Property Overview: 487 Flora Avenue, Winnipeg
Key Characteristics & Buyer Profile
This is a compact, century-old home (built 1909) in the Dufferin neighbourhood, presenting a straightforward opportunity. Its key appeal lies in its position as an accessible entry point into the Winnipeg market. With 1,152 sqft of living space spread over one and three-quarters storeys and an unrenovated basement, it offers functional basics. The lot is modest at 2,810 sqft, smaller than most in the area, which translates to less exterior maintenance.
The home’s most notable characteristic is its significantly below-average assessed value, both locally and city-wide. This, coupled with its recent sale at a very low price point, clearly positions it as a fixer-upper or investment property rather than a move-in-ready home. It would suit hands-on buyers looking for a project, whether as a first home to slowly improve, a rental investment, or for potential redevelopment. Its smaller scale makes renovations more manageable and less capital-intensive than a larger property. A less obvious perspective is that its age and established neighbourhood location might offer more character and community stability than newer areas, despite the work required.
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 current state and market position. A very low assessment typically reflects the home’s age, condition, and the fact that it likely requires significant updates or repairs compared to the broader market.
2. What does “one & 3/4 storey” mean for the layout?
This style usually features main living areas on the ground floor, with upper-floor rooms built into the roof space, often with sloped ceilings. It can offer cozy, character-filled bedrooms but may have less full-height square footage than a true two-storey home.
3. Is the small lot size a major drawback?
It limits expansive outdoor space and potential for large additions, but it also means less yard work and lower property taxes tied to land value. For a buyer focused on the house itself or a low-maintenance plot, it can be a practical trade-off.
4. What should I budget for beyond the purchase price?
Given the age and mention of an unrenovated basement, initial budgets should prioritize essential systems: roof, foundation, plumbing, wiring, and heating. Cosmetic updates would come after these critical areas are addressed.
5. How does the recent sale price compare to the assessment?
The home sold for slightly above its assessed value. This is common for properties in this condition, where the market price is closely aligned with the official valuation of the land and existing structure, with little premium for finishes or updates.