Property Overview
This one-and-three-quarter storey home on Elgin Avenue in Winnipeg's Centennial neighbourhood presents a distinct opportunity. Built in 1882, it sits on a 3,275 sqft lot and offers 1,408 sqft of living space. Key features include a basement (not renovated) and no garage or pool. It last sold for $180,000 in December 2020 and has a current assessed value of $16,500.
Section 1: Key Characteristics & Appeal
The primary appeal of this property lies in its balance of historic character and practical space. With a living area well above the street average, it offers more interior room than many nearby homes. The lot size is solid for the area, providing decent outdoor space in a central neighbourhood.
Its charm is matched by its clear value as a project. The unrenovated basement and the home's age indicate a need for updates and care, making it a candidate for gradual improvement or a more significant renovation. This isn't a move-in-ready showcase, but a grounded property with good bones.
This home would best suit a practical, value-oriented buyer. It's a strong fit for a hands-on individual, couple, or small family looking to enter the market in a central location without a premium price, who views a renovation project as an opportunity rather than a drawback. It also holds potential as a rental investment for an owner comfortable with managing an older property.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
This is common for older homes that have not been substantially renovated. The assessed value often reflects a base value for the land and structure, while the market sale price accounts for the home's condition, recent sales comparisons, and buyer demand at the time of sale.
2. What does "one-and-three-quarter storey" mean for the layout?
Typically, this style features a full main floor and a second floor where the roofline slopes inward, reducing the ceiling height and possibly the usable square footage in parts of the upper level. It often creates cozy, character-filled bedrooms.
3. Are there concerns with a house built in 1882?
Absolutely. Prospective buyers must prioritize thorough inspections for foundational integrity, plumbing, electrical wiring (which may need full updating), insulation, and the roof. The unrenovated basement warrants particular attention for moisture issues.
4. What is the neighbourhood like?
Centennial is a mature, established neighbourhood close to downtown Winnipeg. The lot size rankings show the property is on a standard-sized street lot for the area, offering a more community-focused, residential feel compared to newer suburbs.
5. What are the immediate costs a new owner should anticipate?
Beyond any desired cosmetic updates, budgeting for essential systems upgrades (like electrical or heating) and addressing any inspection findings should be the first priority. The unrenovated basement represents both a potential cost and an opportunity for future added living or storage space.