50 Elinor Avenue, Wexford-Maryvale M1R 3H4

Description

Welcome to a rare opportunity that blends charm, space, income potential, and future upside - all on an exceptional 40 x 193 ft lot. This beautifully maintained 3+2 bedroom bungalow offers versatility for investors, multi-generational families, or buyers looking to live while generating substantial rental income. The main level features a warm and inviting layout with an updated kitchen complete with quartz countertops (2025), new appliances (2025), and bright living spaces. The finished basement includes two separate tenanted units - a bachelor suite and a 1-bedroom, 1-bath suite - currently generating $3,140/month in rental income, with total projected income potential of approximately $6,140/month including the main level. What truly sets this property apart is the land and future development potential. The massive backyard offers exciting possibilities for a future garden suite, rear addition, or even a custom new-build opportunity (buyer to complete their own due diligence). The large detached 2-car garage already includes existing water and power supply, creating excellent potential for a future garage conversion into one or possibly two additional income-generating units. Extensively updated and well cared for, this property features a new roof (2025), repaired and cleaned gutters (2026), basement renovations (2021), and epoxy garage flooring (2023). Solar panels help offset utility costs by approximately $300-$400/month on average. Whether you're searching for a smart investment, a multi-income property, or a home with long-term redevelopment potential, this property delivers endless possibilities on an oversized lot in a highly desirable setting.