Property Overview: 874 Pritchard Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1921 on a standard city lot in the Burrows Central neighbourhood. Its key characteristic is its modest scale, with a living area of 650 sqft, which is notably smaller than most homes in the city. The property includes a detached garage and a basement that is present but not renovated. The home last sold in 2020 for a very accessible price.
Its primary appeal lies in its affordability and low property tax base, as reflected in its assessed value. It represents a straightforward entry point into homeownership. The lot size, while below the city average, is typical for the immediate street and area, offering manageable outdoor space.
This property would best suit a pragmatic, budget-conscious first-time buyer, an investor looking for a rental property with a low acquisition cost, or someone seeking a minimal footprint. It’s not a move-in-ready showhome but a basic canvas. A thoughtful perspective for the right buyer is the potential for a strategic expansion in the future, as the existing living area is small but the lot could possibly accommodate an addition, subject to permits and zoning.
Section 2: Frequently Asked Questions
1. What is the true condition of the home?
The listing explicitly notes the basement is "not renovated," which suggests the home likely requires updates and general maintenance. A thorough inspection is essential to understand the full scope of work needed.
2. Why is the assessed value so much lower than the city average?
The assessed value of $140k is in the bottom tier city-wide, reflecting the home's smaller size, age, and the market values in its area. This results in lower property taxes, which is a key financial consideration.
3. Is the small living area a major drawback?
At 650 sqft, the living space is significantly below average. This suits a minimalist lifestyle or a single occupant but would feel cramped for a family. It’s the defining feature of this home—a limitation for some, an affordable advantage for others.
4. What are the prospects for this neighbourhood?
Burrows Central is an established neighbourhood. The property's value is closely tied to broader community development and housing market trends. Researching city plans for the area can provide insight into long-term potential.
5. How does the 2020 sale price relate to today’s value?
The home sold for $12,500 in 2020. This historical price is not a direct indicator of current market value but highlights its position as a lower-priced property. Current value will depend on market conditions, any changes made since 2020, and the factors outlined above.