Property Overview
505 Washington Avenue is a compact, one-storey home built in 1913, situated on a standard-sized lot in Winnipeg's Chalmers neighbourhood. Its key appeal lies in its position as an entry-point property with a very low assessed value, offering a rare opportunity for land ownership and basic shelter at a minimal cost. The home has a small living area of 583 sqft, an unrenovated basement, and no garage.
This property would primarily suit a specific type of buyer: investors or handy purchasers looking for an ultra-affordable asset, likely as a rental property, a tear-down candidate for future rebuilding, or a long-term land hold. It is not suited for those seeking move-in-ready comfort or ample space. A thoughtful perspective is that, while its metrics rank below average in almost every category, this very fact defines its niche—it is a purely functional property for whom cost is the absolute primary concern. Its recent sale price of $17,700 also suggests it may appeal to those with very limited financing options or who wish to avoid a large mortgage.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's age, very small living area, and lack of renovations. It is priced as a basic structure on a lot, not for its amenities or condition.
2. What does "below average" ranking for Year Built mean for me?
Built in 1913, the home is significantly older than most. Buyers should budget for potential maintenance issues common with century-old homes, such as outdated wiring, plumbing, or insulation, unless it has been updated.
3. The lot size is average for the area, but the house is small. Can I expand?
The average lot size for the street and neighbourhood suggests there may be physical space to expand. However, any addition would require checking local zoning bylaws and is only worthwhile if the foundation and structure of the existing home are sound.
4. Who would this property not be a good fit for?
It is not a good fit for families needing space, anyone unable to handle renovation projects, or buyers prioritizing neighbourhood comparables with modern features. The lack of garage and unrenovated basement also limit its utility.
5. The sale history shows a price drop from $110k in 2020 to $17.7k in 2022. What does this indicate?
Such a significant drop typically indicates a change in circumstance or property condition. It could relate to a distressed sale, a major issue discovered, or a market correction for a highly unique, minimal property. Due diligence, including a full inspection and title search, is essential.