Property Overview & Key Characteristics
This one-storey home at 242 Forrest Avenue in Winnipeg's Jefferson neighbourhood presents a straightforward, no-frills opportunity. Its key appeal lies in being an affordable entry point into homeownership, with a very low assessed value that places it well below average for the street, area, and city. The house itself is compact at 998 sq ft, features a basement (not renovated), and sits on a modest lot. Built in 1914, it is notably older than most comparable properties.
The property would primarily suit a specific type of buyer: a hands-on purchaser looking for a functional starter home or investment property who is comfortable with a project. Its low tax assessment is a double-edged sword, indicating affordability but also suggesting the home may not have seen significant modern updates. It’s not a fit for those seeking move-in-ready finishes, a large yard, or modern amenities like a garage or pool. A thoughtful perspective is that this home represents the "bones" of a neighbourhood—its value is tightly linked to the land and location rather than the structure itself, appealing to those who see potential in the fundamentals.
Frequently Asked Questions
1. What does the low assessed value actually indicate?
It primarily indicates a lower property tax burden, which is a benefit. However, it also strongly suggests that the home has not undergone major renovations or additions that would increase its official valuation, so buyers should budget for potential updates.
2. Is the living space sufficient for a small family?
At just under 1,000 sq ft, the living area is manageable but compact. It is around average for the immediate street but below the city average. It would require efficient use of space and likely makes the unfinished basement an important area for potential future expansion.
3. How significant is the age of the home (1914)?
Very significant. Being over 110 years old means potential concerns with older building materials, plumbing, electrical systems, and insulation should be top priorities for a home inspection. This is a key factor behind its valuation.
4. The sold price history shows a range of $15.5k–$18.5k in 2020. Is that accurate?
The listed range is based on public data. For the exact historical sold price, you must request it directly via the email service provided on the listing page. This is a common practice for precise sales data in some regions.
5. What are the implications of the lot size being below average?
The lot is smaller than most in the area, which limits outdoor space and potential for expansions like a large addition or garage. However, it also means less maintenance, which can be a positive for some buyers.