Property Overview: 701 Anderson Avenue

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1913, presenting a straightforward and affordable entry point into Winnipeg’s housing market. Its key characteristic is its modest scale, with a living area of 480 sqft on a 2,208 sqft lot, placing it well below average in size for the street, neighborhood, and city. The home features a renovated basement, but no garage or pool.

Its primary appeal lies in its low financial barrier to entry, reflected in its assessed value of $150k, which is significantly below the citywide average. This makes it a candidate for budget-conscious buyers, including first-time purchasers or investors seeking a rental property with minimal upfront capital. The renovated basement adds functional living space, which is a crucial upgrade for a home of this size. A less obvious perspective is that such a small, historic home on a standard city lot offers a clear redevelopment opportunity for the future, whether as a tear-down or a foundation for a significant expansion, making it a potential long-term play in an established neighborhood.

This property would best suit a pragmatic buyer who prioritizes location and affordability over immediate space and modern finishes. It could work for a single person, a couple without children, or an investor comfortable with managing a smaller rental unit. It is not suited for those requiring multiple bedrooms, ample storage, or extensive outdoor space.

Section 2: Frequently Asked Questions

1. What does the assessed value of $150k indicate about this property?
The assessed value is a municipal valuation for tax purposes and is notably low, placing it in the bottom third of homes in the Inkster-Faraday area. This suggests a very affordable purchase price and corresponding property taxes, but it also reflects the home’s age, small size, and likely basic condition relative to the broader market.

2. How significant is the 480 sqft living area?
It is very compact. For context, it’s roughly half the size of the average home in the immediate neighborhood. Efficient use of space is essential, and the renovated basement is a key asset for adding necessary functional areas like a laundry room, storage, or a secondary living space.

3. The home last sold in late 2017 for between $9.5k and $12.5k. What does that mean?
This extremely low sale price from several years ago is more indicative of a distressed sale, a non-arms-length transaction, or a property in need of major renovation at that time. It highlights the property’s potential for significant appreciation from that base but should not be used as a direct benchmark for its current market value.

4. What are the implications of the lot size?
At 2,208 sqft, the lot is smaller than most in the area but is still a standard city parcel. While it doesn’t allow for extensive yards, it is sufficient for parking and basic outdoor space. Its true value may be as a future building lot, offering potential that the current small house does not.

5. Who should consider the "Nearby" and "Similar Value" comparison listings?
The "Nearby" listings show what is physically adjacent, useful for evaluating the immediate streetscape. The "Similar Value" listings, which may include condos or homes in different neighborhoods, are more instructive for buyers focused strictly on a specific budget. They highlight what else is available at the $150k price point across Winnipeg, underscoring the trade-offs between location, property type, and size.