Property Overview
This home at 1901 Mcdermot Avenue W is a compact, century-old character property in Winnipeg's Brooklands neighbourhood. Built in 1912 as a one-and-a-half storey, it sits on a modest 2,498 sqft lot with 823 sqft of living space. It has no basement, pool, or garage. The home’s most recent sale was in September 2023 for $150,000, and it carries a notably low municipal assessed value of $13,800.
Key Characteristics & Appeal
The primary appeal of this property lies in its affordability and potential as a straightforward investment or entry point into the market. Its very low taxes, due to the minimal assessment, are a significant and ongoing financial advantage. The home suits buyers looking for a manageable, no-frills project—perhaps a first-time buyer, an investor seeking a rental with low carrying costs, or someone interested in land value over the existing structure. Its compact size and lack of a basement mean lower utility costs and minimal upkeep, which can be a draw for those seeking simplicity.
A less obvious perspective is its value as a "blank slate" on a established street. Unlike a renovated home, there’s no premium paid for someone else’s finishes, allowing a buyer to tailor improvements to their own budget and taste over time. Additionally, while the lot is smaller than average for the area, it still provides outdoor space without the burden of extensive yard maintenance.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
Municipal assessments in Manitoba are based on mass appraisal for tax purposes and often lag behind market sale prices, which are determined by current buyer demand. The low assessment results in very low annual property taxes, which is a key feature of this property.
2. What are the implications of having no basement?
This means there is no traditional foundation for mechanical systems (furnace, water heater) or storage. These systems would be located on the main floor, and storage space would be limited to the main and upper floors and any potential sheds. It also eliminates concerns about basement moisture or flooding.
3. Is this a teardown or a renovation candidate?
That depends on a buyer's goals and budget. The home is livable but dated, having sold recently. Its value is likely a combination of the land and the existing, functional structure. A renovation is feasible, but any major overhaul must be considered against the neighbourhood's prevailing home values.
4. How does the smaller lot size affect me?
The lot is under 2,500 sqft, which is smaller than many in Brooklands. This means less private outdoor space but also significantly less yard work. It’s typical for older, central neighbourhoods and may allow for a more efficient use of outdoor space like a small patio or garden.
5. What is the neighbourhood like?
Brooklands is a mature, established neighbourhood in Winnipeg's north end. It offers affordability and convenience, with local amenities and transit within reach. As with any area, prospective buyers are encouraged to visit at different times to get a feel for the community and street.