Property Summary: 224 Dearborn Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1913, situated on a modest lot in the Chalmers neighbourhood. Its key appeal lies in its position as an entry-point property with a very low assessed value, which is significantly below averages for the street, neighbourhood, and city. The home is notably small, with 720 sqft of living space, and features an unrenovated basement and no garage.
This property would primarily suit a specific type of buyer: those seeking a minimal financial footprint, such as an investor looking for a low-cost rental opportunity, a buyer intending to build new on the lot, or a very hands-on owner prepared for a full-scale renovation. Its below-average metrics across the board suggest it is not a move-in-ready home but a foundational asset. A less obvious perspective is its potential for someone interested in "right-sizing" or minimalist living, provided they are willing to invest substantially in modernizing the small space. The data indicates it's one of the most affordable properties in a comparative sense, making it a unique option in a high-cost market.
Section 2: Frequently Asked Questions
1. What does the assessed value tell me about this property?
The assessed value of $12,900 is exceptionally low, placing it in the bottom 2-7% of comparable properties locally. This typically reflects the home's age, condition, and size rather than its land value alone, indicating a major renovation or rebuild is likely necessary.
2. How does the lot size compare?
At 2,243 sqft, the land area is below average for the immediate street and the wider Chalmers area. This means outdoor space is limited, but it also may translate to lower maintenance costs and property taxes relative to larger lots.
3. Is the basement finished or usable?
No. The listing specifies the basement exists but is "not renovated." Buyers should anticipate it being in original or rough condition, requiring significant work to be used as living space.
4. Who might this property not be suitable for?
It is likely not suitable for first-time buyers seeking a move-in-ready home, families needing multiple bedrooms or ample space, or anyone unable to undertake or fund a major renovation or construction project.
5. The home last sold in 2016 for $13,500. What does that indicate?
The stable, very low sale price over an eight-year period suggests the property has not undergone significant improvements that would increase its market value. It reinforces the profile of a property that has been maintained as a basic holding rather than a updated residence.