Property Overview
This home at 317 Melrose Avenue W is a well-established, mid-century bungalow that presents a practical and straightforward opportunity. Built in 1947, it sits on a standard city lot and offers a living space that is notably roomier than many of its immediate neighbors. Its appeal lies in its position as a solid, no-frills property in a mature neighborhood, offering more interior space than typical for the area at a very accessible price point. The data suggests it's a home that has been priced consistently below the wider city average, making it a value proposition within its local context.
It would suit first-time buyers seeking a functional starter home with room to grow, or investors looking for a manageable rental property. It’s less suited for those seeking a modern, turn-key home or a larger suburban-style lot, as its age and average city-wide rankings in those categories indicate likely updates and a standard urban footprint.
Frequently Asked Questions
1. How does this home's size compare to others nearby?
The living area of 1,065 sqft is above average for both Melrose Avenue and the broader Melrose neighborhood, placing it in the top 30% locally. This means it offers more interior space than most comparable homes on the street.
2. What is the significance of the assessed value being so much lower than the city average?
The assessed value of approximately $25k is dramatically lower than the city-wide average of $390k. This primarily reflects a much lower property tax base, which is a ongoing cost advantage. It does not directly dictate market sale price, as seen in the 2024 sold price range of $200k-$250k, but it indicates the home is in a more affordable segment of the market.
3. The home was built in 1947. What should I consider?
As a home from the late 1940s, prospective buyers should budget for updates to major aging components like the roof, windows, plumbing, and electrical systems. A thorough inspection is essential. On a positive note, homes of this era often feature solid construction and simpler, more modifiable layouts.
4. The sold price history shows a significant increase between 2017 and 2024. Is this typical?
The price increased from the $150k-$200k range in 2017 to $200k-$250k in 2024. While the market has appreciated, this growth is moderate. The home’s value appears to have remained consistently within an affordable band, suggesting it may be less susceptible to dramatic market swings than higher-priced properties.
5. How usable is the 4,200 sqft lot?
The lot size is typical for the area, offering a standard backyard space for a city home. It is below the city-wide average, so expectations should be set for a traditional urban yard rather than an expansive outdoor area. Its average ranking locally means it provides the norm for outdoor space in that specific neighborhood.