East York bungalow with separate-entrance basement suite in O'Connor-Parkview, listed at $1,049,000
Detached 3+2 bungalow with a fully self-contained lower unit and dedicated separate entrance, positioned for a two-unit income conversion in East York. The configuration suits a value-add investor willing to underwrite negative carry at conventional leverage in exchange for a Toronto-proper duplex footprint.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,049,000
Cap rate
+1.29%
Est. monthly rent
$2,800
Source: comparables_widened
Est. net spread
+$239K
6mo hold
Annualized ROI
+45%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
1.29% 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
$238,793 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 | $367,150 |
| Mortgage principal | $681,850 |
| Land transfer tax | $15,735 |
| Closing costs | $15,735 |
| Total acquisition | $398,620 |
Monthly cash flow
| Estimated rent | +$2,800 |
| Operating expenses | -$1,675 |
| Mortgage payment | -$3,982 |
| Net cash flow | -$2,857/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $140/mo |
| Maintenance reserve | $874/mo |
| Insurance | $437/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 81.6% 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 ($15,735), and closing costs ($15,735).
Section · Investment Thesis
Why this property.
This listing targets the value-add investor focused on dual-unit income conversion in Toronto-proper. The main floor offers three bedrooms and the lower level is "completely self-contained" with a "dedicated separate entrance," two additional bedrooms, a full kitchen, and a private washroom. At a list price of $1,049,000 and an estimated cap rate of 1.29%, the underwriting does not work on single-tenant rent assumptions; the thesis requires legalizing or stabilizing both units to lift NOI meaningfully above the comparables-widened $2,800 monthly figure used here.
O'Connor-Parkview sits between the Danforth corridor and the Don Valley Parkway, with TTC bus routes feeding Line 2 stations at Victoria Park and Woodbine. The Eglinton Crosstown LRT terminus at Kennedy, a short distance north, is reshaping east-end commute patterns once revenue service begins. The submarket has steadily attracted families priced out of Leaside and the Beaches, supporting durable end-user demand for three-bedroom detached product on standard lots. Listing language references "top-tier schools" and "the vibrant shops, cafes, and restaurants along the Danforth," which underpin the resale narrative for the upper unit while the lower unit captures tenant demand from commuters using the DVP and subway feeders.
Execution requires substantial equity. At 75% down, estimated monthly cash flow remains negative at -$406.81; only the 100% cash scenario produces positive carry at an estimated $1,124.75 per month and a 1.25% cash-on-cash return. The realistic path is to close with heavy equity, complete any work needed to bring the lower suite to legal two-unit standard, stabilize both rents above the $2,800 baseline, and hold 36 to 60 months while Danforth-corridor appreciation and rent growth close the gap to a refinanceable yield.
Key features
- Detached bungalow on a standard East York lot
- Three bedrooms on the main floor with full washroom
- Self-contained lower unit with separate entrance, two bedrooms, full kitchen, private washroom
- Three bathrooms total across both units
- Walking distance to Danforth shops, cafes, and restaurants
- Bus access to TTC Line 2 (Victoria Park and Woodbine stations) and DVP for downtown commute
Original MLS description
Welcome to 256 Ferry's Road, an incredible detached bungalow nestled in one of East York's most sought-after, vibrant, and family-friendly communities. Whether you are a growing family looking for a home with a built-in mortgage helper, or a savvy investor seeking a high-yielding asset in a premium Toronto location, this property delivers on every single front. The main floor features a bright and spacious layout boasting three generous bedrooms with large windows that flood the space with natural light, a functional living and dining area, and a full family washroom. The completely self-contained lower level is a massive game-changer for anyone looking to maximize their investment. Featuring a dedicated separate entrance for complete privacy, the basement apartment offers two additional well-proportioned bedrooms, a full kitchen, and a private washroom. This setup offers massive potential income to significantly offset your mortgage or rent out both units for premium cash flow in Toronto's hot rental market. Situated in a commuter's dream location, you are just minutes away from the TTC, subway stations, the DVP, and downtown Toronto. Enjoy the perfect blend of quiet residential charm and effortless urban convenience, surrounded by top-tier schools, beautiful local parks, and the vibrant shops, cafes, and restaurants along the Danforth. Properties with this exact configuration and premium location rarely stay on the market long. Don't miss this incredible opportunity! (42906346)
All photos
19 additional · click any to expand
Section · Neighborhood
Where it sits.
O'Connor-Parkview
O'Connor-Parkview is an East York pocket bordered by the Danforth to the south and the Don Valley Parkway to the west, offering bus access to Victoria Park and Woodbine stations on TTC Line 2. The neighborhood has shifted from a postwar bungalow stock toward a mix of renovated detached homes and infill, drawing families priced out of Leaside and Riverdale.
Demand drivers include proximity to the Danforth retail strip, DVP access for downtown and 401 commuters, and ongoing east-end transit investment anchored by the Eglinton Crosstown LRT to the north. Detached lots with legal or near-legal two-unit configurations are scarce relative to demand from end-user buyers seeking a mortgage helper.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Estimated cap rate of 1.29% is well below GTA financing costs; property only generates positive cash flow at 100% cash.
All leveraged scenarios are negative: -$3,776.24/month at 20% down through -$406.81/month at 75% down. Leverage sensitivity is high.
Rent figure of $2,800/month is sourced from widened comparables, not subject-specific leases; both-unit stabilization is required to validate the value-add thesis.
Legal two-unit registration status is not disclosed in the listing; buyer should verify zoning compliance and fire-code retrofit requirements.
Reported sqft of 102 in the data feed is clearly a data error and should be verified on site.