Property Overview & Appeal
This one-storey home on Burrows Avenue is a classic Winnipeg character property, built in 1910. Its key appeal lies in its combination of a sizable, well-positioned lot and a very low municipal assessment, presenting a clear value proposition for a specific buyer. The 3,432 sqft lot is notably larger than most in the area, ranking in the top 56% of the neighbourhood and top 18% city-wide. This offers significant outdoor space and potential. The home itself is modest at 527 sqft of living space, and the basement exists but is noted as not renovated.
This property is best suited for a hands-on buyer or investor. It appeals to those looking for an entry point into the market where the value is primarily in the land, not the existing structure. It could be a project for someone planning a gradual renovation, a candidate for eventual replacement, or a strategic hold in a central neighbourhood. The very low assessed value suggests property taxes are a relative strength, but buyers should be prepared for the work an older, compact home will require.
Frequently Asked Questions
1. What does "basement, not renovated" typically mean for a home of this age?
It usually indicates a functional but unfinished space. Expect a concrete floor, exposed foundation walls and joists, and basic utilities. It provides storage and mechanical space but is not a finished living area.
2. The assessed value is very low compared to nearby homes. Is this a red flag?
Not necessarily. Municipal assessment is for tax purposes and can lag behind market value. A low assessment often reflects the home's age, size, and condition rather than the property's full market potential, which includes the valuable lot. It does, however, typically result in lower property taxes.
3. Who would a 527 sqft home be practical for?
It's a compact layout best for a single person, a couple, or an investor. It emphasizes efficient use of space and likely has a classic floor plan with distinct rooms. It's not suited for a growing family without plans for a significant addition.
4. The lot is large, but what can I actually do with it?
Beyond a generous yard, the size offers future flexibility. It could accommodate a sizable addition, a detached garage or workshop (a detached garage already exists), or even be subdivided in the future if zoning allows. This "option value" is a key part of the property's appeal.
5. How significant is the 1910 build date?
It means character but also responsibility. You may find charming original details, but systems like wiring, plumbing, and insulation will likely need updating to modern standards. A thorough inspection is essential to understand the scope of maintenance and any necessary upgrades for safety and efficiency.