Property Overview: 241 Royal Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1914, presenting a straightforward opportunity in Winnipeg's Jefferson neighbourhood. Its key characteristic is its exceptionally low municipal assessed value, which ranks in the top 1-2% lowest for its street and area. At 680 sqft, the living space is modest and below local averages. The home features a detached garage and a full, unrenovated basement on a standard city lot.
The primary appeal lies in its position as an entry-point property. It suits buyers with very specific goals: investors or handy owner-occupants looking for a low-cost foothold in the market. The low assessment suggests correspondingly low property taxes, which is a significant, ongoing financial advantage. It’s a candidate for a complete renovation, a hold-as-is rental, or a land-value play for the future. This isn't a move-in-ready home; its value is in its potential and its low barrier to entry, making it suitable for those with renovation skills, patience, or a strategic investment plan who are less concerned with immediate modern comforts.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value is based on the property's current state, age, and characteristics. Given the home's smaller size, age (112 years), and unrenovated condition—including the basement—the city's assessment reflects its current market position as a fixer-upper rather than a comparable, updated home.
2. What does "Top 99%" mean for the assessed value ranking?
This percentile ranking means the property's assessed value is lower than approximately 99% of comparable properties on its street. In simpler terms, it is among the very least expensive properties by official valuation in its immediate area.
3. Is this a teardown candidate?
While the home is very old and modest, its assessed value doesn't automatically make it a prime teardown. That decision depends on local zoning, the structural condition of the existing house, and the cost of new construction versus renovation. A thorough inspection is essential to evaluate this option.
4. How reliable are the sold price ranges from 2017?
The provided ranges are estimates based on public data. For precise historical sale figures to inform your offer, you must request the exact data via the provided email service, as noted in the details.
5. What should I budget beyond the purchase price?
Prospective buyers should immediately budget for a comprehensive inspection and consider costs for essential updates (roof, wiring, plumbing, heating) and potential basement remediation. Given the age and condition, significant ongoing maintenance should be expected.