Property Overview: 564 Ottawa Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1920, presents a practical opportunity in Winnipeg's Chalmers neighborhood. Its key appeal lies in its above-average living space (1,114 sq ft) and a generous, above-average lot (4,001 sq ft) for its immediate area, offering more room than many neighboring properties. The home features a basement, but it is noted as not being renovated.
The property’s assessed value is notably below average at $14,600, which is a defining characteristic. This positions it as one of the most accessible entry points into homeownership in the city. It suits buyers with a clear vision for gradual improvement, such as first-time purchasers comfortable with a home that requires updates, or investors looking for a land-value opportunity with a existing structure. Its appeal is less about immediate move-in readiness and more about foundational potential—a solid amount of space on a good-sized lot at a very low price point, where the future value will be created by the owner's investment.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state and market position relative to others. A value this far below averages, especially for a home of this size, typically indicates it requires significant modernization and systems updates, which are factored into the assessment.
2. What does "basement, not renovated" imply?
This suggests the basement is unfinished or in original condition. Buyers should budget for potential foundational repairs, moisture management, and modernization to make it a functional living or storage space. An inspection is highly recommended.
3. Is the large lot a potential advantage?
Yes. The lot size is well above the local average, offering valuable outdoor space and future potential. This could allow for gardening, expansions, or additions, subject to local zoning bylaws, making it a long-term asset.
4. How does the sale history inform the current price?
The home sold for $16,500 in 2021 and $13,300 in 2017. This history shows it has consistently traded at a value-focused price point, reinforcing its role as an entry-level property rather than one driven by rapid market appreciation.
5. Who would this property not suit?
It is not ideal for buyers seeking a turn-key, modernized home without renovation projects. It may also not suit those with strict financing constraints, as some lenders may have requirements about property condition for mortgages on homes at this value.