215 Washington Avenue

Property Overview

This one-and-a-half storey home, built in 1914, is defined by its modest scale and significant value proposition. Its key appeal lies in its extremely low price point, as reflected in its assessed value and last sale price, which rank at the very bottom compared to nearly all other properties in Winnipeg. The home sits on a smaller lot for the area and features an unrenovated basement and a detached garage. Its living space is compact but typical for similar vintage homes in the Chalmers neighborhood.

This property is not a move-in-ready home but a clear opportunity. It would suit a buyer looking for an entry point into homeownership with minimal upfront capital, an investor seeking a low-cost rental property, or a hands-on individual viewing it primarily as a land purchase with a existing structure. Its appeal is almost entirely rooted in its price and potential, rather than its current condition or size. A thoughtful perspective is that its low fixed costs could provide unusual financial flexibility for the right owner, allowing resources to be directed toward gradual improvements or other investments.

Frequently Asked Questions

1. Why is the price so low?
The sale price and assessed value are among the lowest in the city, indicative of a property that requires significant investment. This reflects its smaller lot, age, and likely the need for substantial updates or repairs.

2. What does "basement, not renovated" imply?
It means the basement is in original or utilitarian condition. Buyers should anticipate an older foundation, likely low ceilings, basic finishes, and should budget for potential updates to moisture control, insulation, and electrical systems.

3. Who might this property be a good fit for?
It's a candidate for a very budget-conscious first-time buyer willing to live in a project, an investor comfortable with managing a basic rental, or someone interested in the land value for future redevelopment, given the low entry cost.

4. How does the lot size impact its value?
At 2,686 sq ft, the lot is below average for the street, neighborhood, and city. This limits expansion possibilities and outdoor space, which is a key factor in its valuation but may be acceptable for a buyer focused on the structure itself or a minimal footprint.

5. Are the low property taxes a benefit?
Yes, the taxes would be very low relative to most Winnipeg homes, which improves monthly cash flow. However, this is directly tied to the low assessed value, which also signifies the property's current state and market position.