Property Overview
550 Ravelston Avenue E is a one-and-a-half storey home in Winnipeg's Kern Park neighbourhood, built in 1911. With 900 sqft of living space and a 3,300 sqft lot, it features a detached garage and an unfinished basement. The home's assessed value is notably below average for its street, neighbourhood, and the city.
Key Characteristics & Appeal
This property is defined by its historic character and its position as a more affordable entry point into homeownership. Its appeal lies in its simplicity and potential. The living space is manageable for a small household, and the detached garage offers valuable storage or workshop space. The lot size is fairly typical for the immediate street, providing adequate outdoor space without being burdensome to maintain.
It would suit a first-time buyer, an investor, or a downsizer comfortable with a home of this vintage. A buyer with a vision for gradual, cosmetic updates could find good value here, as the price point likely reflects the home's age and basic condition. It’s a practical choice for someone seeking a lower ongoing tax burden, given its well-below-average assessed value. However, it requires a realistic perspective on the maintenance and potential updating needs of a 115-year-old structure.
Frequently Asked Questions
1. What does the assessed value tell me about the property?
The assessed value is significantly below averages at every comparison level. This typically suggests a more basic level of finish and amenities, and results in lower property taxes. It is a strong indicator of the home's positioning as an affordable option.
2. Are there concerns with a house built in 1911?
While offering charm, a home of this age will have older building systems (like wiring and plumbing) and likely requires more maintenance. A thorough inspection is essential to understand the condition of the foundation, roof, and structure. The basement is noted as "not renovated," which is common for homes of this era.
3. How does the living space compare to other homes?
At 900 sqft, it is slightly below average for Kern Park and notably smaller than the typical Winnipeg home. This confirms it as a compact, efficient living space best suited for individuals, couples, or small families.
4. What is the significance of the recent sold price range?
The sold price from April 2023 (13.5k-16.5k) is consistent with the low assessed value and indicates a very modest price point. This history reinforces the property's role as an entry-level or investment-grade asset rather than a renovated family home.
5. What are the less obvious considerations for this home?
Consider the trade-off: the lower taxes and purchase price come with the responsibility of stewarding an older property. Also, while the lot is a good size for the street, it is below the neighbourhood and city averages, which may influence future expansion potential or relative value compared to homes on larger lots.