Detached Caledonia-Fairbank bungalow steps from new Eglinton LRT, $599,900
Renovated 2-bed detached bungalow on a 142 ft lot in Caledonia-Fairbank, steps from the newly opened Caledonia-Eglinton LRT station. Separate entrance and finished basement support an owner-occupier with rental offset, though pure rental economics require substantial cash to reach positive carry.
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
The Deal
Renovated 2-bed detached bungalow on a 142 ft lot in Caledonia-Fairbank, steps from the newly opened Caledonia-Eglinton LRT station.
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 |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables_widened (67 comps).
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.
538 McRoberts is a detached bungalow listed at $599,900 in Caledonia-Fairbank, a mid-Toronto neighbourhood that has just received a transit upgrade with the opening of the Caledonia-Eglinton LRT station. The property has had material 2025 capital work completed, including two renovated bathrooms, a new basement kitchen, new laminate flooring on the main level, and a new owned furnace, hot water tank, and AC. A separate entrance and clear division between main floor and basement give the layout owner-occupier-plus-income flexibility on a deep 142 ft lot.
On rental-only economics the numbers are tight. Estimated monthly rent of $1,800 (benchmarked against 67 comparables) against $983.88 in monthly operating expenses produces annual NOI of $9,793.50, an estimated cap rate of 1.63%, and a gross yield of 3.6%. At a 4.99% mortgage rate over 25 years, the property does not produce positive monthly cash flow at any leveraged scenario: 20% down shows estimated monthly cash flow of -$1,986.64 (cash-on-cash -17.28%), 35% down -$1,461.12 (-7.69%), and 50% down -$935.61 (-3.53%). The property only approaches breakeven near 75% down at -$59.74 per month (-0.15%) and turns positive at +$816.12 per month on an all-cash basis (1.58%). The minimum recommended down payment for neutral carry is 75%, and true positive carry requires 100% cash.
Leverage sensitivity is high. The swing between the 20% down and 100% cash scenarios is more than $2,800 per month, meaning the investment thesis changes character entirely depending on capital structure. For a leveraged buyer this is not a cash-flow property; it is an owner-occupier or hybrid play where the basement rents help service the mortgage, or a long-duration appreciation/land-banking position on a detached lot near a brand-new LRT station. For a cash buyer or near-cash buyer, modest positive carry is achievable while waiting for transit-driven appreciation and land value to compound.
Recommended hold period is 60+ months to align with LRT ridership maturation and any future intensification along the Eglinton corridor. This property suits owner-occupiers seeking a mortgage-helper, multi-generational buyers, and patient cash or low-leverage investors who prioritize Toronto detached land exposure over current yield. Highly leveraged investors should look elsewhere for cash flow.
Key features
- Detached bungalow on a 142 ft deep lot
- Steps to newly opened Caledonia-Eglinton LRT
- Separate entrance with main/basement division for rental or in-law suite
- 2025 renovations: two bathrooms, basement kitchen, main floor flooring
- New owned furnace, hot water tank, and AC (2025)
- Private legal front pad parking
- 10 minutes to Yorkdale Mall, 18 minutes to Pearson Airport
- Walkable shopping plaza with FreshCo, Canadian Tire, Caldense Bakery
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)
Section · Neighborhood
Where it sits.
Caledonia-Fairbank
Caledonia-Fairbank is an established, family-oriented mid-Toronto neighbourhood that has just been re-rated by the opening of the Caledonia-Eglinton LRT station, providing rapid east-west transit across the city. The location offers easy access to Black Creek Drive and Allen Road, roughly 10 minutes to Yorkdale Mall and 18 minutes to Pearson Airport, plus a walkable shopping plaza (West Side mall with FreshCo, Canadian Tire, and Caldense Bakery).
Detached housing stock on deep lots is increasingly scarce within this commute envelope, and the LRT opening is a structural demand driver for both end-user resale and long-term rental absorption along the Eglinton corridor.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
No risks flagged by the QA agent.