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Toronto Real Estate Buyers bargain for Oakwood Village bungalow with strong return

184 Cedric Ave. N., Toronto

184 CEDRIC AVE. N., TORONTO

ASKING PRICE: $598,000

SELLING PRICE: $575,000

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PREVIOUS SELLING PRICES: $350,000 (2013); $240,000 (Nov., 2005); $175,000 (March, 2005)

TAXES: $2,825 (2017)

DAYS ON THE MARKET: Four

CO-OP AGENT: Ira Jelinek, Harvey Kalles Real Estate Ltd.

The Action: Investor clients of agent Ira Jelinek scrutinized the potential returns of 20 rental properties across the city and by the end of November settled on this detached bungalow in Oakwood Village, buying it for $575,0000.

"[The sellers] were getting $3,150, plus utilities, so about $2,000 upstairs and $1,150 for the basement," Mr. Jelinek said.

"It's hard to find a property that cash flows very positive like this one and has potential to build. It was an investor's dream."

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What They Got: This updated bungalow on a 17-by-100-foot lot has a two-bedroom suite above ground and a one-bedroom basement apartment.

Both units have open-concept entertaining and cooking facilities, but the main-floor space also has access to the front porch and private driveway, as well as a deck off one of the bedrooms.

The Agent's Take: "It's an older structure, but it's renovated inside," Mr. Jelinek said.

"One day down the road, if [the buyers] want to build and sell it, it would be a great return today and hopefully in five or ten years or whenever they want to do it."

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