Property Overview
This one-storey home at 215 Forrest Avenue presents a highly specific opportunity in Winnipeg's Jefferson neighbourhood. Its key characteristic is its exceptionally low assessed value, which places it in the bottom 1-2% of homes citywide. At 553 square feet, the living space is notably compact, ranking it among the smallest properties in the area. The home, built in 1932, sits on a modest lot and features an unrenovated basement and a detached garage.
The primary appeal lies in its position as a minimal-entry point into homeownership. It is not a move-in-ready showhome but a foundational asset—a basic structure on its own land. This would suit a very hands-on buyer, such as an investor looking for a long-term hold rental, a contractor seeking a live-and-renovate project, or a minimalist buyer whose primary goal is securing land and a roof at the absolute lowest possible price point. Its value is almost entirely in the lot and the potential it represents, rather than in its current condition or size.
Frequently Asked Questions
1. Why is the assessed value so low compared to nearby homes?
The assessed value reflects the property's very small size (553 sq ft), its age, and the stated condition of features like the unrenovated basement. It is priced as a land-value proposition with a structure, not as a comparable finished dwelling.
2. Is this a "tear-down" property?
While its size and condition might suggest that, it is a functioning house. The decision to renovate or rebuild would depend on a buyer's budget, the feasibility of additions, and local zoning bylaws. Its value makes a complete rebuild a more financially plausible consideration than with a standard-priced home.
3. What are the major immediate costs a buyer should anticipate?
Beyond any purchase price, buyers should budget for essential systems updates (roof, wiring, plumbing), addressing the unrenovated basement, and general modernization. The low entry cost is balanced by the near-certainty of required investment.
4. How does the small lot size impact future plans?
The lot is smaller than average for the area, which may limit possibilities for large additions, detached structures, or extensive landscaping. Any expansion plans would need to be carefully designed within the existing footprint.
5. Could this be a good rental property?
Its low assessed value could translate to a lower property tax burden, improving cash flow potential. However, its small size and condition would likely attract a specific tenant market, and significant repairs may be required to make it rent-ready and compliant with standards.