Property Overview

This is a modest, one-storey home built in 1951 on a standard city lot in Central River Heights. Its primary appeal lies in its location and its value as a land asset in a desirable, established neighbourhood. The house itself is compact at 949 sq ft, with an unrenovated basement and no garage. Recent sale prices have been consistently low, reflecting the home's condition and making it one of the most accessible entry points into the area.

It would suit a specific type of buyer: a hands-on investor looking for a rental property with land value upside, or a very practical first-time buyer willing to live simply while building equity in a great location. It's not a move-in-ready family home, but a foundational property for someone whose priority is securing a foothold in River Heights, not immediate comfort or space.

Key Details & FAQs

Key Characteristics & Appeal
The defining feature is the lot in a prime neighbourhood. While the living space is small and the home dated, you're purchasing location. The lot size is typical for the street but offers potential for expansion or redevelopment in the long term. The consistently low sale prices indicate this is a value-play property; the appeal is in what it could become, not what it currently is. It suits buyers comfortable with a project, whether that's minimal updates for a rental or planning a future rebuild. It's a strategic purchase for building wealth through land in a stable area, not for immediate lifestyle.

Frequently Asked Questions

1. Why is the sale price so much lower than the neighbourhood average?
The price reflects the home's smaller size, age, and condition (including an unrenovated basement). You are primarily paying for the land value in a sought-after location.

2. Is this a teardown property?
Not necessarily, but it's a consideration. The low price and modest structure make it a candidate for eventual redevelopment. However, it could also serve as a functional starter home or rental with some updates.

3. What are the immediate costs a buyer should anticipate?
Beyond any purchase price, budget for essential maintenance and updates to a 75-year-old home. The unrenovated basement may need attention for moisture control or utility upgrades. There is no garage, so consider parking and storage solutions.

4. How does the lot size compare?
At 4,798 sq ft, the lot is slightly smaller than the immediate street average but is a standard city lot. It provides good outdoor space and typical development options for the area.

5. Has the property value been stable?
Yes. The sale prices in 2022 and 2024 are nearly identical, showing it holds its value as an affordable entry point in a stable market. This suggests a low-risk purchase from an investment perspective.