Property Summary: 741 Ross Avenue, Winnipeg
This is a concise overview of the property based on the provided data. It is not an opinion or a sales pitch, but a breakdown of key facts and figures.
1. Key Characteristics, Appeal, and Target Buyer
Key Characteristics:
This is a detached home built in 1903, sitting on a 3,082 sqft lot. The primary living area is 1,080 sqft. Its assessed value is $191,000.
Where Its Appeal Lies:
The property’s main draw is its value proposition. While the house itself is significantly older than average for the street, neighborhood, and city (ranking in the bottom 1% citywide for year built), its assessed value is also far below the citywide average for comparable homes ($390k). This creates a potential entry point for buyers who are willing to work with an older structure but are priced out of newer or more centrally updated homes.
The lot size is respectable for the street and neighborhood, ranking near the middle, which is a less obvious advantage in an area where many lots may be smaller. The living area is above average for Ross Avenue itself (ranked in the top 30% on the street), meaning it offers more interior space than many of its immediate neighbors.
Type of Buyer It Would Suit:
This property is best suited for a buyer who:
- Is willing to take on a significant renovation or restoration project, given the 1903 build date.
- Values location and lot size over a move-in-ready, modern interior.
- Is budget-conscious, especially when compared to citywide pricing. The low assessed value relative to the city average is a key financial differentiator.
- May be a first-time buyer or an investor looking for a potential long-term hold in an older, established neighborhood where land value may appreciate, even if the structure is outdated.
2. Five Possible FAQs
Q1: Is this property a good investment if I plan to renovate?
It depends entirely on your budget and scope. The low assessed value suggests there is potential for value-add, but the 1903 construction date means you are likely dealing with an older foundation, electrical, and plumbing. Renovation costs can be high. The land value, being around the neighborhood median, may provide a solid floor, but the house itself is a major variable. A thorough inspection is non-negotiable.
Q2: How does the assessed value compare to similar homes nearby?
The $191k assessment is almost exactly at the neighborhood average ($187.3k) and slightly below the street average ($200.4k). This suggests the home is priced in line with its immediate neighbors, but massively under the citywide average for comparable homes ($390k). This discrepancy is largely due to the home's age and likely condition.
Q3: Why is the "year built" ranking so low (top 99% oldest for the city)?
The data confirms the house was built in 1903. Many homes in Winnipeg were built in the post-war boom (1940s–1960s), and the citywide average for comparable homes is 1966. This property is from a much earlier era. You should expect systems and materials (lath and plaster, knob-and-tube wiring potential, lead pipes) that are consistent with a house of that vintage.
Q4: Is the lot size considered small or large for this area?
The lot (3,082 sqft) is slightly smaller than the street and neighborhood averages (3,468 and 3,591 sqft, respectively). However, it ranks in the top half for the street (48th percentile). In a city like Winnipeg, where many lots are larger, it is not a small lot, but it is not a sprawling one either. It is a typical urban lot for a non-corner property of this age.
Q5: What does "top 30% for living area on the street" actually mean?
It means that out of 380 comparable homes on Ross Avenue, this one has a larger living area than about 70% of them. The average for the street is 1,020 sqft, and this home is 1,080 sqft. So, while it is not a large house by modern standards (citywide average is 1,342 sqft), it is spacious compared to its immediate neighbors on the same block.