550 Larsen Avenue

Property Overview: 550 Larsen Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home, built in 1914, presents a straightforward opportunity in Winnipeg's Chalmers neighbourhood. Its key characteristics are defined by modest scale and value. The living area of 784 sq ft is typical for the immediate area, offering a compact layout. It sits on a 2,502 sq ft lot, which is smaller than most in the city but reasonably aligned with local street and neighbourhood averages. A detached garage and a full, unrenovated basement are noted features.

The primary appeal lies in its position as an accessible entry point into the market. With a historically low assessed value and a last sale price significantly below the citywide average, it represents one of the more affordable detached home options available. It suits buyers with practical priorities: first-time purchasers seeking a foothold, investors looking for a rental property with lower entry costs, or those comfortable with a home that may require updates over time. A thoughtful perspective is that its smaller lot and home size translate to lower maintenance demands and utility costs, which can be a sustainable choice for individuals or small households. Its age and unrenovated state mean it lacks modern finishes, but also offer a blank canvas for personalization without the premium of prior renovations.

Section 2: Frequently Asked Questions

1. Is the home in move-in condition?
The listing notes the basement is "not renovated," which suggests the home likely requires some updates or cosmetic work. Prospective buyers should budget for potential improvements.

2. How does the property's value compare to others?
The assessed value is notably below average for Winnipeg, placing it in the bottom 5% citywide. However, it is more aligned with values in the Chalmers neighbourhood, indicating it is a competitively priced option within its local market.

3. What is the neighbourhood like?
The home is in Chalmers, an established area with many homes of a similar vintage. The provided comparable properties on nearby streets like Harbison and Martin Avenue suggest a streetscape of well-maintained, older character homes.

4. Are there any major concerns with a house this old?
Built in 1914, the home will have the expected considerations of any century-old property. A thorough inspection is essential to evaluate the condition of foundational systems like wiring, plumbing, and the roof.

5. What is the potential for future expansion or renovation?
The full basement offers potential for additional living space, subject to renovation. The lot size, while smaller than the city average, is consistent with others on the street and may allow for a small addition, but significant expansion could be limited.