Property Overview: 1-517 Beresford Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, 600 sqft property built in 1913, located in the Lord Roberts neighbourhood. Its key characteristic is its notably low municipal assessed value of $13,300, which places it among the most affordable properties in the city. The living space is modest, ranking below average for its street, neighbourhood, and Winnipeg overall.
The primary appeal lies in its exceptional affordability and potential as an entry point into the housing market. It represents a low-barrier option for a very specific buyer. This property would best suit an investor looking for a minimal-cost addition to a portfolio, a buyer with a very tight budget prioritizing ownership over space, or someone interested in a long-term hold with a focus on land value in a central neighbourhood. A less obvious perspective is that its status as the oldest home on its block (ranked 1 of 7 for year built) could appeal to a buyer interested in the character and history of early 20th-century Winnipeg, viewing it as a blank slate for a careful restoration, albeit with the understanding that a home of this age and value will require significant attention.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than typical sold prices in the area?
The municipal assessed value is for taxation purposes and often lags behind market value. It can be particularly low for older, smaller properties that haven't been recently renovated, reflecting the city's valuation of the structure itself rather than the potential market price.
2. What should I expect regarding condition and updates?
Given the year built (1913), low assessment, and small size, buyers should anticipate that the property likely requires substantial maintenance, modernization, or repairs. It is prudent to budget for updates to essential systems like wiring, plumbing, and insulation.
3. Is this a standalone house or a unit in a multi-property building?
The address format and the list of nearby properties (e.g., 2-517, 3-517 Beresford) suggest this is likely a condominium or apartment-style unit within a larger building or complex, not a detached house.
4. How can I find out the exact past sale price?
The listing service notes that exact sold price history is not publicly displayed online. They offer to provide it manually via email upon request, which is a common practice for certain property data in Manitoba.
5. What are the ongoing costs like property taxes?
With an assessed value of $13,300, the municipal property tax bill would be very low relative to most homes. However, if this is a condominium, monthly condo fees would be a necessary and critical factor to inquire about, as they cover shared building costs and can significantly impact the total monthly carrying cost.