Property Overview: 931 Magnus Avenue, Winnipeg
Key Characteristics & Appeal
This is a modest, century-old home (built 1913) in the Burrows Central neighborhood, presenting primarily as a land value opportunity. The 1,012 sqft one-and-a-half storey house sits on a 2,463 sqft lot and features an unrenovated basement, with no garage or pool. Its appeal lies in its position as an entry-point property with a very low assessed value, which is significantly below averages for the street, neighborhood, and city. The living space is typical for the immediate area but below the Winnipeg average.
The property suits practical, value-driven buyers. It would be a candidate for an investor looking for a hold or redevelopment opportunity, given the land value. It could also suit a hands-on buyer seeking an extremely affordable entry into homeownership, willing to live in the property while planning gradual updates. A less obvious perspective is its potential for multi-generational living arrangements, where the low carrying costs offset the need for renovations to create a separate suite in the half-storey or basement.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value of $12.5k is among the lowest in the city, reflecting the home's age, condition (including an unrenovated basement), and smaller lot size relative to many city properties. It indicates the current value is largely in the land.
2. What does "below average" for land area mean in this context?
While the lot is below the Winnipeg average, it is closer to the norm for Burrows Central. This suggests the lot is typical for the established neighborhood but may offer less redevelopment flexibility than larger parcels.
3. How significant is the unrenovated basement?
This is a key consideration. An unrenovated basement in a 1913 home likely requires significant investment to modernize for living space or amenities and should be factored into renovation budgets and inspections.
4. The home sold for $8,200 in 2020. What does that indicate?
This very low sale price, far below the already low assessed value, suggests the prior sale may have been a non-arms-length transaction or a sale of the property in distressed condition. It underscores the property's status as a fixer-upper or land play.
5. Who would this property not suit?
It is not suitable for buyers seeking a move-in ready home or those unwilling to manage renovations. Its smaller lot and older build also mean it likely won't appeal to buyers looking for substantial outdoor space or modern construction efficiencies.