Renovated 4-level backsplit on Cummer with separate-entrance ground floor and second kitchen
A renovated six-bedroom backsplit in Bayview Woods-Steeles with a ground-floor separate entrance, second kitchen, and second laundry already in place. The listing notes only minor changes are needed to convert the lower levels into a three-bedroom secondary unit.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,398,800
Cap rate
+1.00%
Est. monthly rent
$3,350
Source: comparables_widened
Est. net spread
+$316K
6mo hold
Annualized ROI
+45%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
1.00% 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
$315,971 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 | $489,580 |
| Mortgage principal | $909,220 |
| Land transfer tax | $20,982 |
| Closing costs | $20,982 |
| Total acquisition | $531,544 |
Monthly cash flow
| Estimated rent | +$3,350 |
| Operating expenses | -$2,184 |
| Mortgage payment | -$5,310 |
| Net cash flow | -$4,144/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $168/mo |
| Maintenance reserve | $1,166/mo |
| Insurance | $583/mo |
| Property management | $268/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=24).
Breakeven
This property turns cash-flow positive at 85.7% 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 ($20,982), and closing costs ($20,982).
Section · Investment Thesis
Why this property.
This listing suits a value-add investor pursuing a secondary-suite conversion in a North Toronto detached. The bones for a two-unit configuration already exist: a separate entrance, a second kitchen, a renovated 3-piece bath, a second laundry room, and two lower-level bedrooms with above-grade windows. At a list price of $1,398,800 and an estimated cap rate of 1.0%, the single-tenant pro forma does not carry the property; the thesis depends on converting to a legal two-unit and lifting NOI materially over a 24 to 48 month hold.
Bayview Woods-Steeles sits inside the A.Y. Jackson Secondary School, Zion Heights Middle School, and Steelesview Public School catchments, which anchors family-tenant demand on the upper levels. The submarket is bounded by the East Don Parkland ravine system and is a short drive to the Finch GO and the TTC bus network feeding Finch Station on Line 1. Cummer Shopping Centre supplies day-to-day retail. The Bayview corridor north of Steeles continues to draw cross-border commuters working in the Highway 404 and Consumers Road employment cluster, which supports rental absorption for a basement three-bedroom unit at North York rents.
Execution requires capital depth. At 20% down the estimated monthly cash flow is negative $5,369.28; even at 75% down it remains negative $876.27, and only the all-cash scenario clears at positive $1,166.00 monthly. The realistic path is 50% or higher down, complete the suite legalization, and refinance once the second unit is tenanted and reflected in NOI. Hold 36 to 60 months through the value-add cycle, then re-underwrite on stabilized rents.
Key features
- 6 bedroom, 3 bathroom four-level backsplit
- Ground-floor separate entrance with second kitchen and second laundry
- Two lower-level bedrooms with above-grade windows
- Renovated kitchens and bathrooms, hardwood through main levels
- Newer furnace (2020) and AC (2023), tankless hot water (2020)
- Double car garage on a southern-exposure lot
- A.Y. Jackson SS, Zion Heights MS, Steelesview PS catchment
Original MLS description
Renovated and Upgraded 4 Level Backsplit Home on A Prime Southern Lot In Fantastic Bayview-Woods Neighbourhood! It Features: 6 Bedroom & 3 Bathroom, Renovated Kitchens and Bathrooms, Newer Hardwood Floor Throughout Main, Upper & Ground Floor, Crown Moulding, Lots of Natural Light from Large Windows, Double Car Garages, Newer Furnace (2020) & AC (2023), Tankless Hot Water Heater (2020)! Newer Vinyl Windows! Main Door and Living Room Bay window and Railing for Veranda replaced in 2020! Min Level Includes a Welcoming Foyer, Bright and Spacious Living Room Combined with Dining Room, Renovated Gourmet Kitchen with Newer Cabinets & Black Stainless Appliances (2020 & 2024) and Combined with Breakfast Area Includes a Window and a Cozy Bay window! Upper Level Includes Three Family Size Bedrooms and Two Renovated Bathrooms! Ground Floor Includes a Separate Entrance, Family Room (W/O to Yard), 2nd Kitchen, Reno'd 3 Pc Bath, Side Entrance, 2nd Laundry Room, Plus Lower Level Includes 2 Extra Bedroom with Above Grade Windows, and a Sitting Area for Family Entertainment, Generate A Great Potential of Rental Income (Minor Changes Needed to Convert it to a 2nd Unit with Three Bedroom Apartment)! Fabulous Home (6 Bedroom / 3 Bathroom), Prime Lot, Convenient Location: Steps to Ttc, Ravine, Trails, Park and Close to Go Train, Cummer Shopping Centre, Restaurants, Bank & More! *** Great School: A.Y Jackson S.S, Zion Heights M.S, Steelesview P.S *** Must See to Believe the Value ** (42907572)
All photos
48 additional · click any to expand
Section · Neighborhood
Where it sits.
Bayview Woods-Steeles
Bayview Woods-Steeles is an established North Toronto pocket east of Bayview Avenue and south of Steeles, framed by the East Don ravine. The catchment includes A.Y. Jackson Secondary School, Zion Heights Middle School, and Steelesview Public School, all cited in the listing and consistent drivers of family-tenant demand. Commuter access combines TTC bus routes feeding Finch Station on Line 1, proximity to Finch GO, and the Highway 404 corridor for employment nodes in Consumers Road and Markham. Cummer Shopping Centre handles local retail.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Negative cash flow at every financed scenario; only 100% cash clears at +$1,166/month
Cap rate of 1.0% is well below GTA financing costs; thesis depends on suite-conversion NOI lift
High leverage sensitivity: cash flow swings from -$5,369.28 at 20% down to +$1,166.00 all-cash
Secondary-unit legalization requires City of Toronto permits, fire separation, and egress compliance; 'minor changes' in listing is the seller's characterization
Estimated rent of $3,350 is sourced from widened comparables rather than tight in-area data
Reported 185 sqft figure in the data feed appears to be a data error and was not used in underwriting