Property Overview & Key Characteristics
This one-storey home at 495 Mcadam Avenue in Winnipeg's Jefferson neighbourhood presents a straightforward, entry-level opportunity. Its key appeal lies in its affordability and simplicity. With 808 square feet of living space, an unrenovated basement, and no garage, it is a modest property. The lot is a manageable 3,005 square feet. Built in 1912, it is notably older than most area homes. The data consistently shows its metrics—size, value, and land area—rank below average for the street, neighbourhood, and city, which is directly reflected in its very low assessed value. This isn't a move-in-ready showpiece; its appeal is for the value-conscious buyer or investor looking for a basic structure in a central location without a premium price tag. It would best suit a handy first-time buyer willing to take on gradual improvements, or an investor seeking an affordable rental property with minimal upfront investment.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific characteristics—its smaller size, older age, and lack of renovations compared to the broader Winnipeg market. It reflects its current condition and utility as a modest, no-frills home.
2. What does "below average" ranking mean for livability?
While the home ranks below average in statistical comparisons for size and value, this primarily indicates it's a more compact and affordable option in the area. For the right buyer, this translates to lower property taxes and a lower cost of entry into the neighbourhood.
3. Is the unrenovated basement a major concern?
It represents both a consideration and an opportunity. It will require inspection for moisture and foundational integrity common in century-old homes. However, it also provides blank-canvas potential for future living space, storage, or utility improvements, adding value over time.
4. What are the implications of the home's age (1912)?
The age suggests potential for charming original features but also necessitates a thorough inspection for outdated plumbing, electrical wiring, and insulation. Maintenance history and upgrades will be key factors in its overall condition.
5. The sold price history shows a sale in late 2020. What does that indicate?
The prior sale at a low price point reinforces the property's standing as an affordable asset. For a potential buyer, it's useful context for market trends but does not dictate current value, which is influenced by today's market conditions, interest rates, and the property's present state.