All-inclusive 1+Den in gated Tridel community at Bonis Ave, $398,000 with 4.53% cap rate
A 1-bedroom plus den condo in the Tam O'Shanter-Sullivan area listed at $398,000 with an estimated 4.53% cap rate. Cash flow turns positive at 50% down, making it a fit for conservative investors and cash buyers seeking stable carry.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$398,000
Cap rate
+4.53%
Est. monthly rent
$2,300
Source: comparables_widened
CF at 50% down
+$341/mo
first positive
Cash-on-cash
+1.94%
at 50% down
The Deal
A 1-bedroom plus den condo in the Tam O'Shanter-Sullivan area listed at $398,000 with an estimated 4.
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 | $139,300 |
| Mortgage principal | $258,700 |
| Land transfer tax | $5,970 |
| Closing costs | $5,970 |
| Total acquisition | $151,240 |
Monthly cash flow
| Estimated rent | +$2,300 |
| Operating expenses | -$797 |
| Mortgage payment | -$1,511 |
| Net cash flow | -$7/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $115/mo |
| Maintenance reserve | $332/mo |
| Insurance | $166/mo |
| Property management | $184/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_widened (261 comps).
Breakeven
This property turns cash-flow positive at 35.3% 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 ($5,970), and closing costs ($5,970).
Section · Investment Thesis
Why this property.
This 1+Den unit at 138 Bonis Avenue is listed at $398,000 in a Tridel-built gated community in Toronto's Tam O'Shanter-Sullivan neighbourhood. Estimated gross annual rent is $27,600 with annual NOI of $18,042, producing an estimated cap rate of 4.53% and gross yield of 6.93%. The all-inclusive maintenance fee structure, which the listing states covers heat, hydro, water, A/C, parking, and Bell Fibe TV and internet, is a notable underwriting factor at this price point.
Leverage sensitivity is meaningful. At 20% down ($79,600), the estimated monthly mortgage payment is $1,859.48 and monthly cash flow is approximately -$355.98, a cash-on-cash return of -4.67%. At 35% down ($139,300), the unit approaches breakeven at an estimated -$7.33 per month (-0.06% cash-on-cash). The property crosses into positive carry at 50% down ($199,000), where estimated monthly cash flow is $341.32 and cash-on-cash return is 1.94%. At 75% down, estimated monthly cash flow rises to $922.41 (3.57% cash-on-cash), and at 100% cash ($398,000), estimated monthly cash flow is $1,503.50 with a 4.40% cash-on-cash return.
The minimum recommended down payment for positive monthly carry is 50%. Investors deploying 35% down should expect to operate at roughly breakeven and rely on principal paydown and any future appreciation for total return. Cash buyers receive the full 4.40% unlevered yield, which is competitive for a turnkey GTA condo of this size.
Recommended hold period is 60 months or longer, given the modest unlevered yield and the importance of capturing principal paydown and any neighbourhood appreciation. The unit's larger floorplate, gated security, and full amenity package support rental demand from downsizers and professionals working in north Scarborough.
Key features
- 1 bedroom plus den layout, listing states over 900 sq ft
- Tridel-built gated community with 24-hour gatehouse security
- All-inclusive maintenance: heat, hydro, water, A/C, parking, Bell Fibe TV and internet
- Full amenity package: indoor pool, gym, party room, squash courts
- Walkable to No Frills, Highland Farms, Walmart, and library
- Access to TTC, GO Transit, and Hwy 401
- Golf course views from private balcony
- Move-in ready: freshly painted, new light fixtures, updated hardware
Original MLS description
GET MORE FOR YOUR MONEY WITH ALL-INCLUSIVE LIVING. Bright, sun-filled and rarely offered 1+Denwith over 900 sq ft in a quality Tridel-built, gated community with 24-hr gatehouse security -ideal for first-time buyers, downsizers, or investors. Freshly painted with new light fixtures and updated hardware, this move-in ready unit offers a spacious open-concept layout with large windows, a generous primary bedroom with walk-in closet, and a versatile den perfect for a home office or guest space. Enjoy peaceful views with a golf course right in your backyard ,plus your own private balcony. Maintenance fees cover heat, hydro, water, A/C, parking, plus Bell Fibe TV & internet - a truly all-inclusive setup that is increasingly rare and no longer commonly offered in newer buildings. Residents enjoy access to full-service amenities, including indoor pool, gym, party room, squash courts, and more - all within a secure, well-managed community. Convenient location steps to No Frills, Highland Farms, Walmart, library, and everyday essentials. Easy access to TTC, GO Transit, and Hwy 401. Rare size. All-inclusive living. Gated community. Move-in ready. Exceptional value. (42884986)
All photos
44 additional · click any to expand
Section · Neighborhood
Where it sits.
Tam O'Shanter-Sullivan
Tam O'Shanter-Sullivan is an established residential pocket in north Scarborough anchored by the Tam O'Shanter Golf Course and a mix of mid-rise condos, townhomes, and detached housing. The location offers walkable access to No Frills, Highland Farms, Walmart, and a public library, per the listing, supporting steady end-user and tenant demand.
Transit connectivity is a key driver: the listing notes easy access to TTC bus routes, GO Transit, and Highway 401, linking the area to downtown Toronto, Scarborough Town Centre, and the broader 401 employment corridor. The combination of mature infrastructure, retail density, and arterial access underpins long-term rental fundamentals.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: negative monthly cash flow at 20% and 35% down scenarios
All-inclusive maintenance fee structure means future fee increases directly compress NOI; verify current fee and reserve fund study
Property tax shown as $0 in underwriting; buyer should confirm actual annual property tax before closing
Sqft field shows 83 in data feed; listing description states over 900 sq ft, buyer should verify measurements
No recent sold comparables available to benchmark price
Rent estimate based on widened comparables set (261 comps); actual achievable rent may vary
Older building stock in the complex may carry higher long-term capital reserve requirements