Property Overview

This one-and-a-half storey home on Magnus Avenue, built in 1912, presents a distinct opportunity defined by its generous proportions and value-focused positioning. Its appeal lies in offering significantly more interior space than most homes in its immediate area, housed on a standard-sized lot. The property suits buyers looking for a project home with solid "bones" and potential, particularly those with renovation skills or a budget for updates, as the basement is noted as unrenovated. It is a practical choice for an investor, a hands-on homeowner seeking to build equity through improvements, or someone needing ample room at an accessible price point in the Burrows Central neighbourhood.

Key Characteristics & Suitability

• Spacious Interior: The home's primary standout feature is its 1,726 sqft living area, which ranks in the top 4% for its street and top 2% for the neighbourhood. This offers rare interior volume compared to nearby homes, which average under 1,100 sqft.
• Value & Condition: The assessed value is notably below area and city averages, reflecting its age and condition. This positions it as a land-value proposition with a house included, ideal for those who see potential rather than a move-in-ready finish. The unrenovated basement is a key project area.
• Established Location: Situated on a standard 3,584 sqft lot in a mature neighbourhood, the property offers a classic Winnipeg streetscape. Buyers should be comfortable with an older home's maintenance realities (like mechanical systems) but gain the charm and space of a century-old structure.
• Ideal Buyer Profile: This property best suits the practical visionary—a contractor, a savvy DIYer, or an investor planning a strategic hold or renovation. It is less suited for those seeking modern finishes or a low-maintenance lifestyle without a significant renovation plan.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city average?
The assessed value is based primarily on the property's market position, age, and current condition. As an older home with an unrenovated basement in this specific neighbourhood, the valuation reflects a price point well below the Winnipeg average, highlighting its as-is, value-oriented status.

2. The living area is large, but what might the condition be like?
Given the home's age (1912) and the note that the basement is unrenovated, buyers should anticipate a project. The spacious layout is a major asset, but condition likely varies throughout. A thorough inspection is essential to understand the state of the structure, roof, wiring, and plumbing.

3. What are the implications of buying a home with an unrenovated basement?
This signals both a cost and an opportunity. It allows a new owner to customize the space to modern standards (insulation, moisture control, layout) but requires a significant budget and effort. It's a key factor in the home's lower valuation and central to its potential future value increase.

4. How does the lot size compare, and what does that mean for me?
At 3,584 sqft, the lot is very close to the average for both the street and neighbourhood. This is a standard city lot, offering typical backyard space for the area but not extra land for expansion. The value here is in the building footprint, not the land size.

5. The home last sold in June 2022. What should I consider?
The recent sale indicates a relatively short ownership period. It’s prudent to inquire about any known issues that prompted the sale or any permits pulled for work during that time. Understanding the context of the quick turnaround can be important.