This is for educational purposes only; it does not guarantee future performance or serve as financial or tax advice.
When it comes to real estate investing, most people zero in on one thing: how much money they can make. Whether it’s the dollar lift or return on investment, that number tends to steal the spotlight. And yes, returns matter—but they’re only part of the picture.
What many investors overlook is the time, effort, and risk involved. If you’re not factoring those in, you could end up stuck with a project that doesn’t actually align with your goals. The best strategy depends on what you’re trying to achieve, how much capital you have, and how quickly you need to cycle that capital into your next deal.
Let’s break down three real Toronto multiplex opportunities—each with a different level of effort, timeline, and return. Depending on your goals, one of these could be the perfect fit.
Turnkey Triplex – The Stress-Free Cash Flow Play
Let’s start with the easiest option: the turnkey triplex.
This one’s fully renovated and already rented out—so there’s no work needed. It costs around $1.35 million, and you’ll need about $320,000 upfront (that includes your down payment and closing costs). You’ll make around $1,000/month in cash flow from day one.
Think of it like a monthly-paying dividend stock—but better, since you’re using a mortgage to boost your returns.
There’s no value-add here, so your money stays tied up. But if you’re looking for something simple and hands-off, this is your stress-free option.
Cosmetic Renovation Triplex – The Best Return for Time & Capital
Next is the cosmetic renovation triplex. You buy the property for $1.1 million, and you’ll need about $100,000 to update finishes like floors, kitchens, and bathrooms.
The renovation takes around 3 months, and after that, the place could be worth $1.25 million. If you refinance, you might only have about $240,000 left in the deal.
You’re not making a massive lift—about $50K in forced value—but it’s fast and gives you a great return for the time and capital you put in. It’s perfect if you want to be more hands-on, but don’t want to take on a full construction project.
Full Triplex Conversion – The High-Risk, High-Growth Play
The third option is the full triplex conversion. You buy a single-family home for $800,000 and spend around $200,000 to turn it into a legal triplex.
This project takes about 6 months, and when it’s done, the property could be worth about $1.1 million. You’ll need close to $400,000 in total capital.
This strategy gives you the biggest lift and the best long-term cash flow—especially if you don’t refinance. But because of the longer timeline and higher complexity, it comes with more risk.
If you have experience or a good team backing you up, this can be a great way to grow fast and recycle your capital. But if it’s your first time, it’s easy to run into delays or go over budget, which can eat into your returns.
So, Which Strategy Is Right for You?
Turnkey: Lowest effort and risk, but capital is tied up longer.
Cosmetic Renovation: Best return for your time and money.
Full Conversion: Most potential, but also the most complexity and risk.
At the end of the day, the right answer depends on your goals. Are you trying to maximize cash flow, minimize effort, or scale your portfolio fast? Figure that out first—then reverse-engineer your project choice.
And if you want help working through the numbers and finding the right investment property in Toronto, book a call with us. We’re a Toronto real estate team that helps investors make smart moves every day—whether you’re after a simple cash-flowing multiplex or a complex value-add project. We’ll help you run the numbers, spot opportunities, and guide you every step of the way.
Let’s Find You the Right Multiplex — and Make It Work
Whether you want a move-in ready duplex or you’re ready to take on a conversion project, we’ve got the game plan to get you there.
At Elevate Realty, we’re not just here to show you listings — we’re investors ourselves. We’re actively buying in this market, and we know what works right now.
Here’s what it looks like when you work with us:
- Strategy Call: We get clear on your goals and walk you through how to invest smart in Toronto. Straight talk, no fluff.
- Property Search & Purchase: We find the right property that fits your plan — whether it’s turnkey or value-add.
- Renovation Guidance: Need renos? We’ve got trusted contractors, and we’ll coach you through the process so you don’t get burned.
- Leasing & Management: Want help renting it out or managing it long-term? Our team’s got that covered too.
Want to see what’s possible for you? Book a strategy session with us here.
What Toronto Real Estate Investment Is Right For You?
Check out our complete Toronto real estate investment guide for all the details and real-life examples. If you’re ready to dive in, just book a call with us!
