355 Elgin Avenue

Property Overview: 355 Elgin Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-three-quarter storey home, built in 1902, presents a unique opportunity centered on its location and land. Situated on a 3,053 sqft lot in Centennial, the property offers above-average living space (1,394 sqft) for its immediate area. Its primary appeal lies in its value proposition: it carries a very low assessed value, suggesting potential for those looking to enter the market at a lower price point or investors considering land value. The home includes a basement, though it is not renovated, and does not have a garage or pool.

The property would best suit a specific type of buyer. It is a strong candidate for an investor or a handy homeowner willing to take on a project, as the age of the home and the unrenovated basement indicate likely needs for updates and maintenance. It could also appeal to a buyer whose priority is securing a larger-than-average lot in the neighborhood for future expansion or landscaping, rather than move-in-ready finishes. The low annual property tax burden, inferred from the assessed value, is a less obvious but practical advantage.

Section 2: Frequently Asked Questions

Q: What does the assessed value tell me about this property?
A: The assessed value is significantly below the citywide average. This typically results in lower property taxes, but it also often reflects the home's age, condition, and the market values in its specific area. It's crucial to get a current market appraisal.

Q: How does the lot size compare?
A: The lot is slightly below the city average but is around the average size for the Centennial neighborhood. This means you get a typical yard for the area, which is often a priority for homes in this community.

Q: The home is over 120 years old. What should I consider?
A: While it offers character, key considerations will be the condition of major systems (plumbing, electrical, roof, foundation) and the cost of potential updates. An inspection is essential. The unrenovated basement also suggests immediate work may be needed to finish or waterproof the space.

Q: Who might this property not be suitable for?
A: It is likely not a fit for a first-time buyer seeking a low-maintenance, modern home, or for someone who cannot budget for immediate or near-future renovations. The lack of a garage may also be a drawback for some.

Q: The data shows it last sold in 2017. What does that mean?
A: The seven-year ownership period suggests the sellers are not flipping the property quickly. It’s worth asking the seller or your agent about the reasons for selling now and what changes, if any, have been made during their ownership.