$775,000 GREY
517 Veterans Rd, Elphinstone
3 bd · 2.0 ba · 1,582 sqft
· 9,675 sqft lot
· built 1988
· 11 DOM · MLS R3149591
Septic / well
Listing: Redfin search · fetched 2026-08-03T07:15
Description
Great value in Gibsons! Lovingly cared for over the years, this well-maintained 3 bed/2 bath rancher is move-in ready, with the opportunity to add your own updates and personal style. Featuring a bright, functional layout with vaulted ceilings, a sunken living room, stunning fireplace and a spacious primary suite with walk-in closet and ensuite. Fresh exterior paint, a newer roof, double garage, crawlspace, and a fully fenced private backyard with mature landscaping add to the appeal. Solidly built with exceptional quality for its year, this home offers comfort, convenience, and outstanding potential. A fantastic opportunity in a great location - book your private viewing today!
From listing remarks (RE/MAX Oceanview Realty)
Rating 48 /100
| Equity | 37.4/40 | +117,820 vs limit (+10.6% of ARV) | |
| Cash flow | 0/30 | -1,098/mo | |
| Suite-arb | 10.7/15 | zone permits a suite; other conditions short | |
| Motivation | 0.0/15 | 11d on market, no cuts — anchored seller |
Offer case
Price can't fix this. rent test — needs 4,465/mo vs 3,150 estimated. Price cannot fix this; only higher rent (a suite) or a lower ARV would.
EVIDENCE
- Coast-wide, homes sell at 97.6% of list — a 2.4% discount is simply normal here.
- Only 11 days on market — too fresh for a big discount.
- ARV confidence is LOW (thin or unrenovated comps) — the target price below could be off by 10%+ in either direction.
Support score 0.0 — evidence weight that this seller
would entertain the discount. Not a prediction; a checklist with numbers.
The four tests
Equity — PASS
(price + $40,000 reno + PTT+legal closing) <= 85% x ARV
all-in = $775,000 + $40,000 + $16,000 = $831,000
ARV = $1,116,259 → limit = 85% × ARV = $948,820
margin = $117,820
Rent — FAIL
est. rent >= 0.40% x ARV
est. rent = $3,150/mo (whole house (3bd) $3,150)
floor = 0.4% × ARV $1,116,259 = $4,465/mo
rents table: Elphinstone · as of 2026-08-02
Cash flow — FAIL
rent - carrying >= -800/mo (PM-managed, typical rent, at ask)
payment $3,105 (loan $620,000 @ 4.4%/30y)
+ tax $355 (mls) + ins $158 + maint $158 + vac $189 + PM $284
carrying = $4,248/mo · rent $3,150 → cash flow = $-1,098/mo (floor $-800)
Suite-arb — FAIL
zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median
zone R2 suite:yes · sqft 1,582 (min 1,900)
suite language: no · $/sqft 490 vs median 622
Scored 2026-08-03T08:53 · thresholds from criteria.yaml
Cash-flow scenarios $/mo · hover a cell for carrying cost
| Price | $3,150 typical self-managed |
$3,150 typical PM |
$3,500 high self-managed |
$3,500 high PM |
|---|---|---|---|---|
| $775,000 | −$814 | −$1,098 | −$503 | −$818 |
| $736,250 −5.0% | −$659 | −$942 | −$347 | −$662 |
| $709,125 −8.5% | −$550 | −$834 | −$239 | −$554 |
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml
Comps & ARV
ARV $1,116,259 — median $/sqft of 15 size-matched comps x 112% reno uplift (only 1 renovated comps found) · confidence low ($/sqft used: 630)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 998 Fircrest Rd | 1.05 km | 1,594 | ~$731,024 | 459 | 2025-09-03 | |
| 1534 Cypress Way | 1.18 km | 1,436 | ~$778,848 | 542 | 2026-04-24 | |
| 1551 Islandview Dr | 1.23 km | 1,804 | ~$926,224 | 513 | 2025-08-21 | |
| 1567 Ocean View Pl | 1.32 km | 1,380 | ~$873,520 | 633 | 2026-03-26 | |
| 1497 Islandview Dr | 1.33 km | 1,574 | ~$1,072,624 | 681 | 2025-08-22 | |
| 1618 Ocean Beach Espl | 1.79 km | 1,233 | ~$1,244,400 | 1,009 | 2026-04-17 | |
| 1051 Gower Point Rd | 1.83 km | 1,490 | ~$1,171,102 | 786 | 2026-02-23 | |
| 617 Gower Point Rd | 2.03 km | 2,003 | ~$799,344 | 399 | 2026-01-16 | |
| ~ = final list price used as sale proxy (BC title registration lags ~6-12 mo) | ||||||
Solds from Redfin sold-search + public-records sale prices (belowTheFold)
Price & sale history
Seller basis: $155,000, 2000-01-28 — asking +400.0%
| 2026-08-03 | new | 775000 first seen at $775,000 |
| 2026-07-23 | Listed | $775,000 GVR |
| 2000-01-28 | Sold (Public Records) | $155,000 Public Records |
History: Redfin belowTheFold · fetched 2026-08-03T07:15
· events observed by Coastwatch
Zoning & land
R2 — Residential Two suite OK
Areas B/D/E/F: single-unit dwelling zone, so a suite is permitted (watch the wastewater service area carve-out), plus an auxiliary dwelling unit over 2000 m2 and an additional single-unit or two-unit dwelling over 3500 m2. Area A: over 2000 m2 gets a duplex second unit OR one auxiliary dwelling unit, over 4000 m2 a second single-unit dwelling; max 2 units. Sechelt R-2: secondary suite plus SSMUH — up to 4 units where BOTH community water and sanitary sewer are present, otherwise 900 m2 for a detached accessory dwelling unit. [Bylaw 722.9 s.7.2.2, s.5.24; Bylaw 337 s.611.1-611.2; Bylaw 580 s.1.2.2-1.2.5]
| PID | 007-360-568 |
|---|---|
| Parcel | 517 VETERANS RD (SCRD) |
| Wastewater | none mapped — septic likely (no suite carve-out) |
| Water | Chapman system |
| Fire protection | Gibsons/West Howe Sound FPA |
| Bylaw | https://www.scrd.ca/zoning-bylaws/ |
SCRD Planning_ZoningLanduse · fetched 2026-08-03T05:43 · meanings from zoning_rules.yaml (verify before relying)
Assessment
| Assessed total | $849,000 |
|---|---|
| Land / improvements | $487,000 / $362,000 (57% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 1.1 asking under assessment |
| BCA folio | 746.01197.072 |
BC Assessment via SCRD parcel layer · fetched 2026-08-03T05:55
Open questions
- Septic/well: age, last pump-out, and any permits on file? Get the well log and water potability test.