Property Summary: 288 Leila Avenue, Winnipeg
Section 1: Overview & Appeal
This is a compact, one-storey home built in 1945, situated on a standard-sized lot in the Jefferson neighbourhood. Its key characteristic is its exceptionally modest scale, with a living area of 466 sqft, placing it among the smallest homes in the city. The basement has been renovated, and the property includes a detached garage.
The primary appeal lies in its ultra-affordable entry point into the Winnipeg market, underscored by a very low assessed value and historically low sale prices. It represents a minimal financial commitment for a land-owning property. This setup would suit a highly specific buyer: someone seeking a bare-bones investment property, a hands-on individual looking for a literal "fix-and-hold" project with minimal upfront cost, or an owner who values extreme simplicity and low overhead above space. Its size and price make it an outlier, not a typical family home. A thoughtful perspective is that such a property can serve as a low-risk tool for building equity through gradual, manageable improvements, or as a strategic foothold in a neighbourhood where the land itself may hold future value.
Section 2: Frequently Asked Questions
1. Is this a livable home, or more of a tear-down?
Based on the listing noting a renovated basement, it is presented as a livable property. However, given its age (1945) and exceptionally small size, a thorough inspection is crucial to understand its current condition and livability standards.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's very small size, age, and likely basic condition compared to the typical Winnipeg home. It is assessed in line with similar, very modest properties in its immediate area.
3. What are the main considerations for a potential buyer?
Focus should be on the viability of the renovated basement, the condition of major systems (roof, wiring, plumbing) given the home's age, and whether the ultra-compact living space aligns with your needs. Financing for a property at this price point may also require specific lender arrangements.
4. How does the lot size compare?
At 4,002 sqft, the lot is below average for the city but is reasonably aligned with lots in the Jefferson area. It offers standard outdoor space for the neighbourhood.
5. What does the sale history indicate?
The property has sold for very low prices in recent years (2016, 2017), consistent with its assessed value. This history suggests a stable, low-value market niche rather than a property in rapid decline or appreciation.