Bathurst Manor bungalow with finished basement suite, walking distance to Downsview subway
A 3+1 bedroom detached bungalow in North York's Bathurst Manor with a separate-entrance basement suite renovated approximately two years ago. Listed at $1,249,000 with estimated monthly cash flow turning positive only at a full cash purchase.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,249,000
Cap rate
+0.84%
Est. monthly rent
$2,800
Source: comparables_widened
CF at 100% cash
+$875/mo
+0.8% CoC
Hold period
60+ mo
planned
The Deal
A 3+1 bedroom detached bungalow in North York's Bathurst Manor with a separate-entrance basement suite renovated approximately two years ago.
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 | $437,150 |
| Mortgage principal | $811,850 |
| Land transfer tax | $18,735 |
| Closing costs | $18,735 |
| Total acquisition | $474,620 |
Monthly cash flow
| Estimated rent | +$2,800 |
| Operating expenses | -$1,925 |
| Mortgage payment | -$4,741 |
| Net cash flow | -$3,867/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $140/mo |
| Maintenance reserve | $1,041/mo |
| Insurance | $520/mo |
| Property management | $224/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_widened (63 comps).
Breakeven
This property turns cash-flow positive at 88.0% 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 ($18,735), and closing costs ($18,735).
Section · Investment Thesis
Why this property.
135 Combe Avenue is a detached bungalow in Bathurst Manor priced at $1,249,000, with a 3+1 layout and a finished lower level featuring a separate entrance, separate laundry, and a renovated kitchen and bathroom. The dual-suite configuration supports an in-law or rental use case, and estimated monthly market rent is $2,800 based on widened comparables. At this rent level, estimated annual NOI is $10,497, producing an estimated cap rate of 0.84% and a gross yield of 2.69%, figures that reflect Toronto's compressed yield environment for detached infill product rather than a cash-flow play.
Leverage sensitivity here is high. At 20% down ($249,800), the estimated monthly mortgage payment is $5,835.40 against $2,800 in rent, producing estimated monthly cash flow of -$4,960.65 and a cash-on-cash return of -20.72%. At 35% down, estimated monthly cash flow is -$3,866.52 (cash-on-cash -9.78%); at 50% down, -$2,772.38 (-5.03%); at 75% down, -$948.81 (-1.17%). Only at a 100% cash purchase ($1,249,000) does the property reach estimated positive monthly cash flow of $874.75, with an estimated cash-on-cash return of 0.82%. There is no financed scenario in this underwriting where rent covers carry, so any buyer using a mortgage should expect to fund a monthly shortfall from outside capital.
The investment case, therefore, is not current yield. It rests on the underlying land in a stable North York pocket, the existing two-suite configuration that can be operated as an end-user-plus-rental hybrid, and proximity to Downsview subway, Yorkdale Mall, schools, parks, and major highways. Investors should treat this as an appreciation and optionality hold rather than an income property, with a long runway (60+ months) to absorb negative carry or to execute a future redevelopment, addition, or owner-occupier-with-basement-rental strategy.
Recommended structuring: a cash or near-cash buyer, an end user offsetting their own housing cost with basement rental income, or a long-horizon investor land-banking in a transit-served North York neighbourhood. Leveraged investors seeking positive monthly cash flow should look elsewhere in the portfolio.
Key features
- 3+1 bedroom detached bungalow with open-concept main floor
- Finished basement with separate entrance and separate laundry
- Basement kitchen, bathroom, and appliances renovated approximately 2 years ago
- Walking distance to Downsview subway station
- Close to Yorkdale Mall, schools, and parks
- Minutes to Highway 401 and Allen Road
- Configuration supports in-law suite or rental income use
Original MLS description
Welcome To 135 Combe Ave In Prime North York! Bright And Well-Maintained 3+1-Bedroom Bungalow Featuring An Open-Concept Layout, Fresh Paint, And A Kitchen With Stainless Steel Appliances. The Finished Basement Offers A Separate Entrance, Separate Laundry Room, And A Renovated Kitchen, Bathroom, And Appliances Completed Approximately 2 Years Ago. Perfect For Rental Income Potential, In-Law Suite, Or Multi-Generational Living. Excellent Location Within Walking Distance To Downsview Subway, Public Transit, Schools, Parks, Yorkdale Mall, And Minutes To Major Highways. Ideal For End Users Or Investors Seeking A Flexible Property With Great Potential. (42912522)
Section · Neighborhood
Where it sits.
Bathurst Manor
Bathurst Manor is an established North York residential pocket bordered by Sheppard, Bathurst, and Wilson, with a mix of postwar bungalows and newer infill builds. The location is within walking distance to Downsview subway (TTC Line 1), providing a direct connection to York University, Yorkdale, and downtown Toronto.
Demand drivers include proximity to Yorkdale Mall, Highway 401 and Allen Road access, multiple school catchments, and ongoing intensification along the Sheppard West corridor. The neighbourhood has historically attracted multi-generational households and end users, which supports both resale liquidity and basement-suite rental demand.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: estimated monthly cash flow is negative in all financed scenarios (20%, 35%, 50%, 75% down) and only turns positive at 100% cash
Estimated cap rate of 0.84% and gross yield of 2.69% are well below typical investor return thresholds
Estimated monthly market rent of $2,800 does not cover estimated monthly mortgage payment at any financed down-payment level
Property tax and maintenance fee fields show $0 in the underwriting input; actual municipal taxes will apply and should be verified before closing
Reported sqft value of 102 appears to be a data field anomaly and should be verified against MPAC or measurement on site
Rent estimate is sourced from widened comparables (63 comps), introducing some variance versus the immediate micro-market
No recent sold comparables provided in this underwriting; pricing should be independently validated