Property Overview: 556 Atlantic Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-three-quarter storey home in the Inkster-Faraday neighbourhood presents a distinct opportunity. Built in 1898, it is a character property with a renovated basement, offering 1,096 sq ft of living space on a standard 3,164 sq ft lot. Its appeal lies in its position as a historic, no-frills home with a very low municipal assessed value ($17,100), which suggests potentially lower property taxes. The living space is notably above average for its immediate street, providing good room for the area.

This property would best suit a specific type of buyer: a hands-on purchaser or investor looking for an entry point into the market with a focus on value and potential, rather than move-in-ready perfection. It’s a candidate for those comfortable with the upkeep of an older home or who see opportunity in its foundational stats. The low assessment and recent sale history indicate it may be a practical option for cost-conscious buyers prioritizing equity building over modern amenities, or for those interested in the character and history of a home from the late 19th century.

Section 2: Frequently Asked Questions

1. What does the very low assessed value mean for me?
A low assessed value typically translates to lower annual property taxes, which is a significant ongoing cost saving. However, it’s also a reflection of the municipality’s valuation, which considers factors like the home’s age and condition, and is not a direct market price.

2. The home is from 1898. What should I consider?
While full of character, a home of this age requires careful attention. A thorough inspection is essential to understand the condition of fundamental elements like the foundation, wiring, plumbing, and roof. Its renovated basement is a positive, but the overall structure demands scrutiny.

3. How does the living space compare practically?
At 1,096 sq ft, the living area is spacious for the immediate area and typical for the neighbourhood. It’s important to view the layout in person, as older homes can have room divisions that differ from modern open-concept designs.

4. There is no garage. What are the parking options?
The property listing indicates no garage. Buyers should verify on-site for driveway space or designated street parking permits, which is common in older Winnipeg neighbourhoods.

5. Why is the sold price history presented as a range?
The provided sale range for July 2020 ($155k-$185k) is based on public data. For the exact sale price to inform your offer, you must request it directly from the listing service, as per their noted process. This is a standard practice to ensure accurate data for serious buyers.