$749,000 GREY
577 Pratt Rd, Elphinstone
2 bd · 1.0 ba · 1,197 sqft
· 13,242 sqft lot
· built 1953
· 70 DOM · MLS R3127903
Oil-tank era
Listing: Redfin search · fetched 2026-08-03T07:15
Description
A beautifully curated, design-led home with a warm, distinguished aesthetic and a richly layered palette of colour-drenched walls and ceilings. This artistic retreat offers a calming minimalist style with 2 bedrooms, 1 bathroom, and a generous walk-in closet with integrated laundry. The centrally located kitchen features large picture windows overlooking the lush garden. Outside, discover an exceptional edible and medicinal landscape filled with fruit trees, berries, herbs, Scotch moss, creeping thyme, Corsican mint, and flagstone pathways throughout. Flexible zoning allows for a nursery, home-based business, or B & B potential. Ideally located near trails, Bonniebrook Beach, Cedargrove
From listing remarks (RE/MAX City Realty)
Rating 6 /100
| Equity | 0.4/40 | -83,149 vs limit (-9.8% of ARV) | |
| Cash flow | 0/30 | -1,351/mo | |
| Suite-arb | 4.7/15 | zone permits a suite; other conditions short | |
| Motivation | 1.4/15 | 70d on market, no cuts — anchored seller |
Offer case
Price can't fix this. rent test — needs 3,394/mo vs 2,583 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.
- 70 days on market vs a 59-day median — but ZERO price cuts, so this reads as an anchored seller, not a motivated one.
- 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 — FAIL
(price + $40,000 reno + PTT+legal closing) <= 85% x ARV
all-in = $749,000 + $40,000 + $15,480 = $804,480
ARV = $848,625 → limit = 85% × ARV = $721,331
margin = $-83,149
Rent — FAIL
est. rent >= 0.40% x ARV
est. rent = $2,583/mo (whole house (2bd) $2,583)
floor = 0.4% × ARV $848,625 = $3,394/mo
rents table: Elphinstone · 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 $259 (mls) + ins $158 + maint $129 + vac $155 + PM $232
carrying = $3,934/mo · rent $2,583 → cash flow = $-1,351/mo (floor $-800)
Suite-arb — FAIL
zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median
zone RU1 suite:yes · sqft 1,197 (min 1,900)
suite language: no · $/sqft 626 vs median 622
Scored 2026-08-03T08:51 · thresholds from criteria.yaml
Cash-flow scenarios $/mo · hover a cell for carrying cost
| Price | $2,583 typical self-managed |
$2,583 typical PM |
$2,870 high self-managed |
$2,870 high PM |
|---|---|---|---|---|
| $749,000 | −$1,119 | −$1,351 | −$863 | −$1,122 |
| $711,550 −5.0% | −$969 | −$1,201 | −$713 | −$972 |
| $685,335 −8.5% | −$864 | −$1,096 | −$608 | −$867 |
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml
Comps & ARV
ARV $848,625 — median $/sqft of 7 size-matched comps x 112% reno uplift (only 0 renovated comps found) · confidence low ($/sqft used: 633)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 702 Gibsons Way | 1.6 km | 1,452 | ~$828,454 | 571 | 2026-03-12 | |
| 1534 Cypress Way | 1.77 km | 1,436 | ~$778,688 | 542 | 2026-04-24 | |
| 614 Glen Rd | 1.88 km | 1,551 | ~$974,824 | 629 | 2026-01-14 | |
| 1567 Ocean View Pl | 1.88 km | 1,380 | ~$873,341 | 633 | 2026-03-26 | |
| 1051 Gower Point Rd | 1.92 km | 1,490 | ~$1,170,862 | 786 | 2026-02-23 | |
| 636 Bay Rd | 1.97 km | 1,445 | ~$1,755,464 | 1,215 | 2026-01-30 | |
| 1618 Ocean Beach Espl | 2.41 km | 1,233 | ~$1,244,145 | 1,009 | 2026-04-17 | |
| ~ = 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: $639,000, 2021-02-26 — asking +17.2%
| 2026-08-03 | new | 749000 first seen at $749,000 |
| 2026-05-25 | Listed | $749,000 GVR |
| 2021-02-26 | Sold (Public Records) | $639,000 Public Records |
| 2020-12-08 | Listed | $639,000 GVR |
| 2009-03-30 | Sold (Public Records) | $223,000 Public Records |
| 2009-01-08 | Listed | $249,900 GVR |
| 1990-09-27 | Sold (Public Records) | $89,000 Public Records |
History: Redfin belowTheFold · fetched 2026-08-03T07:46
· events observed by Coastwatch
Zoning & land
RU1 — Rural One suite OK
Areas B/D/E/F: suite permitted (single-unit dwelling zone), and a second single-unit dwelling or auxiliary dwelling unit at 3500 m2 in Areas B/D/E or 0.8 ha in Area F — the lot-area trigger is the whole game for the SECOND dwelling, not for the suite. Area A: no suite right; over 3500 m2 gets a duplex second unit OR one auxiliary dwelling unit, over 8000 m2 a second single-unit dwelling. Sechelt RU-1: secondary suite is a listed accessory use, detached accessory dwelling unit at 2000 m2, two dwellings at 1 ha. [Bylaw 722.9 s.7.9.2, s.7.9.4, s.5.24; Bylaw 337 s.1011.1; Bylaw 580 s.1.9.2-1.9.4]
| PID | 006-114-903 |
|---|---|
| Parcel | 577 PRATT 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 2026-08-03T05:46 · meanings from zoning_rules.yaml (verify before relying)
Assessment
| Assessed total | $670,000 |
|---|---|
| Land / improvements | $523,000 / $147,000 (78% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 0.89 |
| BCA folio | 746.00074.005 |
BC Assessment via SCRD parcel layer · fetched 2026-08-03T06:45
Open questions
- Built 1953 — oil-tank era. Ask for a tank scan or decommissioning certificate.
- 70 days on market — ask the listing agent why it hasn't moved.