Property Overview: 1054 College Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, one-storey home built in 1947 on a standard city lot in the Burrows Central neighbourhood. Its key characteristic is its land value: the lot size is above average for the area, offering potential for expansion, gardening, or future redevelopment. The house itself is quite small at 588 sq ft, with a detached garage and no basement.
The primary appeal lies in its affordability and opportunity. With a very low assessed value and a recent sale price of $11,500, it represents a minimal entry point into the Winnipeg housing market. This property would suit a specific type of buyer: an investor looking for a land-value play, a hands-on individual seeking a compact and extremely budget-friendly living project, or a builder considering a potential teardown and rebuild given the desirable lot size for the area. It’s not a move-in-ready family home, but a canvas for a buyer with vision, limited upfront capital, and a willingness to invest sweat equity or hold the asset for its land value.
Section 2: Frequently Asked Questions
1. Is this a livable home?
Based on the very small living area (588 sq ft) and age, it is likely a very basic dwelling. Buyers should anticipate needing significant updates or viewing it as a tear-down, and budget for a thorough inspection to understand its condition.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state—a very small, older home. The value is primarily in the land, not the structure. This is common for properties where the building contributes little to the overall worth.
3. What are the real costs beyond the purchase price?
Property taxes will be low due to the low assessment, but utilities for an older, small home may be inefficient. Any renovation or development plans would require separate budgeting for permits, construction, and potential demolition costs.
4. What is the neighbourhood like?
Burrows Central is an established, older Winnipeg neighbourhood. The lot size here is above average for the area, suggesting a potentially more spacious, classic streetscape. Researching local amenities, traffic patterns, and future city planning would be advisable.
5. Is this a good investment?
As an investment, it’s high-potential but carries risk. Its value is heavily tied to the land, which could appreciate. However, profitability depends entirely on your plans—whether you intend to renovate, rent, hold, or redevelop—and the associated costs and market timing.