This is for educational purposes only; it does not guarantee future performance or serve as financial or tax advice.
We’re excited to share one of Spiro’s latest projects — a bungalow conversion in a great Toronto neighbourhood. This property caught his eye a few months back because the price made a lot of sense.
When you see a good deal, you have to act quickly — and that’s exactly what Spiro did.
Why Spiro Bought This Property
Spiro purchased this bungalow for $989,000. While that might not seem like a steal compared to some of the $850K bungalows seen lately, those lower-priced properties usually need to be torn down completely. This one, however, was just dated — not a tear-down — which made the numbers work for what he wanted to do.
His plan was to split the house into two units. In some cases, bungalows can be divided into three or even four units depending on the layout and size. More units typically mean better returns, but for this project, Spiro kept things straightforward with two units:
Upper Unit: Three bedrooms plus a den, with part of the basement kept for storage and laundry to attract both investors and end users.
Basement Unit: One bedroom plus a den with its own entrance
The Renovation Process
The renovation took about six weeks to complete, creating two brand-new, self-contained units. The basement ceiling height is around 6’5″, which makes the space feel bright and comfortable. Overall, the basement unit is around 600-650 square feet, which is bigger than many condos.
In the basement unit, Spiro went above and beyond with the finishes. The eat-in kitchen features quartz countertops and a matching quartz backsplash for a seamless, modern look. He even added a dishwasher — something you don’t always see in basement apartments — along with a washer and dryer.
The washroom ties into the kitchen’s design with large stone-like tiles, a glass shower door, and sleek, modern finishes. The bedroom measures roughly 10×11 feet, and the den is about 10.5×7.5 feet — perfect for a home office.
Rental Projections
Spiro is projecting the following rents:
Upper Unit: $3,500/month (3+Den with laundry and one parking spot)
Basement Unit: $2,200/month (1+Den with premium finishes, ceiling height, and in-suite laundry)
While the typical market rent for a basement unit like this would be closer to $2,000, he’s confident the extra upgrades will justify the premium.
Future Plans: Laneway Suite & Long-Term Vision
One of the standout features of this property is the laneway access. There’s an old garage at the back that Spiro is planning to tear down and replace with a three-bedroom laneway suite. The laneway suite will cost around $400,000 to build, and he’s projecting rental income between $3,500 and $4,000 per month.
Once everything is complete — the bungalow renovation and the laneway suite — the total all-in cost will be around $1.5M, generating close to $10,000/month in rental income.
On top of that, the property’s value is expected to rise significantly. The renovated bungalow alone should be worth around $1.3M, and with the laneway suite, the total value could hit close to $1.9M.
The Strategy Moving Forward
Spiro isn’t rushing into building the laneway suite just yet. The plan is to accumulate land first — like playing Monopoly — and build later once financing programs like MLI Select become more established.
The midterm vision is to eventually redevelop the entire lot into a fourplex, maximizing both rental income and property value.
How We Can Help
If you’re not sure what’s best for your situation, let’s chat! We specialize in helping investors navigate the Toronto multiplex market with confidence. Our approach is based on real data, not speculation, so you can make informed investment decisions.
Here’s what it’s like to start as a client with us:
- Initial Consultation: We’ll talk with you to understand your needs and teach you how to invest wisely in Toronto real estate.
- Market Search & Purchase: We’ll search the market to find the perfect property for you.
- Renovation Support: If the property needs renovations, our trusted contractors are ready to help, and we’ll coach you as you manage the project.
- Leasing and Management: If you need help renting out and managing your property, our leasing and management team is here for you.
Ready to get started? Click on the link below, and let’s start working together!
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