566 Stella Avenue

Property Overview: 566 Stella Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, historic one-and-a-half storey home in Winnipeg's Dufferin neighbourhood, built in 1903. With 772 square feet of living space, it is notably smaller than most comparable homes in the area, city, and on its own street. It sits on a modest 3,269 sqft lot and features a basement that has not been renovated. There is no garage or pool.

The primary appeal lies in its position as an entry-point property. Its assessed value is significantly below the citywide average, suggesting a potentially lower cost of entry for a standalone house. This could suit a first-time buyer, an investor looking for a rental property, or someone seeking a minimalist footprint. The home’s age and unrenovated basement present a clear value-add opportunity for a buyer with renovation skills or vision, allowing them to customize the space to their needs. A less obvious perspective is that its smaller size and lot can translate to lower ongoing utility and maintenance costs compared to larger properties, which may appeal to those looking to reduce their long-term living expenses.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than the citywide average?
The assessed value is based on the property's specific characteristics—its small size, age, and unrenovated condition—within its local market context. It is more in line with averages for the Dufferin area and Stella Avenue, reflecting its standing among immediate peers rather than the broader, more varied Winnipeg market.

2. What does "below average" for Living Area and Land Area mean for me?
It means this home offers less interior space and a smaller yard than most other single-family homes used for comparison. This suits a lifestyle that prioritizes affordability and simplicity over space, but it's important to ensure the layout and lot meet your practical needs.

3. The home is over 120 years old. What should I consider?
While full of character, a home from 1903 will likely require careful attention to foundational elements, wiring, plumbing, and insulation. A thorough pre-purchase inspection is essential to understand the condition and anticipate potential maintenance or upgrade costs.

4. How does the unrenovated basement affect the property's value and use?
It represents both a cost and an opportunity. The space is not modernized, limiting its immediate use and appeal, which is reflected in the value. However, it also provides a blank canvas to add significant functional living or storage space, potentially increasing the home's future value once renovated.

5. The home sold for $90k in 2020 and $68.5k in 2016. How should I interpret this?
Past sale prices provide historical context but are not a direct indicator of current value, which is influenced by today's market conditions, interest rates, and the property's present state. It does indicate a history of being an affordable, entry-level property in the area.