Property Overview: 547 Polson Avenue

Section 1: Key Characteristics & Appeal

This one-storey home on Polson Avenue is a classic, no-frills property built in 1912. With 832 square feet of living space and a full but unrenovated basement, it sits on a standard city lot of just under 4,000 square feet. The home lacks a garage or pool. Its most defining characteristic is its very low municipal assessed value ($15,200), which places it in the bottom tiers for the street, neighborhood, and city.

The primary appeal lies in its position as an entry-point property. It suits a specific type of buyer: investors or handy owner-occupants looking for a low-cost foothold in the market. The price point allows for a minimal mortgage or even a cash purchase, freeing up capital for necessary updates. While smaller and older than area averages, it represents a straightforward opportunity. A less obvious perspective is its potential as a "blank slate" for someone wanting to customize a home without the premium of a recent flip, or its utility as a strategic holding property in a neighborhood where land value may be the long-term play.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than typical Winnipeg homes?
Municipal assessments are based on market value and comparable sales. This assessment reflects the home's age, smaller size, and likely the condition of the interior and basement, indicating it is priced as a fixer-upper or value-play property.

2. What should I budget for beyond the purchase price?
Given the age of the home (114 years) and the note that the basement is not renovated, prospective buyers should budget for essential maintenance and potential updates. This includes a thorough inspection of the foundation, plumbing, electrical, and roof. The lack of a garage is also a factor for parking and storage costs.

3. Is the lot subdividable or suitable for an addition?
The lot is a standard city size (3,912 sq ft). Whether it can be subdivided or accommodate a significant addition depends on specific City of Winnipeg zoning bylaws and setback requirements. This would require direct verification with the city's planning department.

4. How do the past sold prices influence the current value?
The home sold in 2016 and 2020 in the $12.5k-$16.5k range. These historically low sale prices confirm the property's long-standing position as a value-oriented listing and provide a benchmark, but the current market value will be determined by today's market conditions and the property's present state.

5. Who are the most likely buyers for this property?
This property is best suited for an investor looking for a rental with a low entry cost, or a hands-on first-time buyer with renovation skills who prioritizes low monthly carrying costs over move-in-ready condition. It is less suitable for buyers seeking a modern, low-maintenance home.