I think you may hard pressed to turn that 100k into a 5k a month cashflow, I don't know Toronto but in my market you would likely command around 3-4k a month before expenses and that's a gem.

Like my company commander said when I was in boot camp about the carpet, "Not only no, but hell no" , except he didn't say hell :D  .

What kind of neighborhood is this complex in and what rents is it commanding at the moment (Cross streets would help)   Unit makeup -- IE 5 1bdrms, 1 baths, 11 2 bdrm bath etc.Feel Free to PM me.

If you have a superior telling you that go ask the JAG or command financial specialist.

This provides an excellent chance to command higher rents, especially if the property can use some rehab to become a higher quality product with new higher quality tenants willing to pay more.

Estimating the amount and types of repairs that may be necessary for the property to command a full retail price is part of the wholesalers work.  

:My recommendation:  Move the location you're considering to one that commands higher rents.  

Next, institutional types, broker/dealers have pools of investors, reserves to tap into to conduct business, they are "built to trade" they command they yield offered.Ma and Pa note holders, sold the farm and carried a note back, they have also been collecting payments, paying their tax guy to send out 1099s, compute tax on the principal, take phone calls if the borrower thinks they might be late one month (a good borrower or they just wait) they know one of the borrowers lost a job, now they are shaking if the place has to be taken with them out of town now.

The same is true for lawyers, some kid out of law school doesn't command the same fee structure of a lawyer with 25 years of experience and a track record of hundreds of cases won in technical aspects of law. 

Then you could market it as an "entire home" and command much greater rates then as a "private room".