Property Overview
This one-and-a-half storey home, built in 1913, is situated on a standard-sized lot in Burrows Central. With 961 sqft of living space and an unrenovated basement, it presents as a straightforward, no-frills property. Its primary appeal lies in its accessibility and potential. The very low sale price and assessed value—consistently well below averages for the street, neighborhood, and city—make it one of the most entry-level options available. This isn't a move-in-ready home; its value is anchored in the land and the structure's shell, offering a minimal barrier to entry for a hands-on buyer or investor.
It would suit a specific type of purchaser: a contractor or skilled DIY buyer looking for a foundational project, or an investor considering a hold-and-rent strategy with minimal initial capital outlay. A thoughtful perspective is that its consistent, rock-bottom price across multiple sales suggests the market has clearly defined its current value, setting realistic expectations for the investment required to improve it.
Frequently Asked Questions
1. What does "unrenovated basement" typically imply?
It usually indicates a basement in its original or rough state, likely with an older foundation, basic utilities, and unfinished walls and floors. It should be inspected for moisture, insulation, and structural integrity.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current condition, age, and modest size relative to the broader Winnipeg market. It confirms this is a value-play based on existing characteristics, not a premium for finishes or amenities.
3. What are the immediate priorities for a new owner?
Beyond a thorough inspection, priorities would likely involve essential systems (roof, heating, electrical, plumbing) and addressing any structural or envelope issues. Cosmetic updates would come later.
4. How does the lot size compare, and does it offer potential?
At just under 3,000 sqft, the lot is average for the immediate area but smaller than the citywide norm. It provides standard yard space but may have limitations for large additions or detached structures, depending on zoning.
5. The home sold recently in early 2024. What does that indicate?
The quick resale at the same price suggests it may have been purchased by an investor or flipper who reassessed the project, or that the sale was part of an estate or portfolio transaction. It underscores the property's niche as a project rather than a traditional home.