Property Overview: 491 Flora Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1909 on a modest lot in the Dufferin neighbourhood. Its key characteristic is its affordability, underscored by a very low municipal assessed value. The living space of 662 sq ft is notably smaller than most area homes, and the basement exists but is unrenovated. There is no garage or pool.
The primary appeal lies in its position as a potential entry point into the Winnipeg housing market with a minimal property tax burden. It suits a very specific buyer: someone seeking an ultra-affordable property to live in minimally while saving for future renovations, an investor looking for a low-cost rental property, or a buyer interested in the land value over the existing structure. A less obvious perspective is that its small size and vintage could appeal to someone seeking a minimalist lifestyle or a project home where the scale of a renovation is more manageable than a larger house. Its age and condition mean it is not suited for a buyer seeking a move-in ready or spacious family home.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than typical city homes?
The assessed value is based on the property's market value as determined by the city for tax purposes. The very low value reflects the home's small size, age, unrenovated condition, and the modest land size.
2. What does "Top 98%" for living area citywide mean?
This statistic means the home's living area is smaller than approximately 98% of comparable residential properties across Winnipeg, placing it in the bottom 2% for size. It is a notably compact dwelling.
3. Is the basement finished or usable?
The listing specifies the basement is "not renovated." It is present but should be considered unfinished storage or utility space in its current state.
4. How recent are the sale prices shown, and what do they indicate?
The home sold recently in July 2024 for $7,800 and previously in April 2017 for $7,300. These sales confirm its status as a very low-price-point property and show a modest increase over a seven-year period.
5. What are the main considerations for a potential buyer?
A buyer must be prepared for the significant size constraints and the need for potential updates or repairs inherent in a 117-year-old home. The focus would be on securing affordable housing or a land asset, not on acquiring ample living space or modern finishes. Due diligence on renovation costs and feasibility is essential.