Property Overview: 557 Bannerman Avenue
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1912, presenting a straightforward opportunity in Winnipeg's Inkster-Faraday area. Its key characteristics are defined by modest scale and value. The living space is 600 sq ft, which is notably smaller than most area homes, and it features an unrenovated basement and a detached garage. The assessed value is significantly below city averages. However, the lot is a meaningful asset at over 4,300 sq ft, offering above-average outdoor space for the immediate neighbourhood.
The appeal lies in its simplicity and potential. It suits a very specific buyer: someone seeking an affordable entry into homeownership, an investor looking for a rental property with low upfront costs, or a buyer with plans to build new on a sizable lot. It’s not a move-in-ready family home, but a practical project or investment base. A less obvious perspective is that its low annual property taxes, resulting from the low assessment, could provide significant ongoing savings, making holding the property while planning future steps more feasible.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is based on factors like home size, condition, and recent sales of similar properties. The very small living area and unrenovated state of this 114-year-old home place its value far below the average Winnipeg home.
2. What does "Top 98%" for Living Area mean?
This statistic means the home's living area is smaller than approximately 98% of comparable homes city-wide. It quantifies that this is a notably compact property.
3. Is the land large enough for an addition or new construction?
The lot size of 4,357 sq ft is above average for the Inkster-Faraday area. While feasibility depends on specific zoning bylaws and setbacks, the lot size is generally a positive factor for potential expansion or redevelopment.
4. How recent is the sold price data?
The last recorded sale was in June 2023. The provided price range is an estimate from public data; the exact sale price can be requested directly from the site.
5. What are the immediate costs to consider beyond purchase?
Given the age of the home and mention of an unrenovated basement, buyers should budget for essential maintenance and potential updates to mechanical systems (like plumbing or wiring), and factor in a thorough inspection. The condition likely requires more ongoing upkeep than a newer home.