Toronto Life’s House of the Week is a $1.2M home on Lisgar that’s been totally renovated. If you’re looking to get into the same neighbourhood at a lower price point, check this listing out. Under 500K and you can renovate to your own taste.

ADDRESS: 147 Lisgar Street

NEIGHBOURHOOD: Little Portugal

PRICE: $1,195,000

THE PLACE: A newly renovated Victorian on Lisgar with four bedrooms, five bathrooms, a media room and a wine cellar.

BRAGGING RIGHTS: Built in 1880, the home was in a state of disrepair before being completely redone this year. Five-inch-wide hand-scraped hardwood planks replaced grimy carpet, and original details like the trim and staircase were restored. The wainscoting in the hallway harks back to the Victorian age, but modern amenities, like heated floors and a 36-inch gas stove, are completely 2012.

BIG SELLING POINT: Right in the middle of the trapezoid formed by Queen, Dundas, Dufferin and Bathurst, the place is within walking distance of most of Toronto’s summer hot spots. You can hit Trinity Bellwoods, the Drake, The Black Hoof, Dakota Tavern, Red Light, 416 Snack Bar and Wrongbar without spending a penny on cabs.

POSSIBLE DEAL BREAKER: As you’re in the centre of so many of the city’s goings-on, be prepared for random drop-ins from friends who were “just in the neighbourhood” and needed somewhere to cool off.

Click here for more photos