Property Overview: 779 Mcphillips Street
Section 1: Key Characteristics & Appeal
This is a 1.5-storey home built in 1928, situated on a standard city lot in the Burrows Central neighbourhood. Its key practical features include a detached garage and a full, unrenovated basement. The home’s primary appeal lies in its value proposition and space. With a living area of 1,222 sq ft, it offers significantly more interior space than the average home in Burrows Central, providing room to grow or customize. The very low assessed value points to an accessible entry point into the market, suggesting potential for equity growth through updates.
This property would suit a pragmatic buyer, such as a first-time homeowner or an investor, who is comfortable with a home that requires modernization. It’s a canvas for someone looking to add value through renovation over time. A less obvious perspective is its potential as a multi-generational or shared housing option; the larger-than-neighbourhood-average living space and the unrenovated basement offer flexible layout possibilities that newer, more finished homes might not.
Section 2: Frequently Asked Questions
1. What does the low assessed value indicate?
The assessed value is well below averages for the street, neighbourhood, and city. This typically reflects the home’s age and condition, not its potential market price. It suggests a lower property tax burden and highlights that the value is primarily in the land and the structure's footprint, offering a chance to increase value through improvements.
2. Is the lot size a disadvantage?
The land area is below average for the city, but it is a standard residential lot for the central area. It provides adequate outdoor space for a home of this size without the maintenance demands of a much larger yard, which can be a practical benefit.
3. What should I know about the "unrenovated basement"?
This means the basement is in original or functional condition but lacks modern finishes. It presents both a project and an opportunity. While it will need investment to become a modern living space, it also allows you to design and build it to your specific needs without first undoing someone else’s renovations.
4. How does the living area compare practically?
At 1,222 sq ft, the home has more interior space than 86% of homes in Burrows Central. This is a standout feature, meaning you get more house for the area than is typical, which is a significant advantage for daily living and long-term utility.
5. The home is older than most on the street. Is that a concern?
Built in 1928, it is older than many neighbouring houses. This implies that major systems (roof, wiring, plumbing) may need inspection or updating. However, homes of this era often feature solid construction and character that can be enhanced through thoughtful renovation.