$365,000 GREEN
5701 Wharf Rd, Sechelt
1 bd · 1.0 ba · 650 sqft
· 7,694 sqft lot
· built 1952
· 112 DOM · MLS R3124470
Fixer / handyman
Oil-tank era
Listing: Redfin search · fetched 2026-09-05T07:15
Description
Opportunity knocks in a convenient downtown Sechelt location. This older cottage needs significant work but offers a chance to build sweat equity and own your own land. RM1 zoning provides future higher density development potential for buyers thinking long term. Not long ago this property was a comfortable and loved home. Property includes a detached shed and city sewer connection. Easy walk to Porpoise Bay pier, shopping, transit, Sechelt Marsh, and other nearby amenities. A good fit for buyers looking for a project, investment potential, or future redevelopment opportunity.
From listing remarks (RE/MAX Oceanview Realty)
Rating 59 /100
| Equity | 37.7/40 | +59,572 vs limit (+10.7% of ARV) | |
| Cash flow | 16.7/30 | -22/mo | |
| Suite-arb | 0.0/15 | no suite path | |
| Motivation | 4.9/15 | 114d on market, no cuts — anchored seller, asking 152% of assessed |
Offer case
Passes at the asking price of $365,000.
EVIDENCE
- Coast-wide, homes sell at 97.7% of list — a 2.3% discount is simply normal here.
- 114 days on market vs a 63-day median — but ZERO price cuts, so this reads as an anchored seller, not a motivated one.
- Asking only 152% of assessed value — a genuine discount to the roll, not the usual 1-2%.
- Asking $562/sqft where comparable homes sold at $501/sqft (+12%) — 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 0.38 — 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 = $365,000 + $40,000 + $7,800 = $412,800
ARV = $555,732 → limit = 85% × ARV = $472,372
margin = $59,572 · at band low ($501,566): $13,531 — GREEN needs this ≥ 0
Rent — PASS
est. rent >= 0.40% x ARV
est. rent = $2,460/mo (whole house (1bd) $2,460)
floor = 0.4% × ARV $555,732 = $2,223/mo
rents table: Sechelt · as of 2026-08-02
Cash flow — PASS
rent - carrying >= -800/mo (PM-managed, typical rent, at ask)
payment $1,462 (loan $292,000 @ 4.4%/30y)
+ tax $370 (mls) + ins $158 + maint $123 + vac $148 + PM $221
carrying = $2,482/mo · rent $2,460 → cash flow = $-22/mo (floor $-800)
Suite-arb — FAIL
zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median
zone RM-1 suite:no · sqft 650 (min 1,900)
suite language: no · $/sqft 562 vs median 496
Scored 2026-09-05T00:55 · thresholds from criteria.yaml
Cash-flow scenarios $/mo · hover a cell for carrying cost
| Price | $2,460 typical self-managed |
$2,460 typical PM |
$2,829 high self-managed |
$2,829 high PM |
|---|---|---|---|---|
| $365,000 | +$199 | −$22 | +$528 | +$273 |
| $346,750 −5.0% | +$272 | +$51 | +$601 | +$346 |
| $333,975 −8.5% | +$324 | +$102 | +$652 | +$397 |
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml
Comps & ARV
ARV $555,732
range $501,566 – $983,536
(about half of comparable sales landed inside this band)
median $/sqft of 8 nearest size-matched sales × 101% paired reno premium (8 priced from list × measured sale ratio — ~3y registration lag), blended 70%/30% with assessed × 1.03 (sale/assessed, renovated) · confidence low
($/sqft used: 848)
Cross-check: comps say $556,712, BC Assessment × sale ratio says $553,446 (+1% apart)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 5699 Trident Ave | 0.15 km | 801 | ~$532,192 | 664 | 2026-02-11 | |
| 6121 Golf Course Rd | 1.98 km | 782 | ~$1,463,774 | 1,872 | 2026-03-13 | |
| 6815 Sandy Hook Trail | 4.65 km | 767 | ~$975,524 | 1,272 | 2026-01-20 | |
| 980 Woodley Rd | 11.88 km | 800 | ~$659,138 | 824 | 2025-11-06 | |
| 890 Trower Lane | 18.65 km | 783 | ~$663,922 | 848 | 2025-09-10 | |
| 394 Pratt Rd | 18.99 km | 600 | ~$975,524 | 1,626 | 2026-04-02 | |
| 619 Marine Dr | 20.16 km | 670 | ~$682,574 | 1,019 | 2025-12-18 | |
| 327 Headlands Rd | 20.42 km | 817 | ~$643,514 | 788 | 2025-09-30 | |
| ~ = 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: $518,000, 2021-06-24 — asking -29.5%
| 2026-09-05 | delisted | absent from search results |
| 2026-08-03 | new | 365000 first seen at $365,000 |
| 2026-07-23 | Price Changed | $365,000 GVR |
| 2026-06-24 | Price Changed | $375,000 GVR |
| 2026-05-14 | Listed | $399,000 GVR |
| 2021-06-24 | Sold (Public Records) | $518,000 Public Records |
| 2021-05-24 | Listed | $499,000 GVR |
| 2020-09-08 | Sold (Public Records) | $360,000 Public Records |
| 2020-07-27 | Listed | $349,000 GVR |
| 2017-02-10 | Sold (Public Records) | $255,000 Public Records |
| 2016-12-22 | Listed | $269,000 GVR |
| 2007-05-31 | Sold (Public Records) | $219,500 Public Records |
| 2006-08-09 | Listed | $229,900 GVR |
| 2004-11-29 | Sold (Public Records) | $135,000 Public Records |
History: Redfin belowTheFold · fetched 2026-09-04T19:45
· events observed by Coastwatch
Zoning & land
RM-1 — Residential Multiple no suite / unknown
Apartments only in Areas B/D/E/F (s.7.4.2) — no single-unit dwelling, so s.5.1.1(h) gives no suite. Area A permits a multi-family dwelling plus one single-unit dwelling but has no suite provision. Sechelt RM-1 is apartment/townhouse/two-unit with no secondary suite listed; Gibsons RM-1 is cluster housing and townhouses. Strata almost certain everywhere — outside my buy box. [Bylaw 722.9 s.7.4.2; Bylaw 337 s.701.1; Bylaw 580 s.1.7.2; gibsons.ca Bylaw 1342 s.2.2.3]
| PID | 008-033-935 |
|---|---|
| Parcel | 5701 WHARF AVE (Sechelt) |
| Wastewater | District of Sechelt sewer service |
| Water | Chapman system |
| Fire protection | Sechelt FPA |
District of Sechelt Zoning Bylaw 580 (gis.sechelt.ca) · fetched 2026-08-03T05:43 · meanings from zoning_rules.yaml (verify before relying)
Assessment
| Assessed total | $554,000 |
|---|---|
| Land / improvements | $476,000 / $78,000 (86% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 1.52 asking under assessment |
| BCA folio | 570.00177.000 |
BC Assessment via SCRD parcel layer · fetched 2026-08-03T05:55
Open questions
- Built 1952 — oil-tank era. Ask for a tank scan or decommissioning certificate.
- 112 days on market — ask the listing agent why it hasn't moved.