Property Overview: 487 Woodydell Avenue, Meadowood, Winnipeg
Section 1: Key Characteristics & Appeal
This home is a study in contrasts, presenting a clear value proposition rooted in its lot and location rather than its size or finish. Built in 1972, the 733 sqft bungalow is notably compact, ranking in the bottom 5% for living area both locally and city-wide. The interior space is functionally modest, suited for essential living. However, it sits on a 5,200 sqft lot that is average for the street and neighbourhood, offering a generous outdoor canvas relative to the home's footprint.
The primary appeal lies in its assessed value of $34,400, which is below average for Meadowood and well below the city-wide average. This creates a low-barrier entry point into homeownership. The last known sale was between $250k-$300k in 2016, suggesting a history of being an affordable option.
This property would best suit a pragmatic first-time buyer, an investor looking for a rental property with a manageable entry cost, or a hands-on owner who values the potential of the land over the existing structure. Its true potential is unlocked by viewing it as a land play with a liveable house included—ideal for someone planning a future expansion, addition, or who simply prioritizes a large yard over a large interior.
Section 2: Frequently Asked Questions
1. Why is the living area so much smaller than nearby homes?
This is a compact, no-frills bungalow. Its size places it in the bottom 4% of homes in Meadowood, indicating it was built for essential, efficient living rather than spaciousness.
2. How can the assessed value be so much lower than the city average?
The assessment reflects the home's modest size, age, and likely basic condition. While the lot holds value, the structure itself contributes less to the overall assessment compared to larger, updated homes.
3. Is the large lot a redeeming feature?
Yes. The 5,200 sqft lot is a key asset. It is proportionally much larger than the house itself and is average for the area, offering significant outdoor space, privacy, and future potential that the interior currently lacks.
4. What does the 2016 sale price tell us?
The $250k-$300k sale price eight years ago reinforces this property's historical role as an affordable entry point. It suggests a market precedent for buyers who prioritized lot size and location over a finished or spacious home.
5. Who should seriously consider this property?
It’s a strategic buy, not a turn-key dream home. It perfectly suits a budget-conscious buyer willing to live modestly while building equity, or an investor seeking a property with a low carrying cost. Its value is in what it could become, not necessarily what it is today.