$749,000 GREY
557 North Fletcher Rd, Gibsons
2 bd · 1.0 ba · 1,167 sqft
· 14,539 sqft lot
· built 1948
· 5 DOM · MLS R3158968
Oil-tank era
Listing: Redfin search · fetched 2026-08-31T19:15
Description
There is something easy to love about 557 N. Fletcher. This charming home has been thoughtfully updated, feels bright and comfortable, and sits in a fantastic Lower Gibsons location within walking distance to the marina, shops, cafés and restaurants. The yard has mature fruit trees, plenty of room to enjoy the outdoors, and a detached studio that adds a fun, flexible bonus space. Move in and enjoy it as it is, hold it for the future, or explore the longer-term potential of the RM-2 zoning. For buyers thinking bigger, neighbouring 547 N. Fletcher is also available, creating an interesting land assembly opportunity. A great little home with character, flexibility and options for what c
From listing remarks (Royal LePage Sussex)
Rating 2 /100
| Equity | 0/40 | -155,307 vs limit (-20.3% of ARV) | |
| Cash flow | 0/30 | -1,413/mo | |
| Suite-arb | 0.0/15 | no suite path | |
| Motivation | 2.2/15 | 5d on market, no cuts — anchored seller, asking 129% of assessed |
Offer case
Price can't fix this. rent test — needs 3,055/mo vs 2,706 estimated. Price cannot fix this; only higher rent (a suite) or a lower ARV would.
EVIDENCE
- Coast-wide, homes sell at 97.7% of list — a 2.3% discount is simply normal here.
- Only 5 days on market — too fresh for a big discount.
- Asking only 129% of assessed value — a genuine discount to the roll, not the usual 1-2%.
- Asking $642/sqft where comparable homes sold at $550/sqft (+17%) — the ask is above the local clearing price.
- ARV confidence is LOW (thin or unrenovated comps) — the target price below could be off by 10%+ in either direction.
Support score 0.15 — evidence weight that this seller
would entertain the discount. Not a prediction; a checklist with numbers.
The four tests
Equity — FAIL
(price + $40,000 reno + PTT+legal closing) <= 85% x ARV
all-in = $749,000 + $40,000 + $15,480 = $804,480
ARV = $763,733 → limit = 85% × ARV = $649,173
margin = $-155,307 · at band low ($705,167): $-205,088 — GREEN needs this ≥ 0
Rent — FAIL
est. rent >= 0.40% x ARV
est. rent = $2,706/mo (whole house (2bd) $2,706)
floor = 0.4% × ARV $763,733 = $3,055/mo
rents table: Gibsons · as of 2026-08-02
Cash flow — FAIL
rent - carrying >= -800/mo (PM-managed, typical rent, at ask)
payment $3,001 (loan $599,200 @ 4.4%/30y)
+ tax $419 (mls) + ins $158 + maint $135 + vac $162 + PM $244
carrying = $4,119/mo · rent $2,706 → cash flow = $-1,413/mo (floor $-800)
Suite-arb — FAIL
zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median
zone RM-2 suite:no · sqft 1,167 (min 1,900)
suite language: no · $/sqft 642 vs median 596
Scored 2026-08-31T07:16 · thresholds from criteria.yaml
Cash-flow scenarios $/mo · hover a cell for carrying cost
| Price | $2,706 typical self-managed |
$2,706 typical PM |
$2,993 high self-managed |
$2,993 high PM |
|---|---|---|---|---|
| $749,000 | −$1,170 | −$1,413 | −$914 | −$1,184 |
| $711,550 −5.0% | −$1,020 | −$1,263 | −$764 | −$1,034 |
| $685,335 −8.5% | −$915 | −$1,158 | −$659 | −$928 |
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml
Comps & ARV
ARV $763,733
range $705,167 – $969,161
(about half of comparable sales landed inside this band)
