In a Toronto neighbourhoood where the average detached home goes for almost $4 million and the price has gone up 50 per cent year-over-year, finding a house like 659 Huron St. is kind of a miracle. 

Listed for $3,100,000, this house looks like an abandoned frat house at first glance. 

You got the rickety chain link fence, random patio furniture strewn about, a bunch of boxes piled on the front porch, and a general lack of any signs of life.

The front of the house with two patios. 

But that doesn't really matter because this property isn't being sold for its curb appeal or its interior appeal.

There aren't even any shots of the inside of the house because as listing agent Rachel Keslassy told theGentries it "isn't in great shape." 

But again, none of this matters because it is being sold in "as is" condition and what really matters is the location and the property size. 

The view toward Dupont St. 

First off, 659 Huron St. is right in the heart of the Annex, close to the University of Toronto, Yorkville and Casa Loma. 

The backyard. 

The home is a spacious three-storey home with 12 bedrooms, four bathrooms, two kitchens and four parking spots. 

Previously the home has been used as an income property for numerous tenants, but Keslassy shared that only two tenants are living there now along with the owner.

It's also sitting on an incredibly spacious (for downtown) 35 by 115 -foot property with enough room to build a laneway house. 

The current doorbells for the multiplex. 

The insides likely need to be entirely gutted, but the home was likely built in the late 1800s or early 1900s for a wealthy family, so structurally, it's probably more solid than any new build.

All this is to say no matter what you do to it – whether that be turn it into apartments and rent it out to students or convert it back into a single-family home – you're going to make a return on your investment. 

The parking pad could easily fit a laneway house. 

How much of a return is unknown, but similarly sized renovated homes in the area have gone for as much as $5.3 million, so you do the math.