Property Overview: 1017 Magnus Avenue
Key Characteristics & Appeal
This is a modest, century-old home (built 1920) in Winnipeg's Burrows Central neighborhood. Its primary appeal lies in its position as an affordable entry point into the housing market. With 950 sqft of living space, it offers compact, functional living. The lot size of 2,624 sqft is smaller than many in the area, which can mean lower maintenance. A key feature is the existing, unrenovated basement, presenting a clear opportunity for future expansion or improvement to add value.
The home suits first-time buyers, practical investors, or those seeking a low-cost footprint. Its assessed value is significantly below the city average, suggesting a relatively low property tax burden. A thoughtful perspective is that this property represents a "blank canvas" trade-off: you gain affordability and control over future renovations, but assume the responsibility and cost of any updates. Its recent sale in early 2024 indicates it's a move-in ready home in its current condition, likely appealing to those who value potential over immediate polish.
Frequently Asked Questions
1. Is the smaller lot size a disadvantage?
Not necessarily. While below average for the street, a smaller lot requires less upkeep and can be a benefit for buyers seeking a low-maintenance yard. It's a practical compromise that contributes to the home's affordability.
2. What does "below average" assessed value mean for me?
A below-average assessed value typically translates to below-average municipal property taxes compared to the wider city. This is a key ongoing cost savings, though the final tax bill is calculated using the mill rate.
3. The basement is noted as "not renovated." What should I expect?
This indicates the basement is in original or functional condition, not modernized. It is likely usable for storage, laundry, or basic utilities, but would require investment to become finished living space. A professional inspection is advised to check its foundation and systems.
4. How does this home compare to others on the street?
The data shows it is very typical for Magnus Avenue in terms of age, living space, and value. It sits comfortably in the middle of the pack for the immediate area, meaning it's a representative, not an outlier, property for the block.
5. The home is over 100 years old. What are the main concerns?
While the structure has proven its durability, key considerations for a home of this age include the condition of major systems like plumbing, electrical, and the roof. An updated furnace or wiring can be a significant plus. The unrenovated state means these systems may be original or older, so a thorough inspection is crucial.