Property Summary: 516 Jefferson Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1911, presenting a straightforward and minimal property opportunity. Its key appeal lies in its extremely low financial barrier to entry, with a recent sold price and assessed value (approximately $21k) that are among the lowest in the city. The home sits on a standard-sized lot (just over 4,000 sq ft), which is its most competitive feature relative to the neighborhood.
The property suits a very specific buyer: an investor looking for an ultra-low-cost rental property, a hands-on owner planning a complete gut renovation, or someone seeking the absolute most affordable path to homeownership with land value as the primary asset. Its small living area (606 sq ft) and unrenovated basement mean it is not a move-in-ready home for most. The appeal is almost entirely in the land and the price point, offering a canvas for a major project or a minimal-holding-cost investment.
A less obvious perspective is that a property at this price point in a mature neighborhood can sometimes represent a "call option" on the area's future. For a very small sunk cost, an owner can hold the lot, potentially benefiting from long-term land value appreciation or future redevelopment opportunities, with very little annual carrying cost.
Section 2: Frequently Asked Questions
1. Is this a liveable home in its current condition?
Based on the description noting an unrenovated basement and the context of its price, it is very likely a fixer-upper or teardown. Prospective buyers should budget for significant repairs or a full rebuild.
2. Why is the price so low compared to the city-wide average?
The price reflects the home's very small size, its age (115 years), and its unrenovated condition. It is priced as a land-value proposition with an existing structure, not as a comparable standard home.
3. What are the typical property taxes for a home with this assessed value?
With an assessed value of $21,400, the annual property taxes would be among the lowest in Winnipeg. An exact calculation can be made using the current City mill rate.
4. Is the lot large enough to subdivide or redevelop?
At just over 4,000 sq ft, the lot is a standard single-family size for the area. Subdivision would be unlikely; redevelopment would be subject to City of Winnipeg zoning bylaws, which should be verified.
5. The sold price history shows a sale in early 2025 and late 2022. Does this indicate quick turnover?
The two recent sales in a short period could indicate investor activity, a flip that was not completed, or other unique circumstances. It underscores the importance of a thorough title search and understanding the recent history of the property.