Property Overview & Key Characteristics

This one-and-a-half storey home on Redwood Avenue in Winnipeg’s Inkster-Faraday neighbourhood is a classic, no-frills property with a 1913 build date. Its key appeal lies in its straightforward, functional layout of just over 1,000 square feet of living space, which is typical for the immediate area. The home sits on a modest, sub-2,300 sqft lot and features an unrenovated basement and no garage.

The property’s most notable characteristic is its exceptionally low municipal assessed value, which places it among the most affordable homes citywide. This creates a unique value proposition: it offers an entry point into homeownership with very low property tax obligations. The home suits practical, budget-conscious buyers such as first-time investors looking for a rental property with minimal overhead, or an owner-occupant willing to live with the home’s current condition in exchange for extremely low carrying costs. Its smaller lot size, while below area averages, also means less maintenance.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city average?
Assessed value is based on market value for taxation purposes. This valuation reflects the home’s age, condition, size, and the local market. A value this low is uncommon citywide but indicates significantly lower annual property taxes compared to most Winnipeg homes.

2. What does “basement, not renovated” typically imply?
This usually means the basement is in original or utilitarian condition, with unfinished or dated finishes. It’s functional space for storage or utilities, but not a modern living area. Buyers should budget for potential moisture management or updates if they plan to use the space regularly.

3. How does the smaller lot size affect the property?
The lot is smaller than many in the neighbourhood, which limits expansive outdoor projects or additions but also reduces yard work and upkeep. It’s a practical fit for those prioritizing low maintenance over outdoor space.

4. The home is over 110 years old. What should I consider?
While the structure has proven its durability, a home of this age will have systems (like plumbing and wiring) that may have been updated over time. A thorough inspection is essential to understand the condition of the roof, foundation, and major components, and to plan for ongoing maintenance typical of century-old homes.

5. Who would this property not be suitable for?
It would likely not suit buyers seeking a move-in-ready home with modern finishes, those requiring ample parking or garage