Property Overview: 228 Forrest Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1915, offering a straightforward living space of 887 square feet on a 3,597 sqft lot. Its key characteristics include a detached garage and an unrenovated basement. The home’s assessed value is notably below average for the city, the Jefferson area, and even its own street.
The primary appeal lies in its position as an accessible entry point into the Winnipeg market. It represents a classic "value play"—a property where the price point is the main feature, offering room for equity growth through updates over time. It suits practical, budget-conscious buyers such as first-time homeowners willing to tackle gradual improvements, or investors looking for a rental property with a lower initial investment. The lot size is fairly typical for the immediate street, suggesting the potential isn't in the land size but in the affordability of the existing structure. A thoughtful perspective is that this home may appeal to those who prioritize low property taxes and a manageable footprint over modern finishes or larger square footage.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby averages?
The assessed value is significantly below averages for the street, neighborhood, and city. This typically reflects the home's age, smaller size, and condition (including the unrenovated basement) compared to other properties.
2. What does "Top X%" in the rankings mean?
It indicates the property's position relative to comparable homes. For example, "Top 88%" for assessed value on its street means its value is higher than only 12% of peers, placing it in the lower tier. This is a quick way to gauge how it stacks up in specific metrics.
3. When was it last sold and for approximately how much?
Based on available data, the property was last sold in August 2021 for an estimated range of $185,000 to $215,000.
4. What are the implications of an unrenovated basement?
An unrenovated basement means the space is in its original or utility state. It offers functional space for storage or mechanical systems but would require significant investment to finish as living space. It also presents a clear opportunity for a future owner to add value.
5. How does the living area compare to nearby homes?
At 887 sqft, the living area is slightly below the average for Forrest Avenue and the Jefferson area, but significantly smaller than the Winnipeg city-wide average. This confirms it's a more compact home, which is a factor in its pricing.