Property Summary: 1107 Magnus Avenue
Section 1: Key Characteristics & Appeal
This two-storey home, built in 1926, presents a compelling mix of character and practical updates. Its key feature is a renovated basement, adding valuable finished living space to the home's above-average 1,269 sqft footprint. The property includes a detached garage.
The appeal lies in its strong value proposition within its immediate area. The home ranks in the top 6% of its neighbourhood for assessed value, indicating it is viewed as a substantial and well-maintained property compared to nearby homes. While the lot size is modest, the living space is efficiently designed and larger than many local comparables. This is a home that offers more interior space than one might expect from the street, with the bonus of a modernized lower level.
It would suit value-conscious buyers looking for a character home with key renovations already addressed, or investors seeking a property with a strong assessed value foundation in the Burrows Central area. It’s ideal for someone who prioritizes updated, functional living space over a large yard.
Section 2: Frequently Asked Questions
1. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finishes or rooms. A viewing or inquiry with the seller is necessary to determine if it’s a legal suite, a recreational space, or additional bedrooms.
2. The assessed value seems low compared to the last sale price. Why?
The home's assessed value ($29.2k) is for municipal tax purposes and is not a market valuation. Its last recorded sale was for $260k in 2017. The key takeaway is that its assessment ranks very high compared to neighbours, suggesting it is considered a premium property on its street.
3. How does the lot size impact potential?
The land is compact (1,866 sqft). This means lower exterior maintenance but very limited potential for expansions like large additions or pools. The focus here is on the existing house and its interior space.
4. The home is nearly 100 years old. What should I check?
While the basement is updated, a pre-purchase inspection for the entire structure is crucial. Pay special attention to the foundation, roof, wiring, and plumbing to understand what modernizations have been made and what original elements remain.
5. Is this a good investment compared to other areas of Winnipeg?
The data shows a contrast: this property is a standout in its local market (top 6-12% for value/size), but its metrics are below the Winnipeg city-wide average. This suggests potential for stable, community-centric value rather than explosive city-wide appreciation. It’s a strong player in its immediate league.