390 Burrows Avenue – Property Summary
1. Key Characteristics & Buyer Profile
This is a 1905-built home with 814 sqft of living space on a 2,728 sqft lot. It is assessed at $84,000. Across every metric—living area, assessed value, year built, and land area—the property ranks below average compared to its street, neighborhood (William Whyte), and citywide (Winnipeg) peers. The numbers are not subtle: its assessed value is in the bottom 1% on the street and bottom 2% citywide.
Where the appeal lies: The appeal is not in the home itself but in the land and location. A 2,728 sqft lot is around average for the street, which is rare for a property this old and small. That suggests the value is tied to the site, not the structure. For a buyer willing to renovate, rebuild, or hold for land appreciation, this could be an entry point into a neighborhood where surrounding homes are significantly larger and newer. The low assessed value also means lower property taxes than most nearby homes.
Who it suits: This property is not for someone looking for a move-in-ready home or a typical starter house. It suits investors, flippers, or owner-builders comfortable with a major renovation or demolition-rebuild. It could also appeal to a buyer who wants to own in the area with minimal holding costs while waiting for the neighborhood to turn over. First-time buyers looking for a turnkey home should look elsewhere.
2. Frequently Asked Questions
Q: The assessed value is $84,000, but the neighborhood average is $149,100. Why is it so low?
The low assessment reflects the home’s small living area (814 sqft), age (1905), and likely condition—properties in this range are typically in need of significant work. Assessments are based on market value estimates, so this figure suggests the home is far below the condition and size of its neighbors. It is not a mistake or a hidden deal; it is a price that matches the property’s current state.
Q: Would this property qualify for a standard mortgage?
Most lenders require a property to be habitable and structurally sound to approve a conventional mortgage. Given the age, small size, and low valuation, this home may only qualify for a renovation loan, land loan, or cash purchase. It is worth speaking with a local lender who understands older, below-average properties before making an offer.
Q: How do property taxes compare to other homes in the area?
Property taxes are based on assessed value. At $84,000, the taxes will be significantly lower than the neighborhood average of $149,100. That is a practical advantage—you pay less while owning in the same area. But keep in mind that if you renovate or rebuild, the assessment will increase accordingly.
Q: Is the neighborhood (William Whyte) improving?
William Whyte has seen gradual reinvestment in recent years, but it remains an older, lower-value area relative to the rest of Winnipeg. The fact that this home ranks in the bottom quarter for age and size on its own street suggests many neighbors have already been updated or replaced. That can be a positive sign for future appreciation, but it is not a guarantee. Personal due diligence—visiting the block at different times, talking to neighbors—matters more than any average.
Q: The lot is 2,728 sqft. Is that enough to build a new home?
It is small by citywide standards (average is 6,570 sqft) but around average for the street. A 2,728 sqft lot can accommodate a modest single-family home or duplex, depending on setback rules. Check zoning and lot coverage limits with the city before planning any redevelopment. The lot is large enough to be useful, but not so large that it automatically justifies the cost of demolition and new construction.