Property Overview
This 1955-built, one-storey home in East Elmwood presents a straightforward opportunity centered on its land and location. Its primary appeal lies in the generous 7,853 sqft lot, which ranks in the top 6% on its street and top 2% within the neighbourhood. This sizable, level parcel offers significant potential for expansion, gardening, or outdoor living. The house itself is modest at 796 sqft, suggesting a project-oriented or minimalist living scenario. With no basement and a detached garage, it suits a buyer looking for a blank-canvas bungalow or someone prioritizing yard space over finished living area. Its assessed value is notably lower than many in the area, indicating a potential value-play for renovators or those willing to invest sweat equity. This property would best suit a first-time buyer comfortable with updates, an investor seeking a land-value play, or someone wanting a manageable home with ample outdoor room in a well-established community.
Frequently Asked Questions
1. What is the true draw of this property?
The standout feature is the lot size. You are purchasing a parcel of land significantly larger than most in the area, which is rare for older neighbourhoods. The house, while livable, is secondary to the long-term potential the land offers.
2. Who is this house most suitable for?
It's ideal for a handy first-time buyer or downsizer comfortable with a smaller footprint who values private outdoor space. It's also a candidate for an investor or builder considering a future renovation or rebuild, given the lot's premium ranking.
3. How does the assessed value compare?
At $24,200, the assessment is in the lower range for the area, reflecting the home's age and modest size. It's important to note that market value can differ. The low assessment, however, can mean relatively lower property taxes, which is a practical advantage.
4. What are the main limitations to consider?
The lack of a basement reduces storage and potential for easy below-ground expansion. The living area is compact, so it may not suit a growing family without significant investment in an addition.
5. How does it rank compared to nearby homes?
The rankings show a mix: while the lot is in the top tier, the living area and year built rank in the lower percentiles locally. This confirms the property profile: a superior piece of land with a home that has room for modernization and growth.