Property Overview: 697 Nairn Avenue, East Elmwood

Section 1: Key Characteristics & Appeal

This is a modest, century-old (1913) one-and-a-half storey home in East Elmwood, presenting a clear value-oriented opportunity. Its key characteristic is its exceptionally low municipal assessed value, which places it in the bottom 1-2% of homes on its street, in the neighbourhood, and across Winnipeg. With 874 sqft of living space, it is compact and below average in size for the area. The home sits on a standard city lot and features a basement that exists but is noted as not being renovated.

The primary appeal lies in its potential as an entry point into homeownership or as a strategic investment property. The very low assessed value and recent sale history suggest a price point significantly below the typical Winnipeg home. This suits buyers with a limited budget who are willing to take on a project, investors looking for a rental property with a low acquisition cost, or those interested in the long-term redevelopment potential of the lot. It’s not a move-in-ready property; its appeal is grounded in its affordability and the possibilities that come with it, rather than in its current condition or size.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
Municipal assessments are based on a mass appraisal system considering factors like size, age, condition, and local sales. A very low assessment for a 1913 home typically reflects its smaller size, older age, and likely the need for significant updates or repairs compared to modern standards.

2. What does "basement, not renovated" imply?
This usually indicates the basement is in original or utilitarian condition. Buyers should anticipate an unfinished space that may be suitable for storage or basic utilities but will require investment to become a modern living area. It's advisable to check for foundational integrity, moisture, and compliance with current codes.

3. Who would this property be most suitable for?
It is best suited for a hands-on first-time buyer comfortable with renovations, a value-focused investor seeking a rental with a low mortgage base, or a buyer primarily interested in the land for future rebuilding, given the established neighbourhood.

4. How does the living area compare to nearby homes?
At 874 sqft, the home is smaller than most in the immediate area, where comparable homes average about 1,015 sqft. This confirms its status as a compact, character home, not a spacious family dwelling in its current layout.

5. Is the low assessment a guarantee of low property taxes?
Generally, yes. Property taxes are calculated using the assessed value. A consistently low assessment should result in lower annual property taxes compared to larger, updated homes in the same area, which is a key ongoing financial benefit of this property.