Property Overview: 485 Garlies Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Garlies Street in the Inkster-Faraday neighbourhood is defined by its modest scale and significant potential. Its key characteristic is its exceptionally low municipal assessed value, which is among the very lowest in the city. The living space is compact at 568 sq ft, and the home, built in 1905, requires updating. It features a detached garage and a full, unrenovated basement.
The primary appeal lies in its role as an entry point into the housing market. It suits a very specific buyer: an investor looking for a low-cost rental property, a hands-on individual seeking an affordable renovation project, or someone prioritizing minimal property tax liability above all else. A less obvious perspective is the value of its lot. While the home itself is small and dated, the land area is above average for its immediate street, suggesting the underlying property holds value that the current structure does not reflect. This presents a long-term opportunity for expansion or redevelopment, making it a strategic purchase for a patient buyer.
Section 2: Frequently Asked Questions
1. Why is the assessed value so low?
The assessed value reflects the current state and size of the dwelling. Given the home's age, compact living area, and need for modernization, the city's assessment is based on its very limited market value as it stands today.
2. What would the property taxes be?
Based on the current assessed value of $12,200, the annual property taxes would be significantly lower than the Winnipeg average. An exact calculation can be provided using the City of Winnipeg's tax rate.
3. Is this a "tear-down" property?
While the home needs substantial work, it is habitable. The decision to renovate or rebuild would depend on a buyer's budget and goals. Its age and condition mean a full renovation would be extensive, but the lot size may support future expansion.
4. How does the sold price history work?
The listed sale from 2016 shows a range. For privacy reasons, Manitoba’s exact sale prices are not publicly posted. You can request the precise historical sold price via email from the source site; they provide this data manually without marketing spam.
5. What are the main considerations for a buyer?
A buyer must be prepared for the scope and cost of needed renovations. Financing can be challenging for properties with very low valuations. The focus should be on the investment in the land and location, with the existing house viewed as a foundation to improve or replace over time.