Renovated bungalow on 100 x 459 ft double lot in Humber Summit, redevelopment play
Detached bungalow with finished basement apartment on a 100 by 459 foot double lot bordering Rowntree Mills Park. Listed at $1,999,888, the thesis is land assembly and redevelopment rather than current rental yield.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$1,999,888
Cap rate
-0.04%
Est. monthly rent
$2,800
Source: comparables_widened
Est. net spread
+$460K
6mo hold
Annualized ROI
+46%
preliminary
Section · Why this passed our floor
What lifts the math here
Current cap
-0.04% 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
$459,874 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 | $699,961 |
| Mortgage principal | $1,299,927 |
| Land transfer tax | $29,998 |
| Closing costs | $29,998 |
| Total acquisition | $759,957 |
Monthly cash flow
| Estimated rent | +$2,800 |
| Operating expenses | -$2,864 |
| Mortgage payment | -$7,592 |
| Net cash flow | -$7,656/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $140/mo |
| Maintenance reserve | $1,667/mo |
| Insurance | $833/mo |
| Property management | $224/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=63).
Breakeven
Negative carry at every scenario. Rent does not cover operating expenses; mortgage adds further drag.
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 ($29,998), and closing costs ($29,998).
Section · Investment Thesis
Why this property.
This listing suits a value-add investor or small builder who reads the price as a land basis rather than a yield. The mechanic is a finished bungalow with a separate-entrance basement apartment carrying holding costs while the buyer pursues severance, infill, or a custom rebuild on a 100 by 459 foot parcel. At an estimated cap rate of -0.04% and an estimated $2,800 monthly rent, the operating numbers are not the case; the lot dimensions and Humber River frontage are.
The site sits in Humber Summit on the west side of the Humber River, adjacent to Rowntree Mills Park within the Toronto and Region Conservation Authority corridor. Highway 407 and Highway 27 frame the north and west edges of the neighborhood, and Pearson Airport employment lands sit a short drive south through the Steeles West corridor. The 459 foot depth is unusual for the Etobicoke-North fabric of 40 to 60 foot frontages, which is what gives the parcel optionality for a severance application or a larger custom build. Future redevelopment economics will depend on ravine setbacks and conservation review.
Execution favors a 100% cash or 75% down structure. At 100% cash the estimated monthly carry is -$63.86; at 75% down the estimated monthly cash flow is -$2,983.73. The basement suite tenant offsets a portion of holding costs through a 24 to 48 month entitlement window while severance, site plan, or custom-build drawings advance. Exit is either resale of approved lots or a build-to-hold on a re-tenanted footprint.
Key features
- Premium double lot measuring 100 x 459 feet
- Fully renovated detached bungalow with 3 main-level bedrooms
- Finished basement apartment with separate entrance and 3 additional bedrooms
- Adjacent to Rowntree Mills Park and the Humber River
- Recent 2024 upgrades: new front porch railing and wood fencing
- Positioned for redevelopment, severance, or custom rebuild
Original MLS description
ATTENTION INVESTORS, DEVELOPERS. Discover the potential of this fully renovated detached bungalow situated on an expansive premium double lot measuring [100 x 459] feet - a rare find offering exceptional redevelopment and investment possibilities. This versatile property features a bright and spacious main level with 3 generous bedrooms, plus a professionally finished basement apartment complete with its own separate entrance and an additional 3 bedrooms, creating an outstanding income-generating opportunity. Nestled near the scenic beauty of Rowntree Mills Park and the picturesque Humber River, this home combines tranquility with incredible future potential. Recent upgrades include a stylish new front porch railing and brand-new wood fencing completed in 2024. An exceptional opportunity for investors, builders, or families looking to secure a truly unique property. (42921275)
Section · Neighborhood
Where it sits.
Humber Summit
Humber Summit sits in northwest Toronto along the Humber River, bordered by Highway 407 to the north and Highway 27 to the west. The neighborhood fabric is mid-century detached housing on deep lots, with the Rowntree Mills Park and Humber River conservation corridor running through the east edge. Pearson Airport employment lands and the Steeles West industrial corridor anchor local employment.
Demand drivers here are land-driven rather than transit-driven: deep lots, ravine adjacency, and proximity to the 407 and 27 highway network make the area a target for custom-build buyers and small severance plays.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
Estimated cap rate of -0.04% means operating income does not cover expenses at any leverage level
Even at 100% cash the property carries an estimated monthly loss of $63.86
High leverage sensitivity: 20% down scenario carries an estimated -$9,407.46 monthly loss
Redevelopment thesis is contingent on conservation authority and municipal severance approvals that are not guaranteed
Rent estimate of $2,800 is sourced from widened comparables, not in-place leases
Ravine and Humber River adjacency typically triggers TRCA setback and floodplain review that can constrain buildable area
Property is best suited to cash buyers or builders with carry capacity through a multi-year entitlement window