Property Overview: 1115 Redwood Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a classic, no-frills Winnipeg one-storey home built in 1929, situated on a standard-sized lot in the Burrows Central neighbourhood. Its key appeal lies in its straightforward, land-value proposition. The house itself is modest, with a living area significantly below local averages, and features an unrenovated basement and a detached garage. The most recent sale was in 2020 for $13,400, with a current assessed value that is modest compared to the wider city.
This property is best suited for a specific type of buyer. It would be an ideal entry point for a hands-on investor or a homeowner with renovation skills looking for a low-cost footprint to build equity through sweat equity. Its value is anchored more in the land and location than in the existing structure, making it a potential candidate for a long-term hold, a future rebuild, or a strategic addition to a rental portfolio focused on affordability. It’s not a move-in-ready home, but a foundational asset for someone comfortable with a project.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" property?
Not necessarily. While the living space is small and the basement is unrenovated, the structure may be sound for a live-in renovation. Its fate depends on a buyer's goals—it could be a gradual fixer-upper or, given the land value, a candidate for eventual replacement.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state, size, and location within the broader market. It indicates a home that hasn't seen major modern upgrades and is in a neighbourhood with more affordable property values compared to the Winnipeg-wide average.
3. What does the "below average" living area ranking mean practically?
With 672 sqft, the home is compact. It likely has two small bedrooms and basic common areas. This emphasizes a lifestyle of simplicity or a focus on outdoor space, as the lot size is more typical for the area.
4. The home sold for $13,400 in 2020. What does that suggest?
That sale price, well below typical market values, strongly suggests it was a non-arms-length transaction (such as between family members) or a sale of the land value only. It should not be used as a benchmark for its current market value.
5. Who would be the most likely neighbour or comparable buyer?
Looking at nearby and similarly assessed properties, the immediate community consists of other modest, older homes. The likely buyer is value-driven, possibly looking for proximity to the North End’s amenities and transportation links without a high entry cost.