Property Overview & Key Characteristics
This one-storey home on a mature, tree-lined street in Central River Heights presents a straightforward opportunity. Built in 1953, it is notably newer than many homes on its street and in the established neighbourhood. The key feature is the 5,399 sqft lot, which offers above-average outdoor space for the area. The 1,120 sqft living area is functional and typical for the city, while the detached garage adds practical storage or workshop potential.
Its primary appeal lies in its value proposition and lot size. The home last sold in 2019 for $330k, and its current assessed value is significantly below the average for similar homes on Oxford Street, suggesting room for equity growth. The appeal is for a practical buyer: someone seeking an entry point into a desirable neighbourhood without a premium price, who values a larger yard over a recently renovated interior, and who sees potential in a home that may require updates. It would suit a first-time buyer, an investor looking for a hold property, or a hands-on owner planning a gradual renovation. The unrenovated basement is a blank canvas for future expansion.
Frequently Asked Questions
1. What does "below average assessed value" really mean for this property?
It indicates the city's tax assessment is low relative to many neighbours. This can mean lower property taxes now, but it often signals that the home hasn't been substantially renovated or updated in recent years, which is reflected in its price.
2. Is the larger lot a benefit or a burden?
It's a significant benefit for privacy, gardening, play space, or future additions like a deck or shed. However, it also means more yard maintenance compared to properties with smaller lots.
3. Who would this property not suit?
It would not suit buyers seeking a move-in-ready, modernized home without any projects. The mention of an unrenovated basement and the value metrics suggest this is a property for those comfortable with some degree of updating or maintenance.
4. How does being "newer" than other homes on the street (built 1953) affect it?
While still a mature home, a 1953 build may have more modern wiring, plumbing, or layout foundations than much older homes in the area, potentially avoiding some of the systemic issues common in pre-war construction.
5. What should I consider about the detached garage?
A detached garage provides excellent storage or workshop space and can reduce noise from vehicles. However, consider the convenience factor, especially during Winnipeg winters, as you will need to go outside to access your vehicle from the house.