Key Characteristics & Buyer Profile
456 McDermot Avenue offers 1,426 square feet of living space, which places it in the top 22% on its street and in the top third city-wide. The trade-off is a small lot: 2,243 square feet ranks near the bottom (99th percentile) on the street, and well below city averages. Built in 1903, it’s older than most homes in the area and the city as a whole. Its assessed value is notably low—$161,000—which is significantly below both the neighbourhood and city medians. The appeal lies in getting more interior space for the money, on a modest piece of land, in an older character home that likely needs some attention. This property would suit a buyer who prioritises square footage and lower entry cost over lot size and modern construction. It may also appeal to someone comfortable with a renovation project or who values the bones of a century-old home over a turnkey finish.
Five Possible FAQs
1. Is the low assessed value a sign of problems with the property?
Not necessarily. The assessment reflects the market’s view of the home relative to others, factoring in age, condition, and location. A low value can mean the home needs updating, but it can also mean the property is simply priced below the surrounding market. It’s worth getting an inspection to understand what’s behind the number.
2. How does the small lot affect daily life and future resale?
A 2,243 sqft lot leaves limited room for outdoor expansion—think a small yard, minimal gardening, and no space for a garage or large shed. If you want privacy or outdoor living, this may feel tight. On resale, small lots can appeal to buyers who want less upkeep, but they also tend to limit the ceiling on price appreciation compared to larger lots in the same area.
3. What are the practical considerations of a 1903 build?
Older homes often have solid construction but may come with outdated electrical, plumbing, insulation, and foundation work. You should budget for potential upgrades. On the upside, the character—high ceilings, original trim, craftsmanship—is hard to replicate in newer builds. The home has survived over a century, so it’s likely been maintained to some degree.
4. How does this property compare to other options in West Alexander for the price?
In West Alexander, the average assessed value is $187,000 and the average living area is 1,299 sqft. This home offers more square footage at a lower assessed value, which suggests you’re getting more interior space for your money than the typical property in the neighbourhood. The trade-off is the smaller lot and older age.
5. Would this property be a good investment for a rental or flip?
It could be, but with caution. The low entry cost and above-average living space make it attractive for a rental, especially if you can add value through updates. However, the small lot and older age may limit how much you can raise the rent or resale price. The best-case scenario would be a thoughtful renovation that improves the home’s condition without over-capitalising for the size of the lot.