Property Overview: 1173 Redwood Avenue
Key Characteristics & Appeal
This is a modest, one-and-a-half storey home built in 1935, situated on a standard city lot in Burrows Central. Its primary appeal lies in its affordability and straightforward potential. With 720 square feet of living space, an unfinished basement, and no garage, it presents a no-frills opportunity. The home last sold in 2019 for $150,000, a price point that reflects its compact size and need for modernization.
The property’s data reveals a thoughtful perspective: while the house itself is smaller than most on its street and in the city, its lot size is actually more generous than many Winnipeg properties, ranking in the top 3% city-wide. This hints at valuable outdoor space or future expansion potential relative to its price. The assessed value is modest, suggesting lower property taxes, which is a key consideration for budget-conscious buyers.
This home would best suit a first-time buyer comfortable with a renovation project, an investor looking for a manageable rental property, or someone seeking an affordable entry into the Winnipeg market with a focus on land value over finished living space.
Frequently Asked Questions
1. What does "one-and-a-half storey" mean for this home?
Typically, this style features a main floor with principal rooms and a second floor under sloped roofs, offering smaller, cozier bedrooms. For a 1935 home of this size, expect compact, traditional layouts.
2. The lot is ranked highly city-wide but lower locally. What does that indicate?
It means the lot, while a good size by overall Winnipeg standards, is slightly smaller than the average in the established Burrows Central neighborhood. You’re getting more land than in many new subdivisions, but not an unusually large yard for this specific area.
3. How significant is the unfinished basement?
It provides essential utility space and storage, which is valuable in a smaller home. However, it represents both immediate utility and a future renovation cost if you wish to add finished living space.
4. The assessed value is much lower than the last sale price. Why?
Municipal assessed value for taxation purposes often lags behind market sale prices and is calculated using a different formula. The 2019 sale price is a more current indicator of its market value.
5. What are the main considerations for a buyer here?
Focus on the cost of needed updates against the affordable purchase price. The value proposition balances a lower initial investment with a smaller, older home that requires care. The appeal is grounded in practicality and potential, not immediate move-in condition.