Property Overview
16 Pilgrim Avenue is a compact, one-storey home in Winnipeg's Glenwood neighborhood. Its primary appeal lies in its position as an accessible entry point into the housing market. With a living area of 652 sqft, it is notably smaller than most homes in the city, but this is reflected in its very low assessed value. The property sits on a roughly 4,000 sqft lot, which is average for the immediate area. The home was built in 1945 and features a basement that is present but not renovated, with no garage or pool.
This home would suit a specific type of buyer: first-time purchasers or investors seeking a low-cost asset with minimal upfront financial barrier. Its size and condition suggest it is a candidate for a live-in renovation project or could be maintained as a simple, utilitarian residence. The value proposition is centered on land and location rather than the existing structure, offering a foothold in the market with the potential for future improvement.
Key Considerations & FAQs
1. What is the true cost of ownership here?
While the price is very low, buyers should budget for the higher relative cost of updates and repairs. Systems in an 81-year-old home, like plumbing or electrical, may need attention, and renovating a small space often has a higher cost per square foot.
2. Is the small size a drawback or an advantage?
It depends on your lifestyle. For a single person or couple, it can mean lower utility costs and minimal upkeep. However, the below-average size compared to nearly all city homes is a permanent feature that will influence future resale value and appeal.
3. What does the "below average" assessed value really mean?
The assessed value is in the bottom 10-15% for the street, neighborhood, and city. This strongly indicates the home is priced for its land and location, not for its structure or condition. Property taxes will likely be low, but financing a purchase at this price point can sometimes be challenging with traditional lenders.
4. What can be done with the basement?
The listing notes the basement exists but is "not renovated." This typically means it is unfinished or in rough condition. It presents potential for additional storage or future living space, but any development would require significant investment to ensure it is dry, safe, and up to code.
5. Who are the most likely competing buyers?
Given the metrics, you may be competing with investors looking for a rental property (where the small size is less of an issue) and handy owner-occupants who see the potential to add value over time. It is less likely to attract buyers seeking a move-in ready family home.