971 College Avenue

Property Overview

This one-storey home on a 4,020 sqft lot presents a specific and straightforward opportunity. Its key appeal lies in the land itself—the lot size is above average for the Burrows Central neighbourhood and provides a substantial footprint in a city where lot sizes are typically smaller. Built in 1932, the home's 570 sqft living area is compact, and the basement exists but is not renovated. A detached garage is a practical asset. The property’s assessed and recent sale values are significantly below city averages, highlighting its position as a land-value proposition or a foundational project.

This home would suit a pragmatic buyer looking for an entry point into homeownership with a focus on future potential, or an investor seeking a lot with an existing structure. It's less suited for those needing immediate move-in condition or more interior space. A thoughtful perspective is that its very compact size and low price point could make it a manageable first renovation project, allowing for a phased rebuild or expansion over time, anchored by a solid piece of land.

Frequently Asked Questions

1. Is this essentially a teardown?
While the living space is very small and the basement is unrenovated, the structure provides shelter and utilities. The decision to renovate, expand, or rebuild would depend on a buyer's budget and vision, but the low assessment suggests the primary value is in the land.

2. What are the real costs beyond the purchase price?
Prospective buyers should budget for updating essential systems (roof, wiring, plumbing) common in a home of this age, and potentially for a significant renovation or addition to increase the liveable space to match the lot's potential.

3. How does the lot size compare practically?
At 4,020 sqft, the lot is larger than most in the immediate area and across Winnipeg. This offers valuable outdoor space, room for additions, or potential for landscaping, setting it apart from other homes in this price range.

4. Why is the assessed value so much lower than the city average?
The assessment reflects the property's current state—a very small, older home on a desirable lot. It is assessed based on its existing condition and utility, not its future potential, which is why it sits well below the average for Winnipeg.

5. What is the neighbourhood like for investment or living?
Burrows Central is an established neighbourhood. The below-average property values in the area can indicate affordability and potential for gradual appreciation, especially for a property like this that has room to be improved relative to its surroundings.