Detached Rockcliffe-Smythe bungalow with basement apartment, deep 15 x 150 ft lot
A two-unit detached bungalow in Toronto's west-end Rockcliffe-Smythe neighbourhood, listed at $699,900 with a separate-entrance basement apartment. Estimated economics require substantial equity, with positive carry only at full cash purchase based on current rent assumptions.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$699,900
Cap rate
+1.18%
Est. monthly rent
$1,800
Source: comparables_widened
Est. net spread
+$159K
6mo hold
Annualized ROI
+45%
preliminary
The Deal
A two-unit detached bungalow in Toronto's west-end Rockcliffe-Smythe neighbourhood, listed at $699,900 with a separate-entrance basement apartment.
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 | $244,965 |
| Mortgage principal | $454,935 |
| Land transfer tax | $10,499 |
| Closing costs | $10,499 |
| Total acquisition | $265,962 |
Monthly cash flow
| Estimated rent | +$1,800 |
| Operating expenses | -$1,109 |
| Mortgage payment | -$2,657 |
| Net cash flow | -$1,966/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $90/mo |
| Maintenance reserve | $583/mo |
| Insurance | $292/mo |
| Property management | $144/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_widened (67 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 ($10,499), and closing costs ($10,499).
Section · Investment Thesis
Why this property.
132 Spears Street is a detached bungalow currently configured as a two-family property with a basement apartment accessed through a separate front entrance. The list price is $699,900, the lot is a deep 15 x 150 ft parcel, and the layout offers optionality between continued two-unit use and conversion back to single-family by reopening the blocked basement stair. Estimated gross annual rent is $21,600 against estimated annual NOI of $8,293.50, producing an estimated cap rate of 1.18% and gross yield of 3.09%.
Leverage sensitivity here is high. At 20% down ($139,980), the estimated monthly mortgage is $3,269.98 and projected monthly cash flow is -$2,578.85, a cash-on-cash return of -19.22%. At 35% down ($244,965), projected monthly cash flow improves to -$1,965.73 (-8.87% cash-on-cash). At 50% down ($349,950), projected monthly cash flow is -$1,352.61 (-4.38%). At 75% down ($524,925), the property approaches breakeven with projected monthly cash flow of -$330.74 (-0.73%). Only at a 100% cash purchase ($699,900) does projected monthly cash flow turn positive at $691.12, a 1.15% cash-on-cash return. The minimum recommended down payment for non-negative carry under these assumptions is 100%.
The investment case is therefore not a pure cash-flow play at typical leverage. The thesis rests on three levers: (1) the detached form factor and 15 x 150 ft lot in an established west-end Toronto neighbourhood, (2) the existing two-unit configuration with separate basement entrance, which preserves income optionality and end-user resale flexibility, and (3) potential rent repositioning beyond the $1,800 monthly estimate used in these projections. Buyers should treat the figures above as estimates only and underwrite their own rent assumptions, particularly given the basement stair currently being blocked and the noted concrete repair to be completed before closing.
Hold period implications: with negative projected carry at all leveraged scenarios, this property suits investors who can absorb monthly shortfalls during a longer hold (60+ months) targeting land value and neighbourhood appreciation, or cash buyers seeking modest positive carry plus optionality. Parking sits on the boulevard without a permit; the listing instructs buyer due diligence on that point.
Key features
- Detached bungalow on quiet residential street
- Currently configured as 2-family with separate-entrance basement apartment
- Deep 15 x 150 ft lot
- East/west exposure
- Optionality to revert to single-family (basement stair currently blocked)
- Established Rockcliffe-Smythe west-end Toronto location
- 2 beds, 2 baths
Original MLS description
Charming detached bungalow on a quiet residential street in Toronto's sought-after Rockcliffe-Smythe neighbourhood. This bright and functional home features an open-concept living and dining area, spacious kitchen, generous-sized bedrooms, and a deep 15 x 150 ft lot with backyard space perfect for relaxing or entertaining. Currently set up as a 2 family property with a basement apartment with separate entrance from the front, ideal for income or in-law suite. Stairs to basement currently blocked but easily opened if single family is desired. Long backyard. Resident has been parking in front of the home on the boulevard for many years but does not have a parking permit (Buyer to do due diligence). Very bright with east/west exposure. Conveniently located close to parks, schools, shopping, transit, and everyday amenities, offering comfortable urban living in an established family-friendly community. Ideal for professionals, couples, or small families seeking a well-connected west-end location. Small concrete floor section on side of the house to be repaired once the weather improves and before closing. Offers anytime. Don't miss this opportunity! (42889852)
All photos
26 additional · click any to expand
Section · Neighborhood
Where it sits.
Rockcliffe-Smythe
Rockcliffe-Smythe is an established west-end Toronto neighbourhood characterized by detached housing stock, ravine access, and a family-oriented demographic. The area sits within reach of the Stockyards retail district, Junction amenities, and TTC surface transit connecting to Line 2 subway stations, with arterial access via Jane Street, Weston Road, and St. Clair Avenue West.
The location offers proximity to parks, schools, shopping, and transit per the listing, supporting steady end-user demand in addition to tenant demand. Detached form factor with deep lots in this pocket has historically been a land-value story for west-end Toronto investors.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: projected monthly cash flow is negative at 20%, 35%, 50%, and 75% down scenarios; only 100% cash produces positive carry under current rent assumptions
Estimated cap rate of 1.18% is low relative to financing costs at the 4.99% mortgage rate used
Listed sqft of 65 appears to be a data entry issue and should be verified independently
Parking is on the boulevard without a permit; listing instructs buyer due diligence
Small concrete floor section on side of house requires repair before closing per listing
Basement stair currently blocked; reopening or maintaining two-unit configuration requires verification of legal status and compliance
Rent estimate of $1,800/month is based on widened comparables (67 comps); actual achievable rent for the two-unit configuration should be independently underwritten
No recent sold comparables available to anchor valuation