Property Overview
This one-and-a-half storey home on Machray Avenue is a compact, no-frills property built in 1922. With 680 square feet of living space, an unfinished basement, and no garage, it is notably smaller and more basic than most homes in Winnipeg. Its key appeal lies in its extremely low financial barriers, evidenced by a municipal assessed value of $17,200 and a previous sale in the $13.5k-$16.5k range. The lot size of 4,216 sq ft is above average for the immediate Inkster-Faraday neighbourhood, offering potential outdoor space disproportionate to the home's footprint.
This property would primarily suit a very specific buyer: an investor looking for a low-cost rental asset, a hands-on individual seeking an ultra-affordable entry into homeownership with plans to gradually renovate, or someone looking to build new on an established lot in the future. Its value is almost entirely in the land and its price point, not in its current condition or amenities.
Frequently Asked Questions
1. Is this a livable home in its current state?
While legally a house, it is best considered a blank canvas or a teardown. The basement is unfinished, and the living area is very small. A thorough inspection is essential to determine if it is safely habitable without significant immediate investment.
2. Why is the assessed value so low compared to city averages?
The assessed value reflects the property's very small size, age, basic condition, and lack of upgrades. It is priced as a land-value proposition with an existing structure, not as a turn-key home.
3. What are the long-term prospects for this property?
The primary opportunities are as a long-term hold for rental income (post-renovation) or for future redevelopment. The lot size is a key asset, as it is larger than many in the local area, which could be advantageous for an addition or new build, subject to zoning.
4. What are the major costs to consider beyond the purchase price?
Buyers must budget for potential major repairs (roof, foundation, electrical, plumbing), updating to modern living standards, and ongoing property taxes. Utilities and insurance for an older, small home should also be factored in.
5. How does the previous sale price inform the current value?
The home sold in the $13.5k-$16.5k range in 2021. Given the assessed value has remained low and stable, it suggests the market for such properties is niche. Value appreciation will depend almost entirely on improvements made to the property or broader neighbourhood development, not market inflation alone.