Property Overview
This 854 sqft, one-storey home on Ellesmere Avenue in Winnipeg's Glenwood neighborhood presents a specific and straightforward value proposition. Built in 1914, it sits on a 2,563 sqft lot and features a basement that has not been renovated. There is no garage or pool. The home’s key characteristic is its notably low municipal assessed value, which is significantly below averages for the street, neighborhood, and city. This is reflected in its historical sale price from 2016. The living space is modest but typical for older homes on its street, while the lot size is smaller than area norms.
Its primary appeal lies in its position as one of the most accessible entry points into homeownership in the city. It suits buyers with very limited budgets seeking a foothold in the market, or investors looking for a low-cost rental property with minimal initial capital outlay. A less obvious perspective is that its low fixed costs (like property taxes tied to the assessment) could provide financial breathing room for an owner willing to live simply and make gradual, sweat-equity improvements over a long period. It would not suit those needing move-in-ready conditions, modern amenities, or ample space.
Frequently Asked Questions
1. Why is the assessed value so much lower than other homes?
The assessed value is based on factors like the home's age (1914), smaller size, lack of renovation, and the specific market dynamics for very modest properties. It consistently ranks in the bottom tier compared to nearby homes.
2. What is the condition of the basement?
The listing explicitly states the basement is "not renovated." Buyers should anticipate it being in original or utility-grade condition and budget for professional inspections to understand any moisture, structural, or code issues.
3. Is there potential to expand or build an addition?
The lot is smaller than most in Glenwood (2,563 sqft vs. area averages over 4,000 sqft), which may limit expansion possibilities. Any significant addition or rebuild would require careful review of zoning bylaws and setback requirements.
4. How reliable is the 2016 sale price as a guide for today's value?
While it shows a historical trend of low value, market conditions have changed since 2016. It is a starting point, but a current professional appraisal or comparative market analysis is essential to determine its present-day market price.
5. What are the typical maintenance concerns with a home from 1914?
Prospective buyers should be prepared for potential issues common to century-old homes, such as outdated wiring, plumbing, insulation, and windows. The roof and foundation also require thorough evaluation. Ongoing maintenance will be a key consideration.