902 Redwood Avenue

Property Overview: 902 Redwood Avenue

Key Characteristics & Appeal

This is a classic one-storey home built in 1912, situated on a standard-sized lot in Winnipeg's Burrows Central neighbourhood. Its key characteristics include a detached garage and an unfinished basement. The home’s primary appeal lies in its land value and location, rather than the size or condition of the dwelling itself. With a living area of 693 sq ft, the house is notably compact, ranking well below average for space both locally and city-wide.

The property’s strongest asset is its lot. At 3,298 sq ft, the land parcel is around average for the immediate area, offering typical backyard potential for the neighbourhood. The assessed value is modest and in line with nearby homes, suggesting a lower barrier to entry. This home would suit a very specific buyer: a land-value investor, a hands-on renovator looking for a footprint to expand, or a minimalist seeking an affordable entry into homeownership with the understanding that the existing structure is limited and may require significant investment to modernize or enlarge. Its appeal is pragmatic, rooted in potential and location rather than immediate move-in readiness.

Frequently Asked Questions

1. Is the house livable in its current state?
While livable, the home’s small size (693 sq ft) and unrenovated basement indicate it is a basic shelter. Buyers should budget for updates to improve comfort and functionality.

2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the home’s age, very small living area, and lack of renovation relative to the broader Winnipeg market. It is, however, typical for similar older, compact homes in the Burrows Central area.

3. What are the biggest opportunities with this property?
The main opportunities are the lot size for potential expansion or outdoor use, and the value of making strategic renovations to increase the living space and modernize the home over time.

4. What are the main drawbacks to consider?
The primary drawbacks are the limited living space, the age of the structure (114 years), and the need for updates. It is not a home for those needing ample room or modern finishes without undertaking projects.

5. How does this property compare to others on the same street?
It has a smaller living area than many nearby homes. For example, compared to references like 954 Redwood Ave (1,029 sq ft), this property offers less finished space but a similarly valued lot, highlighting its nature as a land play with a smaller existing structure.