Property Overview
949 Herbert Avenue is a one-and-a-half storey home in Winnipeg's East Elmwood neighbourhood. Built in 1907, it offers 840 square feet of living space on a 3,288 sqft lot. The home features a basement that is noted as not being renovated, and it does not include a garage or pool. Its most recent sale was in June 2021 for $16,500, and it currently carries a municipal assessed value of $18,800.
Key Characteristics & Appeal
This property presents a straightforward, no-frills opportunity. Its primary appeal lies in its position as one of the most accessible entry points into homeownership in the city, underscored by its very low assessed value. The home is modest in scale, with a living area that is typical for its immediate street but below the average for both the wider neighbourhood and Winnipeg overall.
It would suit a specific type of buyer: a hands-on purchaser looking for a foundational asset rather than a finished product. This could be an investor seeking a hold property, a contractor interested in a live-and-renovate project, or a first-time buyer with a tight budget who prioritizes land ownership over move-in condition. A less obvious perspective is its potential as a "blank slate" within an established neighbourhood. Its older vintage (1907) means it predates many homes on the street, possibly offering classic architectural details beneath any modern updates, and its lot size, while not large, is above average for Herbert Avenue itself, suggesting slightly more outdoor space than some direct neighbours.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the home's modest size, age, and condition relative to the broader Winnipeg market. It is in line with values for smaller, older homes in the area, indicating it's priced for its current state rather than potential.
2. What does "basement not renovated" typically imply?
This usually means the basement is in original or utilitarian condition, likely with unfinished spaces, older foundations, and basic mechanical systems. It should be inspected to understand its suitability for storage, laundry, or future development.
3. Is the 2021 sale price a good indicator of current value?
Not directly. That sale price was exceptionally low and likely reflects a specific circumstance at that time. Current value is better gauged by recent comparable sales and the assessed value, though a market appraisal would be needed for accuracy.
4. Who is responsible for verifying the property's history and condition?
The buyer is responsible. We strongly recommend conducting a title search, obtaining a full property history report, and commissioning a professional home inspection to understand any potential issues with the 119-year-old structure.
5. What are the immediate costs a new owner should anticipate?
Beyond any purchase price, a new owner should budget for potential updates to essential systems (roof, wiring, plumbing), immediate repairs identified in an inspection, and bringing the property up to current maintenance standards. The unrenovated state suggests these costs could be significant.