Renovated Yonge & Finch bungalow on 50 x 151 ft lot with in-law suite potential
Renovated detached bungalow on a premium 50 x 151 ft lot steps from Finch Subway Station, with a finished basement positioned for in-law or secondary-suite conversion. Operating economics require very low leverage; the underlying thesis is land value and suite-conversion upside in the Yonge & Finch corridor.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,288,000
Cap rate
+1.09%
Est. monthly rent
$3,200
Source: comparables
Est. net spread
+$296K
6mo hold
Annualized ROI
+46%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
1.09% 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
$296,210 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 neighborhood 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 | $450,800 |
| Mortgage principal | $837,200 |
| Land transfer tax | $19,320 |
| Closing costs | $19,320 |
| Total acquisition | $489,440 |
Monthly cash flow
| Estimated rent | +$3,200 |
| Operating expenses | -$2,026 |
| Mortgage payment | -$4,889 |
| Net cash flow | -$3,715/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $160/mo |
| Maintenance reserve | $1,073/mo |
| Insurance | $537/mo |
| Property management | $256/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=6).
Breakeven
This property turns cash-flow positive at 84.4% 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 ($19,320), and closing costs ($19,320).
Section · Investment Thesis
Why this property.
Built for a value-add or land-banking investor with deep equity, this Newtonbrook West bungalow combines a renovated, rentable shell with a 50 x 151 ft lot in a teardown corridor. At a $1,288,000 list price and an estimated 1.09% cap rate, the play is not yield; it is the finished basement with separate living space positioned for in-law or secondary-suite conversion, paired with long-horizon land value as the block continues to redevelop into luxury custom homes.
The site sits in the Yonge & Finch node of North York, walking distance to Finch Subway Station at the northern terminus of TTC Line 1, which connects directly to North York Centre, Sheppard-Yonge, and the downtown core. Hendon Avenue is already surrounded by luxury custom homes, signalling an active rebuild market that supports both end-user resale and future severance or larger-build economics on a 50-foot frontage. The Earl Haig Secondary catchment in the wider area sustains family-buyer demand, and the Finch terminus continues to draw transit-oriented intensification along Yonge Street, reinforcing the land-value floor under this lot.
Execution requires very low leverage. At 75% down the property still runs an estimated -$706.50 per month, and only the 100% cash scenario produces positive carry at an estimated +$1,174.00 per month and 1.06% cash-on-cash. The realistic path is a 60+ month hold: legalize the basement suite to lift NOI, rent the renovated main floor, and exit either to an end-user rebuilder or as a custom-home development site once the corridor's rebuild cycle matures.
Key features
- 50 x 151 ft lot in Yonge & Finch corridor
- Renovated main floor with quartz counters and stainless appliances
- Finished basement with separate living space, in-law suite potential
- Solid brick and block construction
- Private driveway with attached garage
- Walking distance to Finch Subway Station (Line 1)
Original MLS description
Location Location Location! Beautifully Renovated Detached Bungalow Situated On A Premium 50 x 151 Ft Lot In The Highly Sought-After Yonge & Finch Community Surrounded By Luxury Custom Homes. Exceptional Opportunity To Live-In, Invest, Renovate Further, Or Build Your Dream Home. Bright And Spacious Main Floor Featuring Updated Kitchen With Quartz Countertops, Modern Cabinetry, Stainless Steel Appliances, Renovated Bathrooms, New Flooring Throughout, Large Windows, And Functional Family-Friendly Layout Filled With Natural Light. Finished Basement With Separate Living Space Offers Excellent Potential For An In-Law Suite, Guest Suite, Or Additional Living Space - Ideal For Investors, Multi-Generational Families. Solid Brick And Block Construction, Private Driveway With Attached Garage, And Generous Parking. Premium Deep Lot Offering Endless Future Potential. Conveniently Located Close To Yonge Street, Finch Subway Station, TTC, Schools, Parks, Restaurants, Shopping, And All Urban Amenities. Move-In Ready In One Of North York's Most Desirable Neighbourhoods. Don't Miss This Rare Opportunity! (42895374)
All photos
22 additional · click any to expand
Section · Neighborhood
Where it sits.
Newtonbrook West
Newtonbrook West sits inside the Yonge & Finch corridor in North York, one of the most established intensification spines in Toronto. The block at 293 Hendon is surrounded by luxury custom rebuilds, and the 50 x 151 ft lot profile gives this stretch its long-term redevelopment appeal.
Finch Subway Station, the northern terminus of TTC Line 1, sits within walking distance, providing direct rapid-transit access to North York Centre, Sheppard-Yonge, and downtown employment nodes. The corridor draws strong end-user demand from the Earl Haig Secondary School catchment and a steady mix of multi-generational and new-build buyers.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Negative monthly cash flow at every financed scenario through 75% down; only 100% cash produces positive carry at +$1,174 per month
Estimated cap rate of 1.09% sits well below GTA debt costs, so this is not a yield play
In-law suite is described as potential, not legal; converting to a legal secondary suite requires permits, fire separation, and egress compliance
Recorded sqft of 65 appears to be a data error in the listing feed; verify true above-grade area before underwriting
Land-value thesis depends on continued teardown and custom-build demand along Hendon Avenue; a slowdown in luxury rebuild activity would compress exit pricing
High leverage sensitivity: cash flow swings from -$4,843.61 per month at 20% down to +$1,174.00 at 100% cash