Property Overview: 791 Mcphillips Street
Key Characteristics & Appeal
This is a 1910-built, one-and-a-half storey home in Winnipeg's Burrows Central neighbourhood, presenting a straightforward opportunity centred on land value and potential. With 955 sqft of living space, a detached garage, and an unrenovated basement, the home itself is modest and requires updating. The primary characteristic is its very low assessed value, which ranks in the bottom tier compared to both the immediate street and the wider city. This is paired with a land size that is also significantly below average for the area.
The appeal lies almost entirely in its position as an entry-point property. It suits a specific buyer: an investor looking for a hold-and-rent asset, a contractor seeking a live-and-renovate project, or a very budget-conscious first-time buyer prepared for immediate work. Its value is not in its current condition or size, but in the underlying lot and the possibility of incremental improvement. A less obvious perspective is that its low fixed costs (municipal taxes tied to the low assessment) could provide a cash-flow advantage for an investor, even before renovations are considered. This isn't a move-in-ready home; it's a foundational asset for someone with a plan.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's age, modest size, and current condition relative to the broader market. It indicates that the value is primarily in the land rather than the existing structures, which is typical for older homes awaiting modernization.
2. What does "below average" land area mean for a potential buyer?
While the lot is smaller than many in Winnipeg, it is still a standard city lot for the central neighbourhood. It provides adequate outdoor space for a home of this size but may not offer extensive room for future expansions like a large addition or pool.
3. Who would this property be most suitable for?
It is best suited for investors, developers, or hands-on buyers with renovation experience. Its low entry price and holding costs make it a candidate for a rental property after updates, or a long-term value-add project for an owner-occupant.
4. Are the recent sales prices for nearby similar homes also this low?
The provided data shows nearby reference properties with similarly low assessed values, indicating this is a characteristic of the immediate block. This suggests a buyer's plan should be based on the area's current valuation trends, not on city-wide averages.
5. What are the immediate considerations regarding the basement and year built?
The basement is noted as unrenovated, which is typical for a home of this era. A pre-purchase inspection is essential to check the foundation, plumbing, and electrical systems. The 1910 build date means potential for historical character but also a certainty of outdated systems needing attention.