Elizabeth Gardens 2-storey with separate-entrance basement and in-law suite potential
Detached Burlington home in the Elizabeth Gardens pocket with a separate-entrance finished basement positioned for in-law or secondary-suite conversion. Structural reinforcement from the 2008/2009 second-floor addition was designed to support a future third-storey expansion, giving the buyer two distinct value-add paths.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,299,999
Cap rate
+1.47%
Est. monthly rent
$3,700
Source: comparables_widened
Est. net spread
+$189K
6mo hold
Annualized ROI
+27%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
1.47% 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
$188,950 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 | $455,000 |
| Mortgage principal | $844,999 |
| Land transfer tax | $19,500 |
| Closing costs | $19,500 |
| Total acquisition | $494,000 |
Monthly cash flow
| Estimated rent | +$3,700 |
| Operating expenses | -$2,106 |
| Mortgage payment | -$4,935 |
| Net cash flow | -$3,341/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $185/mo |
| Maintenance reserve | $1,083/mo |
| Insurance | $542/mo |
| Property management | $296/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=21).
Breakeven
This property turns cash-flow positive at 79.0% 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 ($19,500), and closing costs ($19,500).
Section · Investment Thesis
Why this property.
Target buyer is a value-add investor or end-user-investor hybrid comfortable carrying negative monthly cash flow until a secondary suite is stabilized. The mechanic is NOI lift through legalizing the basement, which already has a separate entrance and is marketed with in-law suite potential. At a list price of $1,299,999 and an estimated cap rate of 1.47%, the current single-family income case does not stand on its own; the thesis requires the conversion to occur for the numbers to move.
Elizabeth Gardens sits in southeast Burlington between Lake Ontario and the QEW, a low-turnover detached pocket where supply is constrained by the established lot fabric. The listing anchors demand drivers through proximity to the brand new Skyway Recreation Centre, neighbourhood schools, and Lake Ontario frontage. Burlington's Official Plan and provincial direction continue to push secondary-suite permissions across established neighbourhoods, which supports the conversion path. The 2008/2009 builder addition was constructed with reinforced materials to support a potential future 3rd-storey expansion, an unusual structural feature that gives a second, longer-dated upside lane if the next owner pursues a larger envelope down the road.
Recommended structure is 75% down or higher; at 75% down the estimated monthly cash flow is -$304.02, effectively breakeven, and 100% cash turns positive at $1,594.00 per month. Hold window is 36 to 60 months: complete the basement suite legalization in year one, season the new rent roll, then refinance into a lower-leverage hold or exit to an owner-occupier paying for the multi-generational layout.
Key features
- 4+1 bedrooms, 2.5 bathrooms across 2,266 sqft
- Finished basement with separate entrance and in-law suite potential
- Two separate laundry areas (upper floor and basement)
- 2008/2009 second-floor builder addition with reinforcement for potential third-storey expansion
- Main floor bedroom usable as office, guest, or flex space
- 4-car driveway plus inside garage access
- Walking distance to the new Skyway Recreation Centre and Lake Ontario
Original MLS description
Welcome To This Spacious And Versatile 2-Storey Family Home In Burlington’s Highly Sought-After Elizabeth Gardens Community — A Family-Oriented Neighbourhood Known For Its Great Schools, Parks, Recreation, And Proximity To Beautiful Lake Ontario! Offering 4+1 Bedrooms And 2.5 Bathrooms, This Home Features A Thoughtfully Designed Layout Perfect For Growing Or Multi-Generational Families. A Convenient Main Floor Bedroom (currently being used as a dance studio) Offers Incredible Flexibility And Can Easily Be Used As A Home Office, Workout Room, Playroom, Guest Space, Or Anything The New Owners Envision. The Open-Concept Kitchen Flows Seamlessly Into The Family Room With Direct Access To A Large Entertaining Deck Overlooking The Very Private Oversized Side Yard — An Ideal Setup For Summer Gatherings And Relaxing Evenings Outdoors. Convenience Is Everywhere With Inside Garage Access, A Wide Driveway That Comfortably Fits 4 Cars, Plus Two Separate Laundry Areas Located On The Upper Floor And In The Basement. The Finished Basement Features A Separate Entrance And Excellent In-Law Suite Potential, Making It Ideal For Extended Family, Guests, Or Additional Living Space. The Second-Floor Builder Addition Was Completed In 2008/2009 And Constructed Using Reinforced Design/Materials To Support A Potential Future 3rd-Storey Expansion Should The Next Owner Wish To Grow The Home Even Further — A Rare And Exciting Opportunity! Located Close To The Brand New Skyway Recreation Centre, Small Schools, Parks, Shopping, And The Lake, This Is The Perfect Place To Call Home. (70597544)
Section · Neighborhood
Where it sits.
Burlington
Elizabeth Gardens is an established southeast Burlington neighbourhood bounded by Lake Ontario to the south and the QEW corridor to the north, with mature detached stock and low listing turnover. The recently opened Skyway Community Centre anchors local recreation demand, and the area draws end-user buyers for its schools, parks, and lake access. Commuter access runs through the QEW and Burlington GO further west, supporting both Hamilton and Toronto-bound employment patterns.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Negative cash flow at all financed scenarios; only 100% cash produces positive carry at an estimated $1,594.00 per month
High leverage sensitivity: spread between 20% down and 100% cash exceeds $6,000 per month
Estimated cap rate of 1.47% is well below GTA cash-flow thresholds; thesis depends on executing the secondary suite conversion
Rent estimate sourced from widened comparables, not direct neighbourhood comps; lease-up assumptions carry execution risk
Basement suite legalization requires municipal permits, fire separation, and egress upgrades; budget and timeline not yet scoped
Third-storey expansion path is structurally enabled but subject to Burlington zoning, height, and FSI review