Property Overview
This is a compact, one-storey home built in 1923, situated on a generous lot in Kern Park. Its key appeal lies in its affordability and land value, presenting a straightforward opportunity for a specific type of buyer.
Key Characteristics & Ideal Buyer
The home itself is modest, with 813 square feet of living space and an unrenovated basement, placing it well below the average size for the area. The assessed value is notably low, reflecting the home's basic condition and smaller footprint. However, the property stands out for its nearly 5,000-square-foot lot, which is above average for Kern Park. This creates a clear value proposition: you are purchasing primarily for the land and location, with the existing house representing a functional starting point or a future redevelopment opportunity.
Its appeal is grounded in practicality and potential. It would suit a first-time buyer comfortable with a "live-as-is" scenario or undertaking gradual updates, an investor looking for a land-value play with current rental income, or someone seeking an affordable entry into a mature neighbourhood without the premium of a turn-key home. The detached garage adds functional storage or workshop space. A less obvious perspective is that a home of this size and vintage, on a large lot, offers manageable utility costs and simpler upkeep, which can be a significant long-term advantage over larger, more expensive-to-maintain properties.
Frequently Asked Questions
1. Is this a "tear-down" property?
Not necessarily. While the land is a significant portion of the value, the house is functional. It's more accurately seen as a candidate for substantial renovation or expansion over time, given the lot size.
2. Why is the assessed value so much lower than other listings?
The assessment reflects the home's smaller size, basic condition (including the unrenovated basement), and age. It is assessed for its current state, not its potential market price or land value.
3. What are the main considerations for living in a home of this size?
Efficient use of space is key. The layout and storage capacity of a 1920s-era, 813 sq ft home will differ greatly from a modern condo of similar size. Assessing your storage needs and furniture scale would be important.
4. How does the lot size benefit me if I'm not a developer?
A larger lot provides more private outdoor space, greater distance from neighbours, and flexibility for gardening, adding a deck or shed, or even future additions like a sunroom or garage suite (subject to zoning).
5. What does "below average" for living area in the neighbourhood really mean?
It confirms this is one of the smaller houses in Kern Park. For you, this means lower property taxes relative to larger homes on the same street, but also that comparable sales for renovation financing may come from slightly different, often larger, property types.