Property Overview
This one-and-a-half storey home on Bowman Avenue in Winnipeg's Chalmers neighbourhood presents a specific and practical opportunity. Built in 1914, it features 1,096 sqft of living space and sits on a 2,500 sqft lot. The home has a basement but it is not renovated, and there is no garage or pool. Its most defining characteristic is its assessed value of $15,500, which is significantly below average for the city. This creates a distinct profile: the living space is quite generous for its immediate area and neighbourhood, but the property is valued much lower than typical Winnipeg homes.
The appeal lies in its potential as an affordable entry point into homeownership, particularly for a buyer comfortable with a property that requires updates. It suits a practical first-time buyer, an investor looking for a rental property with a low tax base, or someone seeking a straightforward living space without the premium for modern finishes. A less obvious perspective is that its above-average living area for Chalmers offers more interior space than many neighbouring homes, which could be a relative advantage for the price. However, this comes with the understanding that the low assessed value reflects the age of the home, the unrenovated state, and the smaller lot size relative to the broader market.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value is based on the property's market characteristics, including its age (1914), unrenovated condition, lack of a garage, and a land area that is below average for Winnipeg. It is assessed in line with similar properties in its immediate area.
2. Is the living space actually a good size?
Yes. At 1,096 sqft, the living area is above the average for both Bowman Avenue and the wider Chalmers neighbourhood. This means you get more interior space than many comparable local homes.
3. What does "basement, not renovated" imply?
It indicates the basement exists and is usable, but it is in original or functional condition without modern finishes. Buyers should budget for potential updates and should have the foundation and moisture control inspected.
4. Who would this property not suit?
It would not suit buyers seeking a move-in-ready modern home, those who require a garage for parking or storage, or anyone uncomfortable with the maintenance and potential upgrade needs of a 110-year-old house.
5. How does the lot size impact the property?
The 2,500 sqft lot is around average for the street but below average for the neighbourhood and city. This means smaller outdoor space, which can mean less maintenance but also limits expansion possibilities and private outdoor areas.