Property Overview
This 1930-built, one-storey home on Munroe Avenue in Chalmers is defined by its compact living space of 606 sqft and a modest, unrenovated basement. It sits on a roughly 3,000 sqft lot with a detached garage. The home’s assessed value is notably low compared to the area and city. Its primary appeal lies in its affordability and the potential of its lot, rather than the current structure. It suits buyers looking for a minimal-cost entry into homeownership, investors considering a future rebuild or hold, or those specifically seeking a small, low-maintenance footprint. A thoughtful perspective is that this property represents a pure value in land and location, with the existing house serving as a basic shelter; its worth is less about current comfort and more about future possibility or as a strategic financial placeholder.
Key Details & FAQs
Key Characteristics:
- Structure: A 606 sqft, one-storey home built in 1930, featuring an unrenovated basement and a detached garage.
- Land: The 2,998 sqft lot is below average for the street but closer to the average for the wider Chalmers neighbourhood.
- Financial Profile: The property has a very low assessed value ($15,900), placing it in the bottom tier for the area. It last sold in April 2021 for $16,800.
- Appeal & Suitability: Its core appeal is its low price point. It is best suited for budget-conscious buyers, investors eyeing the lot's long-term potential, or those seeking a minimalistic living situation without a large financial commitment.
Frequently Asked Questions:
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's very small living area, its age, and the fact it has not been renovated. The value is primarily in the land rather than the existing structure.
2. Is this a teardown property?
While the data suggests the existing home adds limited value, this depends on the buyer's plans, the neighbourhood's zoning, and local renovation costs. It is a candidate for a full rebuild or a significant hold-and-rent scenario.
3. What does "below average" for living area mean practically?
With 606 sqft, the living space is significantly smaller than most area homes. This indicates a compact layout, likely with fewer or smaller rooms, suited for one or two people.
4. How does the lot size compare to the neighbourhood?
At just under 3,000 sqft, the lot is smaller than most on Munroe Avenue but is closer to the average size for the broader Chalmers area. It is not an unusually large lot for the neighbourhood.
5. What is the significance of the last sale price being so close to the current assessed value?
The 2021 sale price of $16,800 suggests the market value has remained in a very low and stable range, reinforcing that the property is valued as an affordable entry point rather than for its amenities.