Property Overview
This one-and-a-half storey home at 197 Gordon Avenue in Winnipeg's Chalmers neighbourhood is a classic character property built in 1909. It sits on a 2,744 sqft lot, which is notably above average for its immediate street. The living space is approximately 994 sqft, and the home features a detached garage and a basement that is present but not renovated. Its most defining characteristic is its significantly low municipal assessed value, which places it in the bottom tier citywide, suggesting it is a prime candidate for value-driven investment or a substantial renovation project.
Key Characteristics & Appeal
The appeal of this property lies in its underlying value and potential. The lot size is a strong asset for the area, offering more outdoor space than many neighbouring homes. The low assessed value and its recent sale price indicate an entry point well below the city average, creating a clear opportunity for equity building through updates. This home would suit a buyer looking for a hands-on project, whether as a live-in renovation, a hold-for-land-value investment, or a candidate for a complete rebuild. It’s less suited for someone seeking a move-in-ready home, given the noted unrenovated basement and the age of the structure. A thoughtful perspective is to view it not just as a house, but as a strategic parcel of land in a mature neighbourhood where the value may be more heavily weighted to the property itself than the current structure.
Frequently Asked Questions
1. What does "one-and-a-half storey" typically mean for a home of this era?
It usually indicates a home with a full main floor and a second floor under a sloped roof, where the upstairs rooms may have lower ceilings or dormer windows, common in early 20th-century designs.
2. The assessed value seems extremely low compared to the city average. Why is that?
Municipal assessments are based on a mass appraisal system considering factors like age, size, condition, and recent sales. A very low assessment on an older, unrenovated home suggests the city views the current state as significantly below typical market standards for living space.
3. Is the unrenovated basement finished or usable?
The listing specifies it is "not renovated," which typically means it is in a rough, unfinished state—likely with concrete walls and floors, and housing only mechanical systems. It presents potential for future development.
4. How significant is the above-average lot size for this street?
Having a lot size in the top 27% on Gordon Avenue is a tangible advantage. It provides more private outdoor space and potential for additions, gardens, or parking than many nearby properties, which can be a key differentiator.
5. Given the low sale price, what are the major considerations before purchasing?
Prospective buyers should budget thoroughly for potential updates to major systems (roof, wiring, plumbing) inherent to a 117-year-old home, and investigate any zoning or heritage restrictions that might affect renovation or redevelopment plans. The price reflects the need for significant investment.