Corso Italia detached on oversized lot with three separate-entrance units near Dufferin Station
A 4-bedroom, 3-bath detached home in Corso Italia-Davenport with three separate entrances, three kitchens, and conversion potential for multi-unit use. Listed at $1,999,900 with estimated rental economics that only reach positive monthly carry on an all-cash basis.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,999,900
Cap rate
+0.25%
Est. monthly rent
$3,350
Source: comparables_widened
Est. net spread
+$456K
6mo hold
Annualized ROI
+45%
preliminary
The Deal
A 4-bedroom, 3-bath detached home in Corso Italia-Davenport with three separate entrances, three kitchens, and conversion potential for multi-unit use.
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 | $699,965 |
| Mortgage principal | $1,299,935 |
| Land transfer tax | $29,999 |
| Closing costs | $29,999 |
| Total acquisition | $759,962 |
Monthly cash flow
| Estimated rent | +$3,350 |
| Operating expenses | -$2,935 |
| Mortgage payment | -$7,592 |
| Net cash flow | -$7,177/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $168/mo |
| Maintenance reserve | $1,667/mo |
| Insurance | $833/mo |
| Property management | $268/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_widened (24 comps).
Breakeven
This property turns cash-flow positive at 96.5% 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 ($29,999), and closing costs ($29,999).
Section · Investment Thesis
Why this property.
This Corso Italia-Davenport detached property is listed at $1,999,900 and presents primarily as a multi-generational or value-add play rather than a stabilized cash flow asset at current rents. The estimated gross monthly rent of $3,350 against monthly operating expenses of $2,935.38 yields an estimated annual NOI of $4,975.50, an estimated cap rate of 0.25%, and an estimated gross yield of 2.01%. With separate entrances on all floors, a second-floor kitchen, a finished basement with its own kitchen and entrance, and a heated attic, the underwriting upside is in restacking the rent roll, not in the as-is numbers.
Leverage sensitivity here is high and the direction is unfavorable. At 20% down ($399,980), the estimated monthly mortgage payment is $9,343.65 and estimated monthly cash flow is negative $8,929.03, a cash-on-cash return of -23.29%. At 35% down, estimated monthly cash flow improves to negative $7,177.09 (-11.33%); at 50% down, negative $5,425.16 (-6.14%); at 75% down, negative $2,505.27 (-1.93%). Only at 100% cash ($1,999,900) does estimated monthly cash flow turn positive at $414.62, a cash-on-cash return of 0.24%. The minimum recommended down payment for neutral or positive carry on the underwritten rent is therefore 100%.
The investment case rests on three levers outside the stabilized rent assumption: legalizing and separately leasing the basement and upper-floor units to lift gross income materially above the modeled $3,350; capturing long-term land appreciation on one of the larger lots in the neighborhood; and proximity to Dufferin Subway Station and streetcar routes supporting end-user demand on exit. Hold-period implications are long. Investors using leverage should expect to fund negative carry for an extended period and underwrite the deal on exit value and rent repositioning, not on year-one cash flow.
Estimated land transfer tax is $29,998.50 and estimated closing costs are $29,998.50, bringing total acquisition cost to approximately $2,059,897 on a cash purchase. Buyers should independently verify the legal status of the additional kitchens and separate entrances before underwriting any multi-unit rent scenario.
Key features
- Detached home with 4 bedrooms and 3 bathrooms
- Three separate entrances across main, second, and basement levels
- Three kitchens including basement and second-floor kitchens
- Finished basement with separate entrance and additional bedroom
- Heated attic providing additional usable space
- One of the larger lots in the Corso Italia neighborhood per listing
- Walking distance to Dufferin Subway Station and streetcar routes
- Hardwood flooring and crown moulding throughout principal rooms
Original MLS description
Welcome to your own private retreat in the prestigious Regal Heights neighbourhood, in the heart of Corso Italia - a sun-filled, lovingly maintained home surrounded by lush greenery and set on one of the largest lots in the neighborhood. Warm and inviting throughout, this spacious home features bright principal rooms with hardwood flooring, crown moulding, and generous living spaces perfect for family living and entertaining. The main floor offers a welcoming foyer, sunroom, and an eat-in kitchen, while the second floor features spacious bedrooms, hardwood flooring, ample storage and an additional kitchen, offering excellent flexibility for extended family living. The finished basement with a separate entrance, additional bedroom, and kitchen area adds incredible potential for an in-law suite or income-generating apartment. All floors with separate entrances. A heated attic provides even more versatile space, all in an unbeatable location close to parks, schools, shops, transit, streetcar routes, and Dufferin Station. A rare opportunity full of charm, comfort, and endless possibilities. Convenient Access To Dufferin Subway Station, Parks, Schools, And Community Amenities. A must see! Property also known as 42 Northcliffe Blvd. (42909341)
Section · Neighborhood
Where it sits.
Corso Italia-Davenport
Corso Italia-Davenport is an established west-end Toronto neighborhood with a long-standing residential fabric, strong walkability along St. Clair West, and direct access to the TTC streetcar network. The property's stated proximity to Dufferin Subway Station provides a second rapid transit option on Line 2, supporting both tenant demand and end-user resale.
The area has historically attracted multi-generational ownership and a mix of single-family and converted multi-unit stock, which aligns with this property's three-kitchen, separate-entrance configuration. Land values on larger lots in this pocket have tended to be supported by infill and renovation demand.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: estimated monthly cash flow is negative across the 20%, 35%, 50%, and 75% down scenarios and only turns positive at 100% cash
Estimated cap rate of 0.25% and gross yield of 2.01% are well below typical investor thresholds on the as-is rent assumption
Rent assumption of $3,350/month sourced from widened comparables (24 comps); single-tenant lease may understate full multi-unit potential but multi-unit use requires legalization
Listed square footage of 185 appears to be a data entry error and should be verified before underwriting
Property tax field reports $0; buyers must verify actual municipal tax assessment
Legal status of additional kitchens and separate entrances must be verified for any income-suite scenario
Land transfer tax of approximately $29,998.50 plus closing costs of approximately $29,998.50 add meaningfully to total capital required