Property Overview: 697 Redwood Avenue
Key Characteristics & Appeal
This two-storey home, built in 1914, presents a unique profile defined by clear contrasts. Its primary appeal lies in its generous 1,760 sqft of living space, which ranks within the top 3% of homes on its street and the top 2% within the Inkster-Faraday neighbourhood. This offers significant interior room for the area, a notable advantage for those needing space. However, this comes with a very modest assessed value and a compact 2,283 sqft lot, both of which rank below average locally and citywide. The home has a basement but it is not renovated, and there is no garage or pool.
This property would suit a specific type of buyer: someone with a solid renovation budget who prioritizes interior square footage over lot size and is looking for a value-entry point into the market. It’s a practical project for an investor or homeowner comfortable with updating an older home, where the investment goes into modernization rather than purchasing premium land. The appeal is grounded in potential and space, not in turn-key condition or outdoor amenities.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is based on a municipal evaluation for tax purposes, not market price. This lower assessment primarily reflects the home’s age, the compact lot size, and the neighbourhood’s property values compared to the wider city. It often translates to relatively lower property taxes, which is a practical advantage.
2. What does "Elite" ranking for living area mean?
It means the home’s interior square footage is larger than 97-98% of comparable homes in its immediate neighbourhood. While the house itself requires work, you are getting above-average interior space for the area, which is a key asset.
3. Is the unrenovated basement a major concern?
It depends on your plans. It indicates the home needs modernization throughout. For a buyer planning significant renovations, it’s a blank slate. However, it does mean immediate systems (like plumbing, electrical, or foundation) should be thoroughly inspected, as updates have likely been deferred.
4. How important is the smaller lot size?
This is a key trade-off. The lot provides minimal outdoor space, which may not suit those wanting a large yard or extensive gardening. The benefit is less exterior maintenance. Your focus here would be on the interior living space.
5. The home last sold in 2017 for a low price. Does that affect its value today?
Previous sale prices are historical data and reflect the market and condition at that time. The more relevant considerations are its current condition, recent comparable sales in the area, and the cost of needed renovations to bring it to modern standards.