Property Overview
This is a compact, one-storey home built in 1913, situated on a standard-sized lot in Winnipeg's Chalmers neighbourhood. Its key features include a detached garage and an unfinished basement. The home presents a straightforward, no-frills opportunity, with recent sale prices and its current assessed value significantly below city-wide averages.
Section 1: Key Characteristics & Appeal
The primary appeal of 227 Bowman Avenue lies in its position as an affordable entry point into the Winnipeg housing market. With a living area of 810 sq. ft., it's a modestly sized home that ranks around the average for its immediate street and neighbourhood, indicating a typical scale for the area. The lot size of 2,502 sq. ft. offers a manageable outdoor space without being overwhelming.
This property would suit a first-time buyer, an investor, or a hands-on individual looking for a practical starter home with the potential to add value. Its below-average price point for the city is its most defining characteristic, making it accessible. The unrenovated basement presents a clear, blank-canvas project for future expansion or storage solutions. A less obvious perspective is that a home of this vintage and scale in an established neighbourhood often comes with proportionally lower utility and maintenance costs than larger, newer builds, which can be a significant long-term benefit.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" or a livable home?
Based on its recent sale history and maintained assessed value, it is treated as a livable property. However, given its age and the mention of an unrenovated basement, a buyer should be prepared for updates and should budget for a thorough inspection.
2. How does the lot size compare to others?
The land area is very typical for Bowman Avenue and the Chalmers neighbourhood, ranking near the middle of the pack locally. It is, however, considerably smaller than the average lot across the entire city of Winnipeg.
3. What does the "below average" assessed value mean?
The home's assessed value is below the average for its street, neighbourhood, and especially the city. This generally reflects the home's smaller size, age, and condition relative to the broader market, not necessarily the land itself. It typically translates to lower property taxes.
4. Has the property value been stable?
The home sold for $165,000 in April 2023 and $155,000 in February 2020. This recent history shows modest appreciation in a short period, suggesting relative stability in its market segment.
5. Who would this property not suit?
It would likely not suit buyers looking for a move-in-ready home with modern finishes, those who need significant space, or families requiring multiple bedrooms and bathrooms without a renovation plan. The compact living area and project-ready basement require a realistic vision and budget.