Property Overview: 310 Evelyne Reese Boulevard, Fraipont

Section 1: Key Characteristics & Appeal

This property presents a unique, value-driven opportunity in Winnipeg’s Fraipont neighbourhood. Its most defining characteristic is its exceptionally low municipal assessed value of $11,300, which places it in the bottom tier compared to homes on its street, in the area, and city-wide. The lot size of 2,677 sq ft is fairly average for Evelyne Reese Boulevard but is below the norm for larger Fraipont and Winnipeg lots. Recent sale data suggests a very modest market price point.

The primary appeal lies in its potential as an ultra-affordable entry point into the housing market. It suits a specific type of buyer: those seeking a minimal property tax base, investors or builders looking for a land value play in a developing area, or individuals comfortable with a project, whether that’s a teardown, extensive renovation, or holding the land for future use. It is not suited for buyers seeking a move-in ready home or conventional neighbourhood comparisons. A thoughtful perspective is that this property’s value is almost entirely decoupled from standard living space metrics, making it a purely strategic purchase based on land location and future potential rather than present condition.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than nearby homes?
The assessed value is typically based on factors like building size, condition, and age. This significant discrepancy strongly suggests the existing structure adds minimal value, likely due to being very small, in poor condition, or not suitable for habitation.

2. What type of project would this property be best for?
It is most directly suited for a land redevelopment project, such as building a new home. It could also be a candidate for a major renovation or serve as a long-term land-hold investment in a growing area.

3. Are the recent sold prices for similar assessed value homes a good guide for market value?
They provide a general range, but not a precise value. The sold price range of $38.5k–$41.5k in late 2024 is more relevant, though the exact price is subject to the property's specific conditions. The "similar assessed value" comparisons are administrative, not market-based, and often include very different types of properties.

4. What should I investigate before considering an offer?
Essential steps include verifying the exact sale price history, determining the zoning and any building restrictions, conducting a thorough site inspection to understand the structure's condition, and checking for any liens or outstanding taxes on the property.

5. How does the lot size impact its potential?
At 2,677 sq ft, the lot is manageable but not large. It is crucial to confirm local zoning bylaws to understand what can be built, as size and setback requirements will dictate the feasible size of any new structure, impacting the project's ultimate value.