Property Overview
77 Guay Avenue is a compact, one-storey home in Winnipeg's Glenwood neighbourhood. Built in 1924, its key characteristic is its modest scale, with a living area of 624 sqft that places it well below average for similar homes in the area, on the street, and citywide. The property sits on a roughly average-sized lot for the immediate vicinity (3,877 sqft) and includes a detached garage. The assessed value is notably low at $20,900, reflecting its size and unrenovated basement condition. Its appeal lies in its fundamental utility as an affordable entry point into homeownership, a potential knockdown-and-rebuild candidate given the lot size, or a straightforward investment property. This home would suit buyers with minimal space needs, investors looking for a low-cost rental, or those seeking a land-value play in a mature neighbourhood who are comfortable with a project or a very basic living arrangement.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based primarily on the home's very small size, age, and condition (notably the unrenovated basement). It reflects the value of the structure itself, which is modest, rather than just the land.
2. Is this a good option for a first-time buyer?
It could be, but with important caveats. The extremely low price and property taxes are major advantages. However, the limited living space and likely need for updates mean it's best suited for a buyer with a minimalist lifestyle or a very focused renovation budget.
3. What are the main considerations for an investor?
The low entry cost suggests potential for positive cash flow as a rental, but the small size will limit the tenant pool and rental income. The unrenovated state may also mean higher maintenance calls. Its value may be more tied to the long-term land value than rental yields.
4. How does the lot size compare, and what does that mean?
The lot is fairly typical for the street but below the Winnipeg average. It's large enough to accommodate the existing home and garage comfortably, but may have limitations for major additions or reconfigurations due to setback rules, making a teardown and rebuild the most straightforward path to a larger home.
5. The home is older than most on the street. Should I be concerned?
The 1924 build date means systems like wiring, plumbing, and the foundation require particularly thorough inspection. While it has stood for a century, maintenance and upgrades over the years will be the critical factor, not the age alone. Its rank shows several older homes still exist in the area.