385 Mcmeans Avenue E

Property Overview

This one-storey home at 385 Mcmeans Avenue E in Winnipeg's Kildare-Redonda neighbourhood presents a straightforward, entry-level opportunity. Built in 1970, it features 800 square feet of living space and sits on a 2,999 sqft lot. The home has a basement that is noted as not being renovated, no pool, and no garage. Its most defining characteristic is its very low assessed value of $23,300, which places it in the bottom tier for the area and city. It last sold in early 2023.

Key Characteristics & Appeal

The primary appeal of this property is its position as one of the most affordable entry points into the Winnipeg housing market. Its assessed value is significantly below area averages, suggesting a very low property tax burden, which is a key, often overlooked, financial advantage. The home suits buyers with limited upfront capital, such as first-time investors looking for a rental property with minimal holding costs, or handy owner-occupants who see potential in a basic structure and are prepared for renovation work, starting with the unfinished basement.

Its appeal is pragmatic rather than aspirational. The lot size is smaller than most in the area, which translates to less exterior maintenance—a benefit for those seeking simplicity. While the living space is compact, the one-storey layout could be suitable for aging in place or those with mobility concerns. This property is not for those seeking move-in-ready finishes or ample space; it’s a canvas for a specific buyer who values low ongoing costs and is comfortable with a project.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city average?
Assessed value is based on factors like home size, condition, and lot dimensions. This home's below-average square footage, unrenovated state, and smaller lot size directly contribute to its low assessment, which results in proportionally lower property taxes.

2. What does "basement, not renovated" typically mean?
This usually indicates an unfinished or partially finished basement in original, functional condition. It likely has concrete walls and floors, with essential systems like the furnace and water heater exposed. It represents potential living or storage space but will require investment to finish.

3. How does the lack of a garage affect daily living and value?
It means all vehicle parking will be on the driveway or street, and there is no enclosed storage for tools, seasonal items, or a vehicle during winter. This is a common trade-off for affordability in older neighbourhoods and is a factor in the home's lower value.

4. The home sold recently in 2023. What should I consider?
A recent sale suggests the market has recently established a value for the property in its current condition. It’s important to understand what, if any, changes have been made since that sale, and to investigate why it is being sold again after a relatively short period.

5. Are the low rankings for size and value a concern?
Not necessarily, if the price aligns with your goals. These rankings objectively show the home is smaller and valued lower than most peers. For the right buyer, this translates to affordability and lower taxes. The key is to ensure the condition is sound and the price fairly reflects its position as a smaller, unrenovated home.