Property Overview
841 Consol Avenue is a 864 sqft bungalow built in 1921, situated on a 4,204 sqft lot in Winnipeg's Munroe East neighbourhood. The home's key distinguishing feature is its significantly low municipal assessed value of $16,900, which places it at the absolute bottom of its local market comparisons. This creates a unique profile that blends very modest size and age with an exceptionally low cost basis.
Key Characteristics & Appeal
This property’s primary appeal lies in its position as an entry-point investment or renovation project. With an assessed value ranking last on its street and in its area, it presents a low barrier to entry for a detached home. The lot size, while below area averages, is still a standard residential parcel offering outdoor space. The home’s age (105 years) suggests potential for character but also implies a need for thorough inspection and likely updates to systems, structure, and efficiency.
It would best suit a specific type of buyer: a hands-on investor or homeowner with renovation experience looking for a foundational asset in a mature neighbourhood. Its value proposition is not in its current condition but in its potential after improvement and the long-term land value. A thoughtful perspective is that this isn't just a "fixer-upper," but a strategic play for someone confident in managing a substantial retrofit, willing to invest sweat equity and capital over time to build value where it currently doesn't exist on paper.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value is based on the property's current state as determined by the municipal assessor. Given the home's age, smaller size, and likely condition relative to updated neighbours, the valuation reflects its standing as a baseline property in the area.
2. What should I be most concerned about with a home this old?
Key priorities for inspection would be the foundation, roof, electrical wiring, plumbing, and insulation. Homes from this era may require significant updates to meet modern standards for safety, energy efficiency, and comfort.
3. Is this a good opportunity for a first-time home buyer?
It could be, but with major caveats. The low entry cost is attractive, but first-time buyers should realistically budget for immediate repairs and ongoing updates. It's suitable only for those prepared for a project, not a move-in-ready home.
4. How does the lot size compare, and what are the implications?
At 4,204 sqft, the lot is smaller than many in the city but is reasonably aligned with lots in Munroe East. It provides adequate outdoor space for a garden or deck but may have limitations for large additions.
5. What is the potential for future value growth?
Value growth would be primarily driven by the quality and scope of renovations. The neighbourhood's established nature provides stability, but significant appreciation over the base value will depend on the investment made to modernize and expand the living space.