median $/sqft of 12 renovated size-matched sales (12 priced from list × measured sale ratio — ~3y registration lag), blended 70%/30% with assessed × 1.03 (sale/assessed, renovated) · confidence low
($/sqft used: 579)
Cross-check: comps say $675,693, BC Assessment × sale ratio says $969,161 (-30% apart — disagreement this large triples comp error historically)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 681 Fairmont Rd | 0.49 km | 1,448 | ~$876,897 | 606 | 2025-09-03 | ✓ |
| 535 Gower Point Rd | 0.8 km | 1,285 | ~$1,355,382 | 1,055 | 2025-09-17 | ✓ |
| 776 Geddes Rd | 6.73 km | 1,460 | ~$877,874 | 601 | 2026-02-19 | ✓ |
| 5750 Spindrift St | 20.02 km | 1,176 | ~$556,605 | 473 | 2026-05-10 | ✓ |
| 5808 Anchor Rd | 20.48 km | 1,056 | ~$780,224 | 739 | 2026-02-20 | ✓ |
| 5641 Nickerson Rd | 22.11 km | 1,487 | ~$805,612 | 542 | 2026-03-06 | ✓ |
| 6307 Homestead Ave | 22.16 km | 1,403 | ~$776,318 | 553 | 2026-01-24 | ✓ |
| 6270 Homestead Ave | 22.17 km | 1,284 | ~$756,788 | 589 | 2026-01-21 | ✓ |
| ~ = final list price × measured sale ratio (BC title registration lags ~3 years, so recent solds have no registered price; the proxy is within ~2% of the registered price when both exist) | ||||||
Solds from Redfin sold-search + public-records sale prices (belowTheFold)
Price & sale history
Seller basis: $485,000, 2016-05-18 — asking +54.4%
| 2026-08-31 | delisted | absent from search results |
| 2026-08-26 | new | 749000 first seen at $749,000 |
| 2026-08-26 | Listed | $749,000 GVR |
| 2016-05-18 | Sold (Public Records) | $485,000 Public Records |
| 2016-04-08 | Listed | $488,000 GVR |
| 2015-10-01 | Sold (Public Records) | $353,000 Public Records |
| 2015-04-21 | Listed | $354,000 GVR |
| 2007-09-27 | Sold (Public Records) | $388,600 Public Records |
| 2007-05-01 | Listed | $409,000 GVR |
History: Redfin belowTheFold · fetched 2026-08-31T13:17
· events observed by Coastwatch
Zoning & land
RM-2 — RM-2 - Medium-Density Residential Lower Gibsons Zone no suite / unknown
Manufactured home park in Areas B/D/E/F (s.7.5.2) — no single-unit dwelling permitted, so no suite. Area A RM2 is multi-family/duplex with a yacht club; Sechelt RM-2 is a manufactured home park allowing only one caretaker dwelling; Gibsons RM-2 is apartments and townhouses. None of these is a detached-house buy. [Bylaw 722.9 s.7.5.2; Bylaw 337 s.711.1; Bylaw 580 s.1.8.2-1.8.3; gibsons.ca Bylaw 1342 s.2.2.4]
- Aquifer Protection DPA: Aquifer Protection Sub Area 2 — Aquifer protection DPA: septic siting and well drilling are constrained.
| Wastewater | Town of Gibsons sewer service |
|---|---|
| Water | Gibsons Zone 2 - Gibsons Aquifer system |
| Fire protection | Gibsons/West Howe Sound FPA |
Town of Gibsons Zoning Bylaw (current, via Property Viewer service) · fetched 2026-08-26T19:16 · meanings from zoning_rules.yaml (verify before relying)
Assessment
| Assessed total | $965,300 |
|---|---|
| Land / improvements | $906,000 / $59,300 (94% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 1.29 asking under assessment |
| BCA folio | 524.00578.000 |
BC Assessment via SCRD parcel layer · fetched 2026-08-26T19:16
Open questions
- Built 1948 — oil-tank era. Ask for a tank scan or decommissioning certificate.
- Aquifer Protection DPA: Aquifer Protection Sub Area 2: Aquifer protection DPA: septic siting and well drilling are constrained.