707 Mcphillips Street

Property Overview

This property at 707 Mcphillips Street presents a distinct profile defined by its exceptionally low municipal assessed value and its surprisingly spacious living area relative to its immediate neighbourhood. The appeal here is primarily for a specific type of buyer: those looking for a land value opportunity or a substantial renovation/rebuild project in the Burrows Central area. Its very low tax assessment is a standout feature, but it comes with the context of a home that is older and valued significantly below area averages. It would suit hands-on investors, developers attentive to lot potential, or buyers with a renovation budget who are less constrained by traditional financing that relies heavily on assessed value.

Key Characteristics & Ideal Buyer

The core characteristic of this home is its stark contrast in metrics. Its living area is ranked in the top 1% for size within both the local street and the wider Burrows Central neighbourhood, suggesting the structure itself is larger than most nearby homes. However, its assessed value of $7,400 is the lowest percentile possible—literally ranking last for value on its street, in the neighbourhood, and citywide. This indicates a property that the city assesses as having minimal improvement value, likely due to age, condition, or both. The lot size is below average for the city but typical for the central neighbourhood.

Its appeal lies in its potential as a blank canvas. For a buyer with vision and capital, the combination of a larger building footprint and a very low ongoing property tax burden (based on assessment) could be attractive. It would suit a contractor looking for a personal project, an investor planning a hold-and-redevelop strategy, or a buyer more interested in the utility of the space than in move-in-ready condition. The recent 2020 sale at $250k suggests the market price vastly exceeds the city's assessment, highlighting that perceived potential is a key driver of value here.

Frequently Asked Questions

1. Why is the assessed value so much lower than the recent sale price?
Municipal assessments for tax purposes are based on mass appraisal models and may not reflect current market conditions, especially for unique properties. A sale price represents what a buyer was willing to pay for its potential, while a very low assessment often reflects the city's valuation of the physical structure itself, which may be considered aged or in need of significant updates.

2. What does the "Elite" ranking for Year Built mean?
In this context, "Elite" is a statistical ranking indicating it is newer than 99% of the homes it's being compared to. On Mcphillips Street, for example, its build year is ranked 1st out of 77, meaning it is the newest home on that comparison list. This is a relative positive within an older, established neighbourhood.

3. Is this a teardown property?
Not necessarily. The data shows it has a living area larger than most comparable homes, so the existing structure may be usable. However, the extremely low assessed value strongly suggests it requires major renovation. The decision to renovate or rebuild would depend on a professional inspection of the foundation, systems, and overall condition.

4. Who would benefit most from such a low assessed value?
The primary benefit is a lower annual property tax bill than a similarly sized but updated home. This can improve cash flow for an investor holding the property or reduce carrying costs during a lengthy renovation period for an owner-occupant.

5. How should I interpret the sale price compared to the listed similar properties?
The similar properties shown (e.g., 1074 Burrows Ave) are grouped by assessed value, not market value or sale price. This highlights how atypical this assessment is. The 2020 sale price of $250k is more meaningfully compared to recent sales of homes with similar lot sizes and locations, not to those with similar tax assessments.