Property Overview & Key Characteristics
This 1950s-era, one-storey home in Archwood presents a practical and well-positioned opportunity. Its key appeal lies in a combination of a renovated basement, a generous 3,298 sqft lot that ranks in the top 15% of the neighbourhood, and a detached garage. While the 877 sqft living area is modest, the property’s underlying value is highlighted by its above-average assessed value for both the street and the wider area, suggesting a solid foundation. The home last sold in 2017 for $260k.
Its appeal is grounded in space and potential. The large lot offers room for gardening, expansion, or simply more private outdoor space than is typical. The renovated basement adds immediate functional living area. This property would suit a first-time buyer looking for a manageable footprint with room to grow, a downsizer seeking a single-level layout with a sizable yard, or an investor attracted by the lot size and the neighbourhood’s steady metrics. A thoughtful perspective is that while the house itself is of average size for the street, the lot and assessment rankings indicate a property that may hold its value well relative to its immediate peers.
Frequently Asked Questions
1. How does the assessed value compare to the last sale price?
The home was last sold in May 2017 for $260,000. Its current assessed value is $32,100. It’s important to understand that municipal assessed value for tax purposes is not a market appraisal and is typically significantly lower than actual market value.
2. Is the lot size unusual for the area?
Yes. The lot of 3,298 sqft ranks in the top 15% within the Archwood neighbourhood, meaning it is substantially larger than many nearby properties. This is a key feature of this home.
3. What does the "renovated basement" include?
The provided details confirm the basement is renovated but do not specify the scope or finish. This would be a key point to clarify with the listing agent to understand if it’s a finished living space, a recreational room, or has separate entrance potential.
4. How does this home compare to others on Prosper Street?
The data shows a mix. The lot size and assessed value rank in the top third of the street, while the living area is near the middle. This suggests a property valued more for its land and overall property value than for its interior square footage.
5. The home was built in 1959. What should I consider?
While the basement has been renovated, the core structure is 67 years old. A pre-purchase inspection would be crucial to understand the condition of major aging components like the roof, foundation, plumbing, and electrical systems, which may be original or nearing the end of their service life.