Property Overview: 555 Bannerman Avenue
Section 1: Key Characteristics & Appeal
This one-storey home on Bannerman Avenue is a straightforward, no-frills property built in 1913. Its key characteristic is its exceptionally low municipal assessed value, which places it in the top 5% of least expensive properties citywide. With 771 sqft of living space and a detached garage, it sits on a roughly 3,530 sqft lot that is typical for the immediate area.
The appeal lies primarily in its position as one of the most accessible entry points into homeownership in Winnipeg. It suits buyers with a very limited purchase budget, investors looking for a low-cost rental property, or those interested in a land-value play who are prepared for a significant renovation or rebuild. The home has a basement but it is not renovated, and there is no pool, indicating it is a basic, functional structure. A thoughtful perspective for the right buyer is that its "below average" rankings in size and value represent an opportunity to build equity through improvements in a neighbourhood where similar homes on the same street have recently sold. It’s a practical choice, not a premium one, ideal for someone whose primary goal is securing a title to land at the lowest possible price point.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value is based on the property's current state, size, and location. This valuation reflects the home's smaller size, age, and market conditions in its specific area compared to the broader Winnipeg market.
2. What does "basement, not renovated" typically imply?
It means the basement exists but is in original or utilitarian condition. Buyers should budget for potential updates and anticipate an inspection to assess fundamentals like moisture control, insulation, and electrical systems.
3. Who would this property be most suitable for?
It is best suited for first-time buyers with a very tight budget, hands-on investors looking for a low-cost rental, or purchasers willing to live in a basic home while planning for a future major renovation.
4. How does the lot size compare to others nearby?
At 3,530 sqft, the lot is slightly smaller than the average on Bannerman Avenue but is very close to the average for the wider Inkster-Faraday neighbourhood, making it a standard-sized parcel for the community.
5. The sold price history shows a range. What does that mean?
The listed range is an estimate based on publicly available data. To obtain the exact sale price from July 2023, you must request it directly from the website, as they manually provide this specific figure to verified users.