Property Overview: 735 Redwood Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1907 on a modest 2,284 sqft lot in the Inkster-Faraday neighbourhood. With 740 sqft of living space and an unfinished basement, it presents a straightforward, no-frills opportunity. Its assessed value is notably low, even compared to its immediate area, which is reflected in its historical sale prices.
The primary appeal lies in its position as an accessible entry point into the housing market. It suits a very specific buyer: someone seeking the lowest possible price point to gain ownership, such as a first-time buyer comfortable with a major renovation project, an investor looking for a bare-bones rental property, or someone interested in land value over the existing structure. Its older age and smaller size mean utility and maintenance costs are likely lower than average, which is a practical, less obvious advantage. However, the data clearly shows it ranks below average in size, lot dimensions, and age compared to most homes in the city, so it is not a move-in-ready or spacious property.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
Assessed value is based on the property's characteristics and local market conditions. This home's smaller size, older age, and modest lot size place its value significantly below the Winnipeg average, which includes newer and larger homes in different neighbourhoods.
2. What does "below average" in the rankings mean for a buyer?
For metrics like living area and year built, it means this property is physically smaller and older than most comparable homes in its grouping. This typically translates to a lower price but may also indicate a greater need for updates or repairs.
3. Is the unfinished basement a drawback?
It depends on your goals. It offers storage and potential for future development, adding value. However, it is not finished living space, which contributes to the home's lower square footage and price point.
4. The home sold in 2020 and 2019. What does that price history suggest?
The sold price ranges indicate a property that has traded at a very low price point historically. This consistency suggests the market views it as a value-play or project property, not one that has been recently renovated or upgraded.
5. Who would this property not be suitable for?
It would not suit buyers looking for a turn-key home, modern amenities, ample indoor space, or a large yard. It is also likely not ideal for those unwilling to take on renovation work or maintenance associated with a 119-year-old house.