Property Summary: 194 Dearborn Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, one-storey home built in 1907 on a standard city lot in the Chalmers neighbourhood. Its key characteristic is its extremely low assessed value, which places it in the bottom 5% of Winnipeg properties. The living area is notably compact at 494 sq ft, and the home features a detached garage and an unrenovated basement.
The primary appeal lies in its potential as a land-value opportunity or a foundational investment property. It suits buyers looking for an affordable entry into homeownership with plans to renovate or rebuild, or investors seeking a low-cost rental property. The lot size, while below average for the city, is typical for the immediate area and offers redevelopment potential. A thoughtful perspective is that its age and condition, while requiring investment, represent a blank canvas free of the premium often attached to recently updated homes. It may also appeal to those seeking to minimize property tax burdens while holding a strategic asset.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value reflects the home's age, very small living area, and the fact it has an unrenovated basement. It is primarily valued for its land and location rather than its current structure.
2. What does "below average" in the rankings mean for a buyer?
For metrics like living area and year built, it confirms the home is smaller and older than most in its comparison groups. For value, it indicates a purchase price likely well below the market median, which can mean a lower barrier to entry but also signifies a project.
3. Is the unrenovated basement finished or usable?
The listing specifies it is "not renovated," which typically means it is in a rough, unfinished state suitable for storage or mechanical systems, not living space, without significant work.
4. How does the recent sale price compare to the assessment?
The home sold for $12,700 in May 2021, which was virtually identical to its assessed value of $12,900 at that time, indicating the assessment accurately reflected its market value as a basic, unimproved property.
5. What is the realistic use for a home of this size and condition?
It is most practically viewed as a candidate for a full renovation to modernize and potentially expand the living space, or as a long-term land hold. As-is, it would suit very minimal living needs or function as a basic rental.