Bathurst Manor bungalow with finished basement suite, separate entrance, walking distance to Downsview
A 3+1 bungalow in Bathurst Manor with a separate-entrance basement suite already renovated for secondary-unit income. List price $1,249,000 with an estimated 0.84% cap rate; the value-add path is formalizing the lower-suite rental and holding for North York demand.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,249,000
Cap rate
+0.84%
Est. monthly rent
$2,800
Source: comparables_widened
Est. net spread
+$285K
6mo hold
Annualized ROI
+45%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
0.84% 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
$285,292 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 | $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 |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=63).
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.
This listing fits a value-add investor or end-user with secondary-suite intentions. The basement has a separate entrance, separate laundry, and a renovated kitchen and bathroom completed roughly two years ago, which compresses the work required to operationalize a two-unit income stream. At a $1,249,000 list price and an estimated 0.84% cap rate, the going-in yield is thin; the thesis depends on stabilizing both units and holding through North York appreciation rather than first-day cash flow.
Bathurst Manor sits adjacent to Downsview, and the listing notes walking distance to Downsview Subway on TTC Line 1, which feeds York University, York Mills, and downtown employment nodes. Yorkdale Mall, one of the highest-grossing retail centres in the country, is minutes away, and Highway 401 plus the Allen Road provide vehicle access across the GTA. The submarket is dominated by post-war bungalows on generous lots, and the area has been steadily transitioning through custom rebuilds, which underpins land value for a long-term holder. School catchments and proximity to parks support family-tenant demand for the upper unit.
Execution requires deep equity. None of the leveraged scenarios reach breakeven: at 75% down the estimated monthly cash flow is still -$948.81, and only the 100% cash scenario turns positive at +$874.75 monthly with a 0.82% cash-on-cash return. The recommended structure is an all-cash or near-all-cash acquisition, formalizing the basement suite as a legal secondary unit, and holding 60+ months for appreciation and rent growth, with refinance optionality once rates compress.
Key features
- 3+1 bedroom bungalow layout
- Finished basement with separate entrance
- Separate laundry room for lower unit
- Renovated basement kitchen and bathroom (approx. 2 years old)
- Walking distance to Downsview Subway (TTC Line 1)
- Minutes to Yorkdale Mall and Highway 401
- Suited for in-law suite or secondary rental
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 pocket bordered by Sheppard, Bathurst, Wilson, and the Allen Road corridor. Walking access to Downsview Subway on TTC Line 1 connects to York University and downtown, and Yorkdale Mall plus Highway 401 are minutes away.
The neighborhood is dominated by 1950s-1960s bungalows on wide lots, which has driven an ongoing wave of custom rebuilds and supports underlying land value. Family demand remains durable due to schools, parks, and the synagogue and community infrastructure that anchor long-term residents.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Negative cash flow across all leveraged scenarios; only 100% cash produces positive carry at an estimated +$874.75/month
Estimated cap rate of 0.84% is well below typical investor thresholds; thesis depends on appreciation, not yield
High leverage sensitivity: monthly cash flow swings from -$4,960.65 at 20% down to +$874.75 at 100% cash
Secondary suite legalization may require permits, fire separation, and zoning compliance verification
Estimated rent of $2,800/month is sourced from widened comparables, not direct neighborhood comps
Property square footage in the data field appears anomalously low and should be verified on site