Property Overview
This one-storey home at 240 Forrest Avenue in Winnipeg's Jefferson neighbourhood presents a specific, value-oriented opportunity. Built in 1927, its key characteristic is its modest scale, with 640 sqft of living space, which is notably smaller than most homes on its street, in the area, and across the city. It sits on a compact 2,398 sqft lot and features a detached garage and an unrenovated basement. The home's assessed value of $200,000 is significantly below area and city averages, reflecting its size and condition.
The appeal lies squarely in its position as an affordable entry point into the market. It suits a very specific buyer: someone seeking a low-cost footprint to customize according to their own vision and timeline, or an investor looking for a straightforward rental property. Its small size and unrenovated state mean it's not for those seeking move-in-ready comfort, but for a hands-on buyer, it offers a blank canvas without the premium price of a turn-key home. A less obvious perspective is that its compact lot and floor plan could translate to very low utility and maintenance costs, a practical advantage often overlooked.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value reflects the home's relatively small size (640 sqft), its age, and the fact that the basement is noted as being unrenovated. It is priced as a foundational property, not a finished product.
2. What does "Top 92%" mean for the living area?
This statistic indicates that the home's living area is smaller than 92% of comparable homes city-wide. It's a quantifiable way of showing that this is a notably compact property, which is the primary factor in its lower price point.
3. Is the basement finished or usable?
The listing specifies the basement is "not renovated." Buyers should anticipate it being in a rough, unfinished state, suitable for storage or future development, but not as livable space in its current condition.
4. Who would this property be most suitable for?
It is best suited for a handy first-time buyer willing to take on a project over time, or for an investor seeking a rental property with a lower initial purchase price. It is less suitable for those needing ample space or a home that is immediately updated.
5. How recent are the sold price comparisons shown?
The listed sale for the home itself is from May 2017. The nearby and similarly-valued properties shown are for reference to give context on the market, but their sale dates are not specified. For precise, current sales data, contacting the listing source directly is recommended.