Property Overview
This one-storey home at 525 Redwood Avenue presents a straightforward opportunity in Winnipeg's St. John's neighbourhood. Built in 1934, its key characteristic is a very compact 510 sqft living area, which ranks it among the smallest in the city. The property includes a detached garage and a full, unrenovated basement on a standard 3,106 sqft lot. Its appeal lies in its position as an affordable entry point into the market, underscored by a notably low municipal assessed value. The home would suit a first-time buyer, an investor looking for a rental property, or someone seeking a minimal-maintenance footprint. A less obvious perspective is its potential as a "blank slate" project; the unrenovated basement and the lot size offer future expansion possibilities that the current small living area does not. Its strong rankings for lot size and assessed value within the neighbourhood suggest it sits on a decent parcel of land for the area, which can be a strategic advantage.
Frequently Asked Questions
1. Is the home livable in its current state?
The listing confirms the basement is unrenovated. The main floor living space is very compact at 510 sqft, so buyers should be prepared for immediate updates or a minimalist lifestyle, and budget for potential repairs or modernization.
2. Why is the assessed value so much lower than nearby properties?
The assessed value of $11,800k is significantly lower than many comparable listings shown. This primarily reflects the home's very small size and likely condition, not the land value. It indicates a property where the value is largely in the land itself.
3. What are the expansion possibilities?
The existing full basement and the lot size (which ranks well for the street) are the key assets. A future owner could potentially look into a basement renovation to add living space or, subject to zoning, an addition.
4. Who is the typical buyer for a home like this?
It's most suited for a budget-conscious first-time homebuyer, an investor seeking a rental property with a low tax base, or a buyer interested in a long-term renovation project starting with a solid land parcel.
5. How does the neighbourhood factor in?
The St. John's neighbourhood shows a mix of well-maintained and dated properties. This home's lot size and assessed value rank in the top half for the street, suggesting it's in a reasonably stable section of the area, but viewing the specific block is essential.