Property Summary: 506 Flora Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1902, situated on a standard city lot in the Dufferin neighbourhood. Its key characteristic is its position as an entry-point property. With 852 sqft of living space and an unrenovated basement, it offers basic accommodation. The assessed value is notably low compared to city-wide averages, indicating a very affordable price point.
The primary appeal lies in its potential as a low-barrier investment or a minimalist living opportunity. It suits buyers seeking a straightforward entry into homeownership, such as an investor looking for a rental property with a low initial cost, or a hands-on buyer willing to live simply while planning future renovations. Its smaller size and vintage also appeal to those looking to minimize their physical and financial footprint. A less obvious perspective is its potential value as a "land bank" – the lot itself, in an established neighbourhood, may hold long-term value that outweighs the current state of the structure.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed values are based on a mass appraisal system. This home's very low assessment reflects its age, smaller size, condition (including an unrenovated basement), and the specific market dynamics of its immediate area compared to the wider city.
2. What does "Top 87%" for living area city-wide mean?
It means this home's living area is smaller than approximately 87% of comparable residential properties across Winnipeg. In simpler terms, it is a below-average-sized home for the city.
3. Is the basement finished or usable for living space?
The listing specifies the basement is "not renovated," indicating it is unfinished and likely suited for utilities and storage only, not formal living space.
4. What can recent sale prices on the street tell me?
Nearby sales show a wide range, from $10,600 to $70,000 in recent years. This suggests the street may have a mix of property conditions and uses, and that values can be highly specific to each property's state. It underscores the importance of a professional inspection.
5. Who would this property not be suitable for?
It would not suit buyers looking for a move-in ready home, those needing multiple bedrooms or ample living space, or anyone unable to handle potential maintenance issues common with a 120+ year-old house. It is a project-oriented property.