Property Overview: 1051 Burrows Avenue
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1905, presents a straightforward opportunity centered on its land and location. With a living space of 1,156 sqft, it offers more room than many homes in the immediate Burrows Central neighbourhood. Its primary asset is the 3,437 sqft lot, which is a versatile, average-sized parcel for the area and includes a detached garage.
The appeal here is largely practical. The very low assessed and recent sale values indicate this is an entry-point property. It suits a specific buyer: someone looking for an affordable footprint in the city, perhaps a first-time investor, a hands-on owner planning a gradual renovation, or a buyer primarily interested in the land value for future use. The unrenovated basement and the home’s age mean it requires vision and investment. A less obvious perspective is that its older construction and neighbourhood-typical lot size might offer more flexibility for additions or alterations than newer, more densely packed subdivisions, appealing to those with specific renovation plans.
Section 2: Frequently Asked Questions
1. What does "unrenovated basement" typically imply?
It means the basement is in original or functional condition, but not modernized. Buyers should budget for potential updates to flooring, walls, and possibly mechanical systems, and should anticipate a professional inspection to assess its condition.
2. How significant is the home's age (1905)?
Very significant. While it offers classic character, it necessitates a thorough inspection for foundational integrity, wiring, plumbing, and insulation. Modernization costs should be a central part of the financial plan.
3. The assessed value seems very low compared to the city average. Why?
Assessed value is for municipal tax purposes and is heavily influenced by recent sale prices in the area. The low figure reflects the home’s condition, age, and the prevailing market values in this specific neighbourhood, not necessarily the potential market sale price.
4. What are the advantages of a detached garage?
It provides flexible storage or workshop space separate from the house. It can also be a future project site (like a studio or office) and may make parking or access easier than an attached structure.
5. The home sold recently in 2023 and 2019. What does that indicate?
The quick resale suggests it may be owned by an investor or flipper. It’s important to understand what, if any, work was done in that time and to verify that all permits were closed properly.