$799,000 GREY
511 S Fletcher Rd, Gibsons
2 bd · 1.0 ba · 926 sqft
· 6,068 sqft lot
· built 1940
· 79 DOM · MLS R3136333
Ocean view
Oil-tank era
Listing: Redfin search · fetched 2026-09-04T07:15
Description
Enjoy spectacular South-facing ocean views & all-day sunshine from this charming home, ideally located within walking distance to shops, cafés, restaurants, beaches & schools. Convenient dual access from both S. Fletcher & the rear laneway w/ additional parking plus a detached single-car garage/workshop. Inside, you'll find an updated kitchen & bathroom w/ radiant heated floors & HW on demand. 2 bedrooms /1 bath + a versatile bonus room downstairs—perfect for a home office, studio or guest space. Step outside & enjoy the decks designed for relaxing & entertaining while taking in the
From listing remarks (Royal LePage Sussex)
Rating 9 /100
| Equity | 0/40 | -243,651 vs limit (-33.8% of ARV) | |
| Cash flow | 0/30 | -1,563/mo | |
| Suite-arb | 3.7/15 | zone permits a suite; other conditions short | |
| Motivation | 5.3/15 | 80d on market, 1 relist(s) |
Offer case
Price can't fix this. rent test — needs 2,879/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.
- 80 days on market vs a 76-day median.
- 1 previous failed listing(s) — this seller has been here before.
- Asking $863/sqft where comparable homes sold at $548/sqft (+58%) — 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 0.6 — 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 = $799,000 + $40,000 + $16,480 = $855,480
ARV = $719,799 → limit = 85% × ARV = $611,829
margin = $-243,651 · at band low ($287,984): $-610,694 — 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 $719,799 = $2,879/mo
rents table: Gibsons · as of 2026-08-02
Cash flow — FAIL
rent - carrying >= -800/mo (PM-managed, typical rent, at ask)
payment $3,201 (loan $639,200 @ 4.4%/30y)
+ tax $369 (mls) + ins $158 + maint $135 + vac $162 + PM $244
carrying = $4,269/mo · rent $2,706 → cash flow = $-1,563/mo (floor $-800)
Suite-arb — FAIL
zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median
zone RL-1 suite:yes · sqft 926 (min 1,900)
suite language: no · $/sqft 863 vs median 558
Scored 2026-09-04T00:55 · 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 |
|---|---|---|---|---|
| $799,000 | −$1,319 | −$1,563 | −$1,064 | −$1,333 |
| $759,050 −5.0% | −$1,159 | −$1,403 | −$904 | −$1,173 |
| $731,085 −8.5% | −$1,047 | −$1,291 | −$792 | −$1,061 |
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml
Comps & ARV
ARV $719,799
range $287,984 – $1,166,224
(about half of comparable sales landed inside this band)
median $/sqft of 3 renovated size-matched sales (3 priced from list × measured sale ratio — ~3y registration lag), blended 70%/30% with assessed × 1.03 (sale/assessed, renovated) · confidence low
($/sqft used: 739)
Cross-check: comps say $684,314, BC Assessment × sale ratio says $802,597 (-15% apart)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 5750 Spindrift St | 20.01 km | 1,176 | ~$556,605 | 473 | 2026-05-10 | ✓ |
| 5808 Anchor Rd | 20.47 km | 1,056 | ~$780,224 | 739 | 2026-02-20 | ✓ |
| 5625 O'brian Rd | 31.61 km | 856 | ~$868,108 | 1,014 | 2026-03-06 | ✓ |
| ~ = 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: $130,000, 1996-10-08 — asking +514.6%
| 2026-09-04 | delisted | absent from search results |
| 2026-08-03 | new | 799000 first seen at $799,000 |
| 2026-06-16 | Listed | $799,000 GVR |
| 2018-06-12 | Delisted | GVR |
| 2018-05-29 | Listed | $748,000 GVR |
| 1996-10-08 | Sold (Public Records) | $130,000 Public Records |
| 1989-03-31 | Sold (Public Records) | $64,500 Public Records |
History: Redfin belowTheFold · fetched 2026-09-03T19:45
· events observed by Coastwatch
Zoning & land
RL-1 — RL-1 - Low-Density Residential Zone suite OK
Gibsons Low-Density Residential. Far stronger than a suite: THREE dwelling units on lots up to 280 m2 and FOUR on anything larger, max four units per building, 325 m2 GFA cap for a standalone dwelling. Rear building height of 6.5 m within 7.5 m of the rear lot line is what makes suites-above-garages and laneway homes work where there is a lane. Minimum lot area 280 m2. [gibsons.ca Bylaw 1342 s.2.2.1]
- Aquifer Protection DPA: Aquifer Protection Sub Area 2 — Aquifer protection DPA: septic siting and well drilling are constrained.
| PID | 006-963-960 |
|---|---|
| Parcel | 511 FLETCHER RD (Gibsons) |
| Wastewater | Town of Gibsons sewer service |
| Water | Gibsons Zone 1 - Gibsons Aquifer system |
| Fire protection | Gibsons/West Howe Sound FPA |
Town of Gibsons Zoning Bylaw (current, via Property Viewer service) · fetched 2026-08-03T05:43 · meanings from zoning_rules.yaml (verify before relying)
Assessment
| Assessed total | $803,400 |
|---|---|
| Land / improvements | $740,000 / $63,400 (92% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 1.01 asking under assessment |
| BCA folio | 524.00450.005 |
BC Assessment via SCRD parcel layer · fetched 2026-08-03T05:55
Open questions
- Built 1940 — 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.
- 79 days on market — ask the listing agent why it hasn't moved.