Detached brick home in Dovercourt Village with laneway garden suite potential
A three-bedroom all-brick detached on Concord Avenue with a two-car rear garage and documented laneway housing potential under Toronto's Garden Suite policy. Listed at $1,149,900 with negative carry across all leveraged scenarios; the thesis is income conversion combined with Dovercourt land appreciation.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,149,900
Cap rate
+1.04%
Est. monthly rent
$2,800
Source: comparables_widened
Est. net spread
+$262K
6mo hold
Annualized ROI
+45%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
1.04% 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
$262,252 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 | $402,465 |
| Mortgage principal | $747,435 |
| Land transfer tax | $17,249 |
| Closing costs | $17,249 |
| Total acquisition | $436,962 |
Monthly cash flow
| Estimated rent | +$2,800 |
| Operating expenses | -$1,801 |
| Mortgage payment | -$4,365 |
| Net cash flow | -$3,366/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $140/mo |
| Maintenance reserve | $958/mo |
| Insurance | $479/mo |
| Property management | $224/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=63).
Breakeven
This property turns cash-flow positive at 85.1% 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 ($17,249), and closing costs ($17,249).
Section · Investment Thesis
Why this property.
This is a value-add play for an intermediate investor with substantial equity. The mechanic is converting the existing two-car rear garage into a garden suite, lifting NOI on a detached lot in a sub-market where detached land is finite. At $1,149,900 list and an estimated cap rate of 1.04%, the as-is income does not service debt; the return comes from creating a second legal unit and holding through Dovercourt land appreciation. A Laneway Housing Report is referenced in the listing, shortening the diligence runway.
The submarket is Dovercourt-Wallace Emerson-Junction, anchored by the Bloor-Danforth subway line (Line 2) within walking distance, per the listing's reference to a short stroll to the Bloor-Danforth subway. The Bloorcourt retail strip along Bloor Street West, Dovercourt Park greenspace, and the Ossington-Dufferin corridor frame the immediate demand pool. Toronto's Garden Suite as-of-right policy, enacted city-wide, permits secondary dwelling units on lots with laneway access without rezoning, which is the specific regulatory catalyst here. Detached brick stock on lots with rear laneway frontage is supply-constrained in this pocket, supporting both end-user resale demand and rental absorption for a second unit.
Execution requires either 100% cash or post-conversion refinance. At 100% cash, estimated monthly cash flow is +$998.62 pre-garden-suite; at 75% down the carry is -$680.25 monthly. The recommended path is a 24-to-36 month value-add hold: close, design and permit the garden suite using the existing Laneway Housing Report, build, lease both units, then refinance against the lifted appraised value. Investors unwilling to deploy the garden-suite capex should pass; the as-is yield does not stand alone.
Key features
- All-brick detached, 3 bed / 2 bath
- Two-car detached garage at rear with laneway access
- Laneway Housing Report available per listing
- Garden Suite conversion potential under Toronto policy
- Short walk to Bloor-Danforth subway line
- Steps to Dovercourt Park and Bloorcourt shops
Original MLS description
Welcome to this 3 bedroom, 2 bathroom all-brick detached home, perfectly situated in the heart of one of Toronto's most coveted and soulful neighborhoods. Blending timeless character with the solid bones of a traditional build, this residence offers a rare opportunity to own a detached home in a community known for its leafy streets and artistic vibe. Prime Laneway Access Features a 2-car detached garage at the rear. With the city's current Garden Suite policies, explore the massive potential to convert or rebuild this into a secondary dwelling unit (Laneway Housing Report Available). Dovercourt Village is the perfect blend of quiet residential charm and urban convenience. 514 Concord is a short stroll to the Bloor-Danforth subway line, the vibrant shops of Bloorcourt, and some of the city's highest-rated schools and community centers. Boasting a Walker's Paradise score, you are steps away from the iconic Bakerbots Baking, Dark Horse Espresso, and the lush greenspace of Dovercourt Park. (42890432)
All photos
32 additional · click any to expand
Section · Neighborhood
Where it sits.
Dovercourt-Wallace Emerson-Junction
Dovercourt-Wallace Emerson-Junction sits west of Ossington and north of Bloor, anchored by the Bloor-Danforth subway (Line 2) and the Bloorcourt retail strip. The pocket is characterized by detached and semi-detached brick stock on narrow lots with rear laneways, a configuration that aligns directly with Toronto's Garden Suite as-of-right framework.
Demand drivers include proximity to Dovercourt Park, the Bloorcourt and Geary Avenue commercial strips, and downtown employment via Line 2. Detached inventory with laneway access trades at a premium against semi-detached and rowhouse alternatives in the same catchment.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Negative cash flow across all leveraged scenarios; only 100% cash produces positive carry at estimated +$998.62/month
Cap rate of 1.04% is well below GTA debt service thresholds; thesis depends on executing the garden suite conversion
Garden suite construction carries permitting, cost, and timeline risk; budget overruns directly compress returns
High leverage sensitivity: cash flow swings approximately $5,372 per month between 20% down and 100% cash
Rent estimate of $2,800/month sourced from widened comparables, not subject-specific
Sqft figure of 102 in the data feed appears to be a data error and should be verified before underwriting