely reflects a single-unit assumption; achieving target yield requires leasing all three units separately and verifying second-suite/triplex compliance with City of Toronto zoning and fire code
Estimated cap rate of 1.18% is low relative to GTA multi-unit benchmarks
Property tax shown as $0 in the dataset; buyer must verify actual municipal tax assessment before underwriting
Listing reports 65 sqft, which is a data error; verify actual square footage on site
No recent sold comparables available to triangulate price