Property Overview
1502 Magnus Avenue is a compact, one-and-a-half storey home built in 1915, situated on a standard city lot in Winnipeg's Burrows-Keewatin neighbourhood. Its key appeal lies in its position as an affordable entry point into homeownership, with a very low assessed value that reflects its modest size and unrenovated condition. The 720 sqft living area is notably smaller than most homes in the city, making it a true starter property or a potential hold for land value. It features a basement (not renovated) and does not include a garage or pool.
This home would suit a very budget-conscious first-time buyer, an investor looking for a low-cost rental property, or someone interested in a long-term land play in the area. Its appeal is purely functional and financial rather than aesthetic, offering a chance to build equity with a minimal initial investment. A thoughtful perspective is that while the home itself is below average in size and condition for the neighbourhood, its lot size is fairly typical for the street, suggesting the underlying land may represent a significant portion of the property's value. Buyers should be prepared for a project, as the home has not been updated and likely requires modernization and maintenance consistent with its age.
Frequently Asked Questions
1. What does "below average" in the rankings actually mean for a buyer?
It means this property scores lower than most comparable homes in that specific category (like size or assessed value). For example, its living area is smaller than 83% of similar homes on its own street. This directly translates to a lower price but also less space.
2. Is the low assessed value a good sign?
It's a double-edged sword. It indicates very low property taxes, which is a positive for holding costs. However, it also strongly suggests the home is in need of significant updates and is not in move-in ready condition compared to area standards.
3. The lot is an average size for the street but small for the area. Why does that matter?
This highlights a key dynamic: the home is on a typical parcel for Magnus Avenue, but Burrows-Keewatin as a whole has larger average lots. This could mean future development on the street may follow its existing, denser pattern rather than that of the wider neighbourhood.
4. What can past sale prices tell me?
The home sold for $13.5k in 2021 and $11.2k in 2017. This price stability at a very low level indicates it is consistently valued as a land-value or foundational property, not for its structure. Major appreciation would likely require substantial improvement.
5. Who are the most likely competing buyers?
Given the price point and condition, competition is most likely to come from investors seeking a rental or redevelopment opportunity, rather than traditional families comparing it to renovated, larger homes. Your offer may be evaluated more on terms and closing flexibility than just price.