Property Overview
This one-and-a-half storey home, built in 1912, presents a straightforward opportunity in Winnipeg's Burrows Central neighbourhood. Its primary appeal lies in its value proposition and potential, rather than in modern finishes or amenities. The home sits on a modest 2,833 sqft lot and features 1,086 sqft of living space. It has an unrenovated basement and no garage. The home recently sold for $200,000, which is notably below the city-wide average, highlighting its position as an entry-point property.
Key Characteristics & Suitability
The appeal of this property is rooted in its affordability and its practical, no-frills profile. It suits first-time buyers, investors, or hands-on individuals looking for a foothold in the market without a large initial investment. The living space is actually above average for the immediate Burrows Central area, offering decent room for the price point. However, its age and the noted "unrenovated" state of the basement mean it likely requires updates and maintenance. A less obvious perspective is its statistical standing: while its assessed value is very low city-wide (ranking in the bottom 5%), it is around average for its own street and neighbourhood. This suggests it is priced appropriately for its specific location, not as an outlier, making it a typical example of the area's housing stock. It’s a property for someone comfortable with a project, who sees value in the existing structure and location over modern conveniences.
Frequently Asked Questions
1. What does "unrenovated basement" typically imply?
It usually means the basement is in original or functional condition, but not modernized. Expect basic finishes, older mechanical systems (like the furnace or wiring), and potential moisture concerns that should be investigated. It represents both a cost-saving on the purchase price and a future project.
2. How does the sale price compare to the assessed value?
The home sold for $200,000 against a $17,700 assessed value. This large difference is normal in Winnipeg; assessed value is for municipal tax purposes and is not an indicator of market value. The sale price is the true market indicator.
3. What are the implications of the home's age (1912)?
Homes from this era often have solid construction but come with aging infrastructure. Buyers should budget for updates to plumbing, electrical, and insulation. It also may have historical character, but also the limitations of an older floor plan.
4. The lot size is below average. Is that a major drawback?
For this property type and neighbourhood, the lot size is not unusual. It provides a manageable yard space with lower maintenance. The trade-off is less outdoor privacy and limited potential for large additions compared to properties on larger lots.
5. Who would this property NOT be well-suited for?
It is not ideal for buyers seeking a move-in-ready home with modern amenities, those who require a garage, or families needing extensive outdoor space. It is best suited for those with a renovation budget and realistic expectations about an older home in an affordable neighbourhood.