Property Overview
This 850 sqft, one-storey home on a 4,993 sqft lot presents a practical and value-oriented opportunity in East Elmwood. Built in 1953, its key updated feature is a renovated basement, adding functional living space. The home includes a detached garage. Its standout characteristic is the land parcel, which is notably larger than many lots on its street and in the immediate area. While the living space is modest compared to the citywide average, the property holds a strong assessed value relative to its neighborhood, suggesting it is well-regarded in its local context.
The appeal lies in its efficient scale and the potential offered by its generous lot size. It suits first-time buyers seeking an entry point into homeownership without a massive footprint, or practical-minded investors looking for a manageable rental property. The renovated basement adds immediate utility, while the above-average lot size presents a less obvious long-term advantage—whether for private outdoor space, gardening, or future expansion, subject to local regulations.
Frequently Asked Questions
1. How does the home’s size compare to others nearby?
At 850 sqft, the living area is slightly below the average for Talbot Avenue (~997 sqft) and East Elmwood (~1,065 sqft). This indicates a more compact, efficient layout suited to smaller households or those wanting lower utility and maintenance costs.
2. Why is the assessed value higher than many neighbors?
The assessed value ranks in the top 26% for East Elmwood. This is likely due to the combination of the renovated basement, the larger-than-average lot size for the area, and the overall maintained condition of the property relative to immediate peers.
3. What is the significance of the lot size?
The lot of 4,993 sqft is a key feature, ranking in the top 18% on its street. This provides more yard space than typical properties in the vicinity, which is a valuable and fixed asset that can enhance livability and future value.
4. What might the sale history indicate?
The home last sold in May 2019 for $25,500. This historical price, significantly lower than the current assessed value, reflects strong market appreciation over the past five years and the impact of the subsequent basement renovation.
5. Who might this property not suit?
Buyers needing substantial above-ground living space or multiple large bedrooms may find the 850 sqft main floor limiting. It is best suited for those who prioritize lot size, value, and the added flexible space of a finished basement over a larger main floor plan.