Property Overview: 961 Manitoba Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, nearly century-old (1928) one-storey home in Burrows Central. Its key characteristic is its very compact size, with a living area of just 500 sqft, which ranks it among the smallest homes in the city. The lot size is also below average for the local area. These factors contribute to its notably low assessed value, which is in the bottom tier compared to both the neighbourhood and Winnipeg as a whole.
The primary appeal lies in its position as an entry point into the market. It represents a low-barrier option for a very specific buyer: someone seeking absolute minimal upkeep, a first-time investor looking for a rental property with a low acquisition cost, or a buyer with a plan to rebuild or expand on the existing lot. Its value is fundamentally in the land and location, not the current structure. This property would not suit a growing family or anyone needing modern space and amenities, but could be a pragmatic fit for those with modest space needs and a focus on location over the home itself.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than other homes?
The assessed value reflects the property's very small size (500 sqft living area), age, and likely the condition of the 1928 structure. The value is primarily in the land.
2. What type of renovation or expansion potential does it have?
Given the small existing footprint and lot size, any significant expansion would require careful planning within local zoning bylaws. The potential is more about modernizing the interior or considering a full rebuild to maximize the lot.
3. Is this a good investment property?
For a rental investor, the low purchase price could mean a lower mortgage burden and potentially positive cash flow with a tenant. However, older properties can come with higher maintenance costs, which must be factored in.
4. How does the small living area compare to nearby homes?
The home is significantly smaller than most in the area. For context, comparable homes on Manitoba Avenue average about 1,063 sqft, and nearby listings show homes from 720 sqft to over 1,700 sqft.
5. What are the immediate costs or considerations for a buyer?
A thorough inspection is crucial due to the home's age. Buyers should budget for potential updates to essential systems (like plumbing or electrical) and be prepared for higher heating costs relative to the small space due to older construction standards.