Property Overview: 465 Elgin Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1901, presents a classic character home opportunity in Winnipeg's Centennial neighbourhood. Its key appeal lies in its balance of space and value. With 1,296 sqft of living area, the home offers above-average interior space for its immediate street and is comfortably sized compared to many city homes. The lot, at 2,815 sqft, is typical for the area.
The property’s most striking characteristic is its significantly below-average assessed value, both for the street and citywide. This positions it as an accessible entry point into the market, likely appealing to value-conscious buyers, investors, or those seeking a character home with a manageable tax burden. The home suits a buyer comfortable with a project, as the basement exists but is noted as not renovated. There is no garage, and the home’s age means due diligence on systems and structure is essential. Its appeal is practical: it offers more interior room than many neighbouring houses at a lower cost basis, ideal for a hands-on owner who sees potential beyond surface conditions.
Section 2: Frequently Asked Questions
1. What does the below-average assessed value actually mean for me?
Primarily, it suggests a relatively lower property tax bill compared to other homes with similar living space. It often reflects the home’s condition, age, and market factors rather than just location. It’s a starting point for value, but the sale price is determined by the current market.
2. The home is 125 years old. What should I prioritize during an inspection?
Beyond standard checks, pay close attention to the foundation, original plumbing and electrical systems, and the structural integrity of the one-and-a-half storey layout. The note about an unrenovated basement warrants a thorough moisture and drainage assessment.
3. How does the lot size impact future plans?
At just under 3,000 sqft, the lot is standard for the area but below the Winnipeg average. This means expansion or addition possibilities may be limited by side-yard setbacks. It’s sufficient for a garden or deck but not for extensive outbuildings.
4. There’s no garage. How is street parking in the area?
Review the specific street section for parking restrictions. With no driveway, you’ll be reliant on street parking. Observing daily and winter parking patterns is recommended to understand convenience and any seasonal challenges.
5. The home sold for much less than its assessed value in 2022 and 2016. Why?
This typically indicates the property was sold under unique circumstances, such as a non-arms-length transaction, estate sale, or in as-is condition requiring significant investment. It highlights the importance of understanding the context of past sales, which a real estate agent can help research.