Property Overview: 1005 Magnus Avenue
This one-and-a-half storey home, built in 1913, presents a straightforward opportunity in Winnipeg's Burrows Central neighbourhood. Its primary appeal lies in its position as an affordable entry point into the market, with a recently sold price of $19,700 and a modest assessed value. The 1,064 sqft living area is notably above average for the immediate area, offering more interior space than many neighbouring homes. However, the lot size of 1,866 sqft is significantly smaller than typical for the city, which is a key trade-off.
The property suits practical buyers looking for minimal financial outlay, such as first-time investors considering a rental property, or owners seeking a basic, no-frills home with very low property taxes. Its unrenovated basement and lack of a garage highlight it as a project or a "as-is" functional space. A thoughtful perspective is that the compact lot means lower maintenance costs and less time spent on yard work, which could be a benefit for some lifestyles. This isn't a home for those seeking ample outdoor space or modern finishes, but rather for those who prioritize utility and cost-effectiveness above all else.
Frequently Asked Questions
1. What does "below average" for land area actually mean?
The lot is 1,866 sqft, which is smaller than most properties in Winnipeg. In fact, it ranks in the bottom 3% city-wide for lot size. This means outdoor space is very limited, but it also translates to less yard maintenance.
2. Is the assessed value the same as the market price?
No. The assessed value for taxes is $15,500, but the home sold for $19,700 in March 2022. Assessed value is used for calculating property taxes and is often lower than market sale prices.
3. The home is over 100 years old. What should I expect?
While the year built is around average for the street, a 1913 build means potential for older mechanical systems, wiring, and plumbing. The unrenovated basement condition should be carefully inspected.
4. How does the living space compare to nearby homes?
At 1,064 sqft, the living area is actually above average for the Burrows Central neighbourhood. This suggests you get more interior space than many homes in the area, despite the small lot.
5. Who might this property not be suitable for?
It likely won't suit buyers looking for turn-key condition, room for expansion, significant outdoor space, or off-street parking (there's no garage). It's geared toward those comfortable with a basic, compact property.