$765,000 GREY
1033-1035 Rosamund Rd, Elphinstone
2 bd · 2.0 ba · 1,200 sqft
· 15,002 sqft lot
· built 1973
· 111 DOM · MLS R3111075
TenantedSeptic / well
Oil-tank era
Listing: Redfin search · fetched 2026-08-03T07:15
Description
Unique opportunity in a well-maintained updated side-by-side duplex on a 0.34 acre lot in central Gibsons close to schools, shops & Lower Gibsons amenities. Each self-contained unit offers bright living spaces with private entry & a bedroom opening onto a south-facing privacy fenced patio. Renovations include updated kitchens and bathrooms sound-insulated common wall & dedicated laundry additions. Exterior feature HardiePanel siding with cedar shake accents, new exterior doors. Each unit currently configured as a 1 bed w/ potential for 2 beds each. With the current tenant vacating in August 2026, there are flexible options for owner occupancy with rental revenue, strictly
From listing remarks (Blu Realty)
Rating 8 /100
| Equity | 0/40 | -98,803 vs limit (-11.6% of ARV) | |
| Cash flow | 0/30 | -1,454/mo | |
| Suite-arb | 4.7/15 | zone permits a suite; other conditions short | |
| Motivation | 2.8/15 | 112d on market, no cuts — anchored seller |
Offer case
Price can't fix this. rent test — needs 3,398/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 97.5% of list — a 2.5% discount is simply normal here.
- 112 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 = $765,000 + $40,000 + $15,800 = $820,800
ARV = $849,408 → limit = 85% × ARV = $721,997
margin = $-98,803
Rent — FAIL
est. rent >= 0.40% x ARV
est. rent = $2,583/mo (whole house (2bd) $2,583)
floor = 0.4% × ARV $849,408 = $3,398/mo
rents table: Elphinstone · as of 2026-08-02
Cash flow — FAIL
rent - carrying >= -800/mo (PM-managed, typical rent, at ask)
payment $3,065 (loan $612,000 @ 4.4%/30y)
+ tax $297 (mls) + ins $158 + maint $129 + vac $155 + PM $232
carrying = $4,037/mo · rent $2,583 → cash flow = $-1,454/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 1,200 (min 1,900)
suite language: no · $/sqft 638 vs median 622
Scored 2026-08-03T09:00 · 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 |
|---|---|---|---|---|
| $765,000 | −$1,221 | −$1,454 | −$966 | −$1,224 |
| $726,750 −5.0% | −$1,068 | −$1,300 | −$813 | −$1,071 |
| $699,975 −8.5% | −$961 | −$1,193 | −$705 | −$964 |
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml
Comps & ARV
ARV $849,408 — median $/sqft of 11 size-matched comps x 112% reno uplift (only 1 renovated comps found) · confidence low ($/sqft used: 632)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 1112 Sunnyside Rd | 0.36 km | 1,389 | ~$769,117 | 554 | 2026-03-03 | |
| 1051 Gower Point Rd | 0.49 km | 1,490 | ~$1,169,663 | 785 | 2026-02-23 | |
| 698 Franklin Rd | 1.35 km | 1,238 | ~$973,825 | 787 | 2025-08-22 | |
| 535 Gower Point Rd | 1.35 km | 1,285 | ~$1,353,022 | 1,053 | 2025-09-17 | ✓ |
| 636 Bay Rd | 1.71 km | 1,445 | ~$1,753,665 | 1,214 | 2026-01-30 | |
| 702 Gibsons Way | 2.21 km | 1,452 | ~$827,605 | 570 | 2026-03-12 | |
| 1618 Ocean Beach Espl | 2.23 km | 1,233 | ~$1,242,870 | 1,008 | 2026-04-17 | |
| 614 Glen Rd | 2.29 km | 1,551 | ~$973,825 | 628 | 2026-01-14 | |
| ~ = 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: $172,000, 2004-01-28 — asking +344.8%
| 2026-08-03 | new | 765000 first seen at $765,000 |
| 2026-06-10 | Price Changed | $765,000 GVR |
| 2026-05-06 | Price Changed | $785,000 GVR |
| 2026-04-13 | Listed | $795,000 GVR |
| 2004-01-28 | Sold (Public Records) | $172,000 Public Records |
| 2003-09-01 | Listed | $174,900 GVR |
| 2003-02-14 | Sold (Public Records) | $130,000 Public Records |
| 2002-12-30 | Listed | $139,900 GVR |
| 1999-09-03 | Sold (Public Records) | $110,000 Public Records |
History: Redfin belowTheFold · fetched 2026-08-03T08:45
· 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 | 007-657-102 |
|---|---|
| Parcel | 1035 ROSAMUND 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 2026-08-03T05:55 · meanings from zoning_rules.yaml (verify before relying)
Assessment
| Assessed total | $763,000 |
|---|---|
| Land / improvements | $567,000 / $196,000 (74% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 1.0 |
| BCA folio | 746.01453.046 |
BC Assessment via SCRD parcel layer · fetched 2026-08-03T06:45
Open questions
- Tenancy: fixed-term or month-to-month? Current rent? BC notice rules will govern possession.
- Built 1973 — oil-tank era. Ask for a tank scan or decommissioning certificate.
- Septic/well: age, last pump-out, and any permits on file? Get the well log and water potability test.
- 111 days on market — ask the listing agent why it hasn't moved.