The average house in the Annex goes for $3.2 million, which is pretty much double the GTA average for a detached house. 

But usually those houses comes with things like plumbing, walls, lights, maybe a kitchen and some doors — you know, the basics. However, 124 Walmer Rd. has none of those things and yet is still somehow listed for an absurd $3,779,999.

The second floor. 

The semi-detached home used to be a fourplex but has since been gutted down to the studs. 

The front entrance. 

For someone who wants to renovate a house exactly to their taste, this is the kind of property to look for. 

The house from the street. 

Great original bones, but blank canvas on the inside. 

A side entrance for the former basement unit. 

The home sits on a well-sized 40 by 128-foot lot, with a deep backyard that has enough room to add in a coach house, according to the listing. 

The main floor. 

The exterior of the house is charming with a red brick façade, and the interior is three storeys tall with some very high ceilings. 

There's a three-car garage port, and enough parking space for seven cars. 

There's also plenty of parking in the back if you wanted to turn it back into a multiplex. 

The third floor. 

However, the price point just doesn't add up, especially in this new high interest rate market.

At least there's insulation. 

When you look at some of the recent comparables that are in livable condition, they sold for less than this place is listed, although most didn't have nearly as much parking space as this house. 

The lower level. 

Additionally, similar properties on the market now are listed for substantially less and at least offer a working bathroom. 

The basement. 

Plus, if you think about the renovation costs to get this house to a place where you could make money off of it (or just live in it), you're looking at at least $500,000 of up-front capital to finish the renovations. 

An aerial view of the semi-detached house. 

The roof does look pretty new from the aerial shots, so at least you won't have to deal with that. 

A view of the neighbourhood. 

And even once you finish the renovations, find tenants, and rent it out, it could still be a while before you see any return on your investment — even with the absurdly high rental averages.

The back of the house. 

blogTO did reach out to the realtor to get a comment on the pricing strategy, but at the time of writing, they had not replied.