Property Summary: 921 Magnus Avenue, Winnipeg
Key Characteristics & Appeal
This is a modest, century-old home (built 1912) in the Burrows Central neighbourhood, presenting primarily as a land value opportunity. The one-and-a-half storey house has 756 sqft of living space and a full, unrenovated basement on a 2,463 sqft lot. Its key appeal lies in its position as an entry-point property with a very low assessed value. The home last sold in 2019 for $10,500, significantly below city averages.
The data reveals a nuanced picture: while the living space and lot size are below average for the immediate street and area, the property’s assessed value is exceptionally low even in that context. This creates a clear value proposition for specific buyers. It would best suit an investor looking for a hold property, a hands-on buyer seeking an extremely affordable entry into the market with plans for gradual improvement, or someone with a long-term view on the area’s potential. Its smaller scale and low carrying costs could also appeal to a minimalist or someone looking to downsize radically. A less obvious perspective is that the home’s age and unrenovated state, while requiring work, offer a blank canvas free of recent, potentially low-quality renovations, allowing for a tailored approach.
Frequently Asked Questions
1. Is this a teardown property?
While the home is small and older, it appears to be a functioning house. The decision to renovate or rebuild would depend on a buyer's budget, timeline, and the results of a thorough inspection. Its low sale history suggests the value is heavily weighted toward the land.
2. What does the "below average" ranking mean for the lot size?
The lot is 2,463 sqft, which is smaller than many in Winnipeg, but it’s more comparable to others in the central neighbourhood of Burrows. It’s a standard city lot for the area, not an unusually small parcel.
3. Why is the assessed value so much lower than the city average?
The assessed value of $11,400 reflects the property’s modest size, age, and condition relative to the broader Winnipeg market, which includes many newer and larger suburban homes. It is more in line with values for very basic housing in its specific locale.
4. What is the neighbourhood like?
Burrows Central is a mature, established neighbourhood near the city's core. The listing shows nearby properties with a mix of ages and values, indicating an area with diverse housing stock. Prospective buyers should visit at different times to gauge the character of the specific street.
5. Are the utilities functional and what are the expected monthly costs?
This information is not provided in the data. A key step would be to confirm the status of all essential services (heating, electrical, plumbing) and request estimates for typical utility bills, which for an older, small home may still be relatively low due to its size.