1022 Edderton Avenue

Property Summary: 1022 Edderton Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This property presents a unique opportunity centered on its land value and future potential. The primary draw is the 5,024 sqft lot, which is larger than over half the lots on its street, offering a generous outdoor space in the established Beaumont neighbourhood. Its most striking characteristic is its exceptionally low assessed value, which places it in the bottom tier compared to nearly all surrounding properties in Winnipeg. This suggests a property that is likely under-improved or requires significant renovation.

The appeal lies squarely with value-driven buyers looking for a project. It would suit an investor, a builder, or a hands-on homeowner with the vision and budget to either substantially renovate the existing structure or redevelop the lot. The low property taxes, due to the low assessment, could be a temporary financial advantage during the planning stages. It’s a property bought not for what it is today, but for what it could become, making it a high-potential, high-effort proposition.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than nearby homes?
The assessed value is based on the property's current state as determined by municipal evaluators. A value this low, especially on a sizable lot, typically indicates that the existing home is considered to have minimal contributory value, likely due to its condition, age, or size.

2. What does the "Top 100%" ranking for year built mean?
Rankings show the property's position relative to others, with "Top 100%" meaning it ranks at the very top. In the context of "year built," where a newer year is considered better, this indicates this is one of the oldest recorded properties in the area, not the newest. It confirms a vintage home, likely requiring updates.

3. Is this a teardown property?
While not explicitly stated, the combination of a very old building, a low assessed value, and a desirable lot size strongly suggests that redevelopment is a primary scenario considered by potential buyers. A professional inspection and consultation with the city planning department would be essential steps.

4. How useful are the comparisons to nearby properties like 1048 Edderton?
They are useful for context but highlight this property's atypical nature. For example, 1048 Edderton, a similar vintage home, has an assessed value more than double that of 1022, underscoring the perceived difference in the current condition or utility of the dwellings themselves.

5. Could this be a good rental property in its current state?
Given the implied condition from the data, it would likely only suit the very basic, low-end rental market if habitable at all. Significant investment to meet rental standards would probably be required, which may not align with the strategy of a buyer focused on this property's redevelopment potential.