Rockcliffe-Smythe detached bungalow with basement apartment and separate front entrance on 15 x 150 ft lot
Detached two-family bungalow listed at $699,900 in Rockcliffe-Smythe with an existing basement apartment and separate front entrance. The setup supports a suite-legalization value-add path, though carry is negative at all leveraged scenarios 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
Section · Why this passed our floor
What lifts the math here
Current cap
1.18% on the existing single-unit rent. The thesis is the income uplift after the conversion is complete, not today's number.
Projected post-conversion spread
$159,477 estimated over a 6-month hold using default market reno costs and the underwritten rent source.
Recommended leverage
100% down to reach neutral or positive carry during the conversion window.
Rent backed by
Estimate sourced from city-wide comparables, not a CMHC fallback.
Every property published on 6Yield clears a multi-stage screen — universal financial floor, per-tier quality gate, and an editorial review on listing evidence. These bullets summarize the specific facts that cleared this property’s tier. Estimates only; not financial advice.
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 |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=67).
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.
This property suits a value-add investor pursuing an income-conversion path. The bungalow is already configured as a two-family layout with a basement apartment and a separate front entrance, which is the structural prerequisite for a legalized secondary suite. At the $699,900 list price the estimated cap rate sits at 1.18%, so the thesis is not current income; it is NOI lift from formalizing and re-leasing both units after permit work, with the upper level repositioned and the lower suite brought to code.
Rockcliffe-Smythe sits along the St. Clair West corridor in Toronto's west end, with the 512 St. Clair streetcar feeding into the Line 1 subway at St. Clair station. The Stockyards District retail node on Weston Road and the Junction commercial strip anchor local demand, and the neighborhood draws spillover from pricier adjacent pockets including the Junction and Runnymede. The 15 x 150 ft deep lot is the durable asset here, supporting a future garden suite under Toronto's as-of-right framework and providing optionality beyond the basement suite already in place. East-west exposure on a quiet residential street fits the end-user resale profile if the value-add path is monetized through sale rather than refinance.
Execution requires capital. At 20% down, estimated monthly cash flow is -$2,578.85, and even at 75% down carry is still -$330.74. Only the 100% cash scenario clears at an estimated +$691.12 per month. The recommended structure is 75% down or higher with a 24 to 36 month plan: legalize the basement suite, stabilize both units at market rent, and either refinance into a stabilized DSCR product or list to an end-user buyer once the two-unit configuration is documented.
Key features
- Detached bungalow configured as a 2-family property
- Basement apartment with separate front entrance
- Deep 15 x 150 ft lot supporting future garden suite optionality
- East/west exposure, bright interior
- Stairs to basement currently blocked, easily reopened for single-family use
- 2 bedrooms, 2 bathrooms above grade configuration
- On-street parking only; no parking permit in place (buyer due diligence)
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 neighborhood along the St. Clair West corridor, served by the 512 St. Clair streetcar connecting to Line 1 at St. Clair station. The area sits between the Junction, Runnymede, and the Stockyards District retail node on Weston Road, with spillover demand from pricier adjacent pockets.
The listing describes the location as a family-friendly community close to parks, schools, shopping, transit, and everyday amenities, with the property sitting on a quiet residential street.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Negative monthly cash flow at every leveraged scenario; only 100% cash clears at an estimated +$691.12/month
Estimated cap rate of 1.18% is well below GTA financing costs, so the thesis depends on suite legalization and NOI lift, not in-place income
Basement apartment is currently set up but legalization status is not confirmed in the listing; buyer should verify permits, fire separation, and egress
No dedicated parking; resident has been parking on the boulevard without a permit and buyer must do due diligence
Small concrete floor section on the side of the house requires repair before closing
High leverage sensitivity: estimated cash flow swings from -$2,578.85 at 20% down to +$691.12 at 100% cash
No recent sold comparables provided to anchor ARV or stabilized value