Property Overview
698 Flora Avenue is a compact, one-storey home built in 1905, situated on a standard city lot in Winnipeg's Dufferin neighbourhood. Its key appeal lies in its position as an entry-point property. With a living area of 701 sqft, an unrenovated basement, and no garage, it is notably smaller and more basic than most homes in the area and across the city. The assessed value is significantly below local and citywide averages, reflecting its modest scale and condition. This is not a move-in-ready or feature-rich home, but a foundational property with potential.
Who It Suits:
This home would primarily suit a very budget-conscious first-time buyer, an investor looking for a straightforward rental property, or a buyer with a vision for a gradual, hands-on renovation project. Its low financial barrier to entry is the main draw, offering a foothold in the market. A thoughtful perspective for the right buyer is the opportunity to customize a blank slate without the premium of previous renovations, and the chance to add value over time in a neighbourhood where comparable homes are assessed significantly higher.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's smaller size (701 sqft), its age, and its unrenovated state, including the basement. It is consistently ranked in the bottom 10% of homes locally for both living area and assessed value.
2. What does "Top 91%" for Living Area mean?
This statistic means that for living area, this home ranks in the bottom 9% of comparable homes on its street (191st out of 209). In other words, over 90% of homes on Flora Avenue are larger.
3. Is the land size a redeeming feature?
The 3,506 sqft lot is fairly average for the immediate street but is below the average for both the Dufferin area and Winnipeg overall. It provides standard outdoor space but is not an unusually large or subdividable parcel.
4. What can recent sales on the street tell me?
A nearby, slightly larger home at 669 Flora Avenue sold for $10,900 in 2019, while another at 651 Flora Avenue, which is much larger and fully valued, is assessed at $220k. This stark contrast highlights the spectrum of property conditions and values on the same block.
5. What are the major immediate considerations for a buyer?
The primary considerations are the need for potential updates and the functionality of an unrenovated basement. Buyers should budget for maintenance consistent with a 121-year-old home and consider the lack of a garage for parking and storage.