Property Overview
This one-storey home on Magnus Avenue presents a straightforward opportunity in Winnipeg's Burrows Central neighbourhood. Built in 1914, its key characteristic is a generous 3,587 sqft lot that is above average for the immediate area, paired with a modest 824 sqft living space. The property features a detached garage and a basement that is present but not renovated. Its last recorded sale was in 2016 for $150,000, with a current assessed value of $160,000.
The appeal lies in its land value and location. The lot size is in the top third for the street and neighbourhood, offering ample outdoor space or future expansion potential in a well-established community. It suits a specific type of buyer: a hands-on purchaser looking for an affordable entry point into the market, who values a larger yard over a large finished house and is prepared for the updates a 110-year-old home will likely require. It could also appeal to an investor viewing it as a land-value play or a long-term hold.
Frequently Asked Questions
1. What is the true focus of this property?
The data suggests the value is weighted more toward the land than the existing structure. The lot size is notably larger than many nearby properties, while the living area is compact and the home itself is among the older on the block. This indicates potential for expansion, renovation, or simply enjoying a larger-than-average yard.
2. How does it compare to nearby homes?
Within Burrows Central, the home is generally "around average" for key metrics like lot size, year built, and assessed value. This means it is a typical offering for this specific neighbourhood, not standing out as exceptionally large or modern, nor as particularly small or dated for the area.
3. What should I budget beyond the purchase price?
Given the age of the home and the note of an unrenovated basement, buyers should anticipate immediate and ongoing maintenance costs. Budgeting for essential systems updates (like plumbing, electrical, or roofing due to age) and potential basement moisture management would be prudent before considering cosmetic improvements.
4. Is the assessed value a reliable indicator of sale price?
The assessed value ($160k) is close to its last sale price ($150k in 2016). In Winnipeg, assessed value is for tax purposes and can differ from market value. However, its alignment with the historical price and similar local assessments suggests it is likely in a competitive price range for the area.
5. Who might this property not suit?
It may not suit buyers seeking a move-in-ready home or those unwilling to take on renovation projects. The smaller living area and need for updates also make it less ideal for those requiring substantial immediate space or who have a limited budget for repairs after purchase.