2396 Gerrard Street E
East End-Danforth, Toronto
$970,000
In-place income. Build six storeys as of right, and build and sell laneway housing. Potential for 26 units in total. Opportunity to purchase together with the property next door. Buyer is responsible for conducting their own due diligence. Great School District W Adam Beck & Malvern... This Lovely Open Concept Upper Beach House Has It All. Close To All Kinds Of Shopping, Restaurants, Transportation, Parks, Trails & The Beach. Large Fenced In Garden That Is Perfect For Entertaining + On Site Parking. There Have Been Many Updates In Past 10 Years. The Basement Is High & Good Space To Work With If You Want To Finish.
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What the bank counts
This home's actual carrying costs, payment stress-tested at 6%
- Mortgage, tested at 6%
- $4,965
- Property tax
- $275
- Heat allowance
- $150
- Housing costs
- $5,389 / mo
Lenders cap these at 39% of gross income — that sets the number.
Income needed
$166,000
gross annual household income
- Payment at 4%
- $4,082 / mo
- Cash down
- $194,000
Assumes no other monthly debts · 25-yr amortization
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