Property Overview

This 1952-built, one-storey home on a 5,059 sqft lot in Buchanan presents a straightforward opportunity. Its key appeal lies in its land value and affordability, underscored by a recent sale price of $18,80k. With 816 sqft of living space and a detached garage, the house itself is modest and dated, reflected in its well-below-average assessed value for the area. The lot size is typical for the immediate street but becomes more competitive within the wider neighbourhood and city context. This property suits a buyer looking for a land play, a budget-conscious renovator comfortable with a major project, or an investor seeking a low-entry-cost holding. Its value is primarily in the ground it sits on, offering potential for the future rather than move-in-ready comfort.

Key Details & Questions

What are the main features of the property?
It is a 74-year-old, one-storey home with 816 sqft of living area, situated on a 5,059 sqft lot. It includes a detached garage and has no basement. The home last sold in October 2024.

How does it compare to others in the area?
The lot is around average size for the street but is larger than many lots in Winnipeg overall. The living space is significantly smaller than most homes in the Buchanan neighbourhood. Its assessed and sale values are among the lowest in the immediate area, indicating a home in need of modernization.

Who would this property be best for?
It would suit a buyer with renovation skills and vision, an investor looking for a low-cost asset with land value, or someone seeking the most affordable entry into homeownership with plans to improve it over time.

Is this a teardown opportunity?
While the data suggests the value is heavily weighted toward the land, this is not explicitly stated. The very low assessed value relative to the neighbourhood and the home's age and size make it a prime candidate for a major renovation or redevelopment, subject to local zoning.

What should a potential buyer consider?
Focus on the costs and feasibility of significant updates or rebuilding. The value proposition is the lot in a settled neighbourhood. Buyers should budget for modernizing all systems and finishes, and investigate any potential development guidelines for the lot before proceeding.