Property Overview & Key Characteristics
This home at 397 Chalmers Avenue is a compact, century-old property that presents a specific value proposition. Built in 1911, it's a one-and-a-half storey home with 720 sqft of living space, situated on a 3,441 sqft lot. Key features include a basement (not renovated) and no garage. Its assessed value is notably low compared to city-wide averages, placing it in the bottom tier for the market.
The primary appeal lies in its land and its price point. The lot size is above average for the city, offering potential for expansion or outdoor use in a central neighbourhood. This property would suit a very specific buyer: an investor looking for a rental property with a low entry cost, a hands-on buyer planning a significant renovation or rebuild who values the land over the existing structure, or someone seeking the absolute minimum price point to enter the Winnipeg market. It is not a move-in-ready home and would require vision and investment.
Frequently Asked Questions
1. What does the low assessed value indicate?
The assessed value of $15,900 is significantly below city averages, typically reflecting the home's age, compact size, and likely need for modernization. It suggests municipal taxes will be low, but it also clearly signals that the property is not in a renovated or updated condition.
2. How should I interpret the "below average" rankings for living area and year built?
These rankings quantitatively confirm the home's characteristics: it is much smaller and older than most homes in its neighbourhood and across Winnipeg. This isn't necessarily negative, but it sets accurate expectations. You are purchasing a historic, character home with minimal interior space.
3. Is the land size a positive feature?
Yes, particularly city-wide. While the lot is around average for the local Chalmers area, it is larger than over 80% of lots across Winnipeg. This discrepancy between a small house on a relatively large lot in a central location is a key aspect of the property's potential.
4. What is the immediate neighbourhood like based on the comparable listings?
The nearby properties listed are of similar vintage (built 1907-1914) and assessed value, indicating a consistent, established neighbourhood of older, modestly valued homes. This suggests the area hasn't seen widespread redevelopment or luxury renovations.
5. Who is this property not suited for?
It is not suited for buyers seeking a turn-key home, those needing ample indoor living space, or anyone unable to manage a renovation project. The lack of a garage and an unrenovated basement further indicate it won't meet the needs of a buyer looking for modern conveniences and finished storage space.