Detached Caledonia-Fairbank bungalow with separate-entrance basement steps from the Eglinton Crosstown LRT
Move-in-ready detached bungalow with a separate-entrance basement and new basement kitchen, positioned for a two-unit income-conversion play in Caledonia-Fairbank. List price $599,900 with an estimated 1.63% cap rate at current single-unit rent assumptions.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$599,900
Cap rate
+1.63%
Est. monthly rent
$1,800
Source: comparables_widened
Est. net spread
+$136K
6mo hold
Annualized ROI
+45%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
1.63% 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
$136,227 estimated over a 6-month hold using default market reno costs and the underwritten rent source.
Recommended leverage
75% 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 | $209,965 |
| Mortgage principal | $389,935 |
| Land transfer tax | $8,999 |
| Closing costs | $8,999 |
| Total acquisition | $227,962 |
Monthly cash flow
| Estimated rent | +$1,800 |
| Operating expenses | -$984 |
| Mortgage payment | -$2,277 |
| Net cash flow | -$1,461/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $90/mo |
| Maintenance reserve | $500/mo |
| Insurance | $250/mo |
| Property management | $144/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=67).
Breakeven
This property turns cash-flow positive at 76.7% 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 ($8,999), and closing costs ($8,999).
Section · Investment Thesis
Why this property.
This listing fits a value-add investor or owner-occupier targeting a live-up, rent-down configuration. The mechanic is straightforward: a separate entrance, a new basement kitchen, and a defined division between main floor and basement set up a two-unit operation that lifts NOI above the single-unit rent assumption driving the 1.63% estimated cap rate. At $599,900 with renovated bathrooms and 2025 mechanicals already in place, the capex required to legalize and lease the lower level is incremental rather than structural.
Caledonia-Fairbank sits on the Eglinton Crosstown LRT corridor, with the Caledonia-Eglinton interchange station now open and providing direct east-west service into the Yonge-University line and the Mount Dennis GO/UP terminus. The West Side mall anchored by FreshCo, Canadian Tire, and Caldense Bakery covers daily retail, and Black Creek Drive plus Allen Road feed Yorkdale Mall in roughly 10 minutes and Pearson Airport in roughly 18 minutes. The 142 ft deep lot and detached form factor are scarce inventory at this price band inside the City of Toronto, which supports both rental absorption from transit-oriented tenants and resale optionality to end-users.
Execution favours the 75% down scenario, where estimated monthly cash flow narrows to -$59.74 on a single-unit lease; layering a legalized basement suite is the path to durable positive carry. Full cash buyers see an estimated $816.12 monthly cash flow and 1.58% cash-on-cash before the second-unit lift. Hold period of 36 to 60 months allows suite legalization, stabilization of two-unit income, and a refinance into the matured Eglinton Crosstown rent curve.
Key features
- Detached bungalow on a 142 ft deep lot
- Separate entrance with defined main/basement division
- New basement kitchen (2025)
- Two fully renovated bathrooms
- New owned furnace, hot water tank, and A/C (2025)
- New laminate flooring on main level
- Private legal front-pad parking
- Steps to Caledonia-Eglinton LRT station
Original MLS description
Welcome to 538 McRoberts Avenue- A fantastic opportunity to own a detached bungalow in a well-established, family-friendly neighbourhood with unbeatable convenience. Great for First Time Buyers and Multi-Generational Families. Situated steps to public transit, shopping plaza (West Side mall w/Fresh Co, Canadian Tire & Caldense Bakery) and the Caledonia-Eglinton LRT NOW OPEN !!! Easy access to Black Creek Drive and Allen Road, 10 minutes to Toronto's Yorkdale Mall, 18 Minutes to Person Airport commuting throughout the city here is seamless. This charming, low-maintenance home has been thoughtfully maintained with key upgrades throughout, including two fully RENOVATED **bathrooms, NEW basement kitchen, NEW laminate flooring on main level and a BRAND NEW owned furnace, hot water tank and air conditioning unit ALL COMPLETED in 2025!!: Offering peace of mind for many years. Move-in ready to call home, or an ideal setup where you can comfortably live on one level while generating income from the other. Featuring a separate entrance and a well-defined division between the main floor and basement, the layout lends itself effortlessly to extended family living or rental potential. Set on a deep 142 ft lot, the backyard with a spacious shed provides plenty of room to enjoy the outdoors-whether entertaining, relaxing, or creating your own fruit and vegetable garden in the summer. A private legal front pad for parking convenience. Ideal for first-time buyers, downsizes, young families, investors, or those looking to transition from condo living to the privacy and comfort of a detached hom! Don't miss your chance to live in one of most Toronto's most convenient neighborhoods and dare to compare at this price!!!!! (42914998)
All photos
30 additional · click any to expand
Section · Neighborhood
Where it sits.
Caledonia-Fairbank
Caledonia-Fairbank is a west-end Toronto neighbourhood anchored by the now-open Caledonia-Eglinton LRT station on the Eglinton Crosstown line, providing transfer to Line 1 and connection to the Mount Dennis terminus. Daily retail is covered by the West Side mall with FreshCo, Canadian Tire, and Caldense Bakery within walking distance.
Vehicle access via Black Creek Drive and Allen Road puts Yorkdale Mall within roughly 10 minutes and Pearson Airport within roughly 18 minutes. The area has historically traded as a working-class detached pocket and is repositioning as transit-served infill, with deep lots like the subject 142 ft parcel offering land value optionality.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: estimated monthly cash flow ranges from -$1,986.64 at 20% down to +$816.12 at 100% cash on single-unit rent assumptions
Property only reaches near-breakeven at 75% down and positive carry only at 100% cash absent a second income unit
Basement suite is not described as legally registered; legalization timing, permits, and fire-code compliance costs are not captured in the financials
Estimated monthly rent of $1,800 is sourced from widened comparables, not verified leases
Reported 65 sqft figure appears to be a data error and should be verified
Cap rate of 1.63% is well below GTA financing costs at any leveraged scenario