Property Overview: 655 Wellington Avenue
Key Characteristics & Buyer Profile
This is a compact, two-storey home built in 1900, offering 1,250 sqft of living space with a renovated basement. It sits on a standard city lot of just over 3,000 sqft in the Daniel McIntyre neighbourhood. The home’s most defining characteristic is its exceptionally low municipal assessed value, which is significantly below averages for the street, neighbourhood, and city. This suggests it may be a candidate for significant updates or is assessed based on its current condition rather than area sales.
Its appeal lies in its position as a potential entry point into the Winnipeg market, particularly for a hands-on buyer or investor. The renovated basement adds functional living space, and the home’s size is practical for a small household. It would best suit a value-conscious buyer, such as a first-time homeowner comfortable with a project, or an investor looking for a rental property with a low entry cost. The property represents a trade-off: you gain affordability and location in an established central neighbourhood, but likely take on a home that requires modernization and is one of the oldest on the block.
Frequently Asked Questions
1. Why is the assessed value so much lower than other homes?
A very low assessment often reflects the home’s current condition, age, and specific features compared to recently sold or renovated properties in the area. It’s a starting point for municipal taxes, not market value, but indicates this is not a turn-key, modernized home.
2. What does the "renovated basement" entail?
The listing notes it is renovated, but specifics on finish quality, ceiling height, moisture control, and legal compliance (e.g., proper egress) are not provided. This would be a key area for inspection and inquiry.
3. Is the property suitable for adding a garage?
The lot is a typical city size but narrower than many on Wellington Avenue. Any new structure would need to comply with setback bylaws, and space may be limited given the existing footprint.
4. How does the age of the home (1900) affect insurance and maintenance?
Homes of this vintage may have outdated wiring, plumbing, or insulation. Insurance can be higher, and maintenance requires a proactive approach. A thorough inspection is essential to understand potential hidden costs.
5. The home sold for a very low price in 2016. What does that history suggest?
The prior sale price is consistent with a low assessment and indicates the property has been in an affordable, likely as-is, niche for some time. It underscores the property's long-standing status as a value proposition rather than a premium home.