Property Overview
This one-storey home at 225 Bowman Avenue in Winnipeg's Chalmers neighbourhood is a compact, century-old property that presents a specific value proposition. Its key appeal lies in its land. With a 2,502 sqft lot, it sits around the average for its street, offering more outdoor space than many city-wide properties. The home itself, built in 1913 with 721 sqft of living space and an unfinished basement, is modest and requires modernization. Its assessed value is significantly below the Winnipeg average, indicating a lower entry point.
This property would primarily suit a value-conscious buyer looking for a land-owning opportunity in the city. It's a potential fit for a first-time investor considering a future build, a hands-on individual seeking a manageable footprint to renovate according to their own tastes, or someone prioritizing lot size over immediate move-in condition. Its scale makes it less suitable for those needing ample finished living space or modern conveniences without undertaking renovation work.
Frequently Asked Questions
1. Is this a good value investment?
The value is in the land. The lot size is above average for the city, while the house's assessed value is very low. This suggests you are primarily paying for the location and land, with the existing structure adding minimal premium, which can be an advantage for a renovation or redevelopment project.
2. What should I budget for immediate repairs or updates?
Given the age (1913) and the noted unfinished, unrenovated basement, you should budget for essential systems updates (like plumbing, electrical, and insulation) alongside any cosmetic renovations. An inspection is crucial to identify century-home issues that may not be apparent.
3. Who would this property not be a good fit for?
It would likely not suit a family needing multiple bedrooms or ample finished space, or anyone seeking a turn-key, modern home without renovation plans. The lack of a garage and the smaller living area are significant considerations for those with vehicles or specific space needs.
4. How does the lot size compare practically?
While the lot ranks in the middle of its street, it is substantially larger than the lot of a typical condo or infill property. This offers valuable outdoor space for gardening, entertaining, or future additions that are rare in similarly priced city properties.
5. What is the context of the last sale price?
The home sold for $16,300 in 2019. This historical price, along with the current assessed value being well below the city average, underscores the property's position as a more affordable entry point into the Winnipeg market, with the understanding that investment is needed for modernization.