Renovated Yonge & Finch bungalow on premium 50 x 151 ft lot with build/in-law suite optionality
Detached, renovated bungalow on a 50 x 151 ft lot in Newtonbrook West, walking distance to Finch Subway Station. The play is land value and future redevelopment optionality, not rental cash flow at current rates.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,288,000
Cap rate
+1.09%
Est. monthly rent
$3,200
Source: comparables
CF at 100% cash
+$1,174/mo
+1.1% CoC
Hold period
60+ mo
planned
The Deal
Detached, renovated bungalow on a 50 x 151 ft lot in Newtonbrook West, walking distance to Finch Subway Station.
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 | $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 |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables (6 comps).
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.
293 Hendon Avenue is a land-and-location story in the Yonge & Finch corridor. The list price is $1,288,000 for a renovated detached bungalow on a premium 50 x 151 ft lot, surrounded by luxury custom homes. The finished basement with separate living space offers in-law or secondary suite potential, but underwriting should treat this as a long-hold land bank or end-user property rather than a cash-flow rental.
The estimated rental economics are thin relative to price. Estimated gross annual rent is $38,400 against estimated annual NOI of $14,088, producing an estimated cap rate of 1.09% and estimated gross yield of 2.98%. Across the five leverage scenarios, monthly cash flow is negative until the buyer is essentially all cash. At 20% down, estimated monthly cash flow is -$4,843.61 with a monthly mortgage of $6,017.61 and cash-on-cash of -19.62%. At 35% down, estimated cash flow is -$3,715.31 (-9.11% cash-on-cash). At 50% down, estimated cash flow is -$2,587.01 (-4.55%). At 75% down, the property approaches breakeven with estimated cash flow of -$706.50 (-0.84%). Only an all-cash purchase produces positive carry, with estimated monthly cash flow of +$1,174.00 and a cash-on-cash return of 1.06%.
Leverage sensitivity is high: the swing between 20% down and 100% cash is roughly $6,000 per month. The minimum down payment that approaches neutral carry is 75%, and the minimum that produces positive carry is 100% cash. Investors using mortgage financing should expect to fund negative carry from outside capital and underwrite the return primarily through land appreciation, secondary suite income, or future redevelopment value rather than monthly yield.
The thesis here is end-user, multi-generational, or patient capital. The property is move-in ready, allowing a buyer to hold and rent or owner-occupy while planning a future custom build on the deep lot, consistent with the surrounding streetscape. Hold period should be 60+ months to allow land value and any future zoning or development upside to compound. For a pure cash-flow mandate, this asset does not fit. For a cash buyer or end-user with redevelopment intent in a Yonge subway node, the location and lot geometry are the core of the underwriting.
Key features
- Renovated detached bungalow on a premium 50 x 151 ft lot
- Finished basement with separate living space, suitable for in-law or secondary suite
- Updated kitchen with quartz counters, stainless appliances, renovated baths, new flooring
- Solid brick and block construction with attached garage and private driveway
- Walking distance to Finch Subway Station and Yonge Street amenities
- Surrounded by luxury custom homes, supporting redevelopment thesis
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)
Section · Neighborhood
Where it sits.
Newtonbrook West
Newtonbrook West sits in the Yonge & Finch node of North York, one of the GTA's most established transit-oriented corridors. The property is described as close to Yonge Street, Finch Subway Station, and TTC service, providing direct Line 1 access to midtown and downtown Toronto. The pocket is characterized by ongoing teardown and custom rebuild activity, with the listing noting the lot is surrounded by luxury custom homes.
Demand drivers include subway access, established schools, parks, and the Yonge Street retail spine. The combination of a 50 ft frontage and 151 ft depth is increasingly scarce inside the subway catchment, which supports long-term land value for end-user buyers and custom builders.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: monthly cash flow swings roughly $6,000 between 20% down and all-cash scenarios
Negative carry at all financed scenarios; only 100% cash produces positive monthly cash flow ($1,174.00 estimated)
Estimated cap rate of 1.09% is well below typical income-property thresholds; underwriting depends on land value and redevelopment optionality
Reported sqft of 65 in the data feed appears to be a data error and should be verified before any underwriting
Property tax and maintenance fee fields are reported as $0.00 in the source data and must be verified; carry costs will be higher once actuals are confirmed
Secondary suite income potential referenced in the listing is not zoning-verified; buyer should confirm with the City of Toronto
No recent sold comparables provided, limiting price benchmarking