Property Overview
This home at 313 Pandora Avenue W in Winnipeg's Melrose neighbourhood presents a specific and practical opportunity. Built in 1909, it is a historic property with a notably low municipal assessed value. Its appeal lies in its position as an accessible entry point into homeownership or a potential investment project, given its price point is well below city averages. The 836 sqft house sits on a 3,240 sqft lot, which is modest for the area but offers manageable upkeep.
This property would primarily suit a buyer comfortable with a renovation project, as a home of this age will likely require updates and maintenance. It's also a candidate for an investor looking for a rental property with a lower initial tax burden due to its assessment. The buyer should be one who values the character of an older home and is less concerned with modern square footage averages, seeing potential where others might see only work.
Key Details & FAQs
Key Characteristics & Appeal
The core characteristics of this home define its niche. It is one of the oldest homes on its street, with a living space that is compact yet comparable to others in the immediate Melrose area. Its most striking feature is its assessed value of $21,300, which ranks it in the bottom 10-15% of homes locally and citywide. This creates a very low barrier to entry from a property tax perspective. The lot size, while below the street average, is not unusually small for the neighbourhood, suggesting a typical urban footprint.
Its appeal is fundamentally financial and practical. It’s a straightforward, no-frills property for a buyer whose priority is securing a land title and a structure at a lower cost, with the understanding that value may be added through renovation. It would suit a first-time buyer on a tight budget, a hands-on investor, or someone seeking a minimal property tax footprint.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Municipal assessments are based on a mass appraisal system considering factors like age, size, location, and recent sales. As a 117-year-old, smaller-than-average home in its area, its assessed value reflects its market position as a more basic property compared to the broader city’s housing stock.
2. What does the sale history indicate?
The home sold twice recently, in 2021 and 2023, both times in the $150k-$200k range. This suggests a stable, entry-level market price that is significantly higher than the assessed value—a common scenario where market value and tax assessment diverge, especially for older homes.
3. What should I consider about the home's age?
A house built in 1909 will have inherent character but also requires careful inspection. Considerations include the condition of the foundation, plumbing, electrical systems (which may need updating to modern standards), insulation, and the roof. Budgeting for ongoing maintenance and potential renovations is essential.
4. Is the lot size a limitation?
At 3,240 sqft, the lot is manageable and typical for many older city neighbourhoods. It provides adequate outdoor space for a garden or patio but may not accommodate large additions or a detached garage without careful planning and zoning review. It’s a practical size for low-maintenance living.
5. How does this property compare to others on the street?
The data shows this home is older, on a smaller lot, and has a lower assessed value than most of its direct neighbours. However, its living area is reasonably aligned with the area average. This indicates it’s a more modest offering on its block, which is reflected in its value rankings.