Property Overview
This one-storey home at 220 Washington Avenue in Winnipeg's Chalmers neighbourhood presents a specific and straightforward opportunity. Built in 1922, it sits on a 2,961 sqft lot with 724 sqft of living space. Key features include a basement (not renovated) and no garage or pool. The home's most recent sale was in 2016 for $14,400, with a current assessed value of $17,500.
Section 1: Key Characteristics & Appeal
The primary appeal of this property lies in its land value and potential, rather than its current structure. The house itself is modest in size and condition, with a living area significantly below averages for the street, neighbourhood, and city. This positions it clearly as a value-play for a land investor, a builder, or a highly budget-conscious buyer willing to undertake renovations.
Its appeal is grounded in a few key factors:
- Land-Based Value: The lot size is respectable for the area and represents the core asset. For the right buyer, the existing structure may be seen as secondary to the parcel of land itself.
- Entry-Level Opportunity: With a very low assessed value and a historically low sale price, it represents one of the most accessible price points in the market. This suits buyers or investors with limited capital for an initial purchase.
- Renovation or Re-development Potential: The existing home provides a basic footprint. It would suit a handy buyer looking for a live-in renovation project over time, or an investor considering a future tear-down and rebuild, given the lot dimensions.
This property would best suit a pragmatic buyer whose expectations align with the numbers: a land investor, a contractor looking for a project, or a first-time buyer with a tight budget and a strong vision for gradual, sweat-equity improvements. It is not suited for someone seeking a move-in-ready home or above-average interior space.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" property?
While the home is livable, its below-average size, age, and condition mean many buyers would consider its ultimate value to be in the land. Whether to renovate or redevelop depends entirely on the buyer's budget, timeline, and goals.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state, size, and recent sales data. With living space far below the Winnipeg average and a sale history at a very low price point, the assessment is based on its standing as a modest, older home in need of updates.
3. What does the "below average" ranking for lot size mean?
While the lot is below the city-wide average, that comparison includes newer suburban developments. Within the older Chalmers neighbourhood, the lot is much closer to the typical size, making it a standard parcel for the area with potential for expansion or outdoor space.
4. Are the low past sale prices a concern?
Not necessarily. They accurately reflect the home's condition and market position at the time of those sales. They indicate a property that has been valued for its foundational assets (land, location) rather than its finishes, presenting a consistent value proposition over time.
5. What are the immediate costs to consider?
Prospective buyers should prioritize a thorough inspection, with a focus on the century-old structure's foundation, roof, wiring, and plumbing. Budgeting should first address essential systems and structural integrity before any cosmetic updates. The unrenovated basement also warrants specific attention for moisture control and potential.