$678,000 AMBER SUITE-ARB

177 Pratt Rd, Elphinstone

4 bd · 1.5 ba · 1,944 sqft · 10,890 sqft lot · built 1976 · 42 DOM · MLS R3156174

Fixer / handyman Oil-tank era

Redfin ↗

Listing: Redfin search · fetched 2026-09-27T19:15

Description

Bring your ideas and unlock the potential! Set on a flat, usable ¼-acre lot in a convenient central Gibsons location, this rare four-bedroom rancher offers plenty of space and possibilities. The former garage has been converted into a separate home office, ideal for working from home, hobbies or additional flex space. A large detached shop in the backyard provides exceptional storage space plus a substantial workshop. The backyard is sun-drenched and private. The home, shop and grounds all require improvement, but for buyers ready to roll up their sleeves, this is an exciting opportunity to renovate, add value and create something special in a highly desirable location.

From listing remarks (RE/MAX City Realty)

Rating 51 /100

Equity	23.1/40	+24,216 vs limit (+2.7% of ARV)
Cash flow	7.8/30	-436/mo
Suite-arb	15.0/15	add-a-suite opportunity, unpriced
Motivation	5.3/15	47d on market, 2 cut(s)

Offer case

Price can't fix this. rent test — needs 3,559/mo vs 3,400 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.
2 price cut(s) already — the seller has shown they will move.
Already asking below the $548/sqft local sold level — little room to push.
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 = $678,000 + $40,000 + $14,060 = $732,060 ARV = $889,736 → limit = 85% × ARV = $756,276 margin = $24,216 · at band low ($689,246): $-146,201 — GREEN needs this ≥ 0

Rent — FAIL

est. rent >= 0.40% x ARV

est. rent = $3,400/mo (whole house (4bd) $3,400) floor = 0.4% × ARV $889,736 = $3,559/mo rents table: Elphinstone · as of 2026-08-02

Cash flow — PASS

rent - carrying >= -800/mo (PM-managed, typical rent, at ask)

payment $2,716 (loan $542,400 @ 4.4%/30y) + tax $281 (mls) + ins $158 + maint $170 + vac $204 + PM $306 carrying = $3,836/mo · rent $3,400 → cash flow = $-436/mo (floor $-800)

Suite-arb — PASS

zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median

zone R2 suite:yes · sqft 1,944 (min 1,900) suite language: no · $/sqft 349 vs median 513

Scored 2026-10-02T05:55 · thresholds from criteria.yaml

Cash-flow scenarios $/mo · hover a cell for carrying cost

Price	$3,400 typical self-managed	$3,400 typical PM	$3,900 high self-managed	$3,900 high PM
$678,000	−$130	−$436	+$315	−$36
$644,100 −5.0%	+$6	−$300	+$451	+$100
$620,370 −8.5%	+$101	−$205	+$546	+$195

Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml

Comps & ARV

ARV $889,736 range $689,246 – $1,007,044 (about half of comparable sales landed inside this band)
median $/sqft of 12 renovated size-matched sales (12 priced from list × measured sale ratio — ~3y registration lag), blended 70%/30% with assessed × 1.03 (sale/assessed, renovated) · confidence low ($/sqft used: 493)

Cross-check: comps say $958,392, BC Assessment × sale ratio says $729,538 (+31% apart — disagreement this large triples comp error historically)

Sold	Dist	Sqft	Price	$/sqft	Date	Reno
143 Pratt Rd	0.11 km	2,223	~$795,766	358	2025-11-05	✓
107 Mahan Rd	0.5 km	2,423	~$1,932,296	797	2026-02-17	✓
617 Gower Point Rd	1.37 km	2,003	~$799,672	399	2026-01-16	✓
522 Eaglecrest Dr	1.74 km	2,375	~$1,171,679	493	2026-01-09	✓
561 Spyglass Pl	1.98 km	1,962	~$1,170,704	597	2025-11-13	✓
565 Wildwood Cres	2.08 km	2,221	~$1,170,704	527	2026-01-08	✓
962 Cemetery Rd	3.17 km	1,916	~$1,049,630	548	2025-11-28	✓
776 Geddes Rd	5.56 km	1,460	~$877,784	601	2026-02-19	✓
~ = 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

2026-09-17	price_cut	699000 → 678000 -3.0%
2026-08-17	relist	time-on-market reset — relisted
2026-08-17	price_cut	739000 → 699000 -5.4%
2026-08-06	delisted	absent from search results
2026-08-03	new	739000 first seen at $739,000
2026-09-17	Price Changed	$678,000 GVR
2026-08-16	Listed	$699,000 GVR

History: Redfin belowTheFold · fetched 2026-09-27T19:16 · 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	007-637-217
Parcel	177 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 2026-08-03T05:55 · meanings from zoning_rules.yaml (verify before relying)

Assessment

Assessed total	$731,000
Land / improvements	$496,000 / $235,000 (68% land — the higher, the more the value is in the dirt)
Assessed / ask	1.08 asking under assessment
BCA folio	746.01455.015

BC Assessment via SCRD parcel layer · fetched 2026-08-03T07:16

Open questions

Confirm suite legality with the planning department — zone says yes, verify parcel specifics (parking, servicing, floor-area cap).
Built 1976 — oil-tank era. Ask for a tank scan or decommissioning certificate.
42 days on market — ask the listing agent why it hasn't moved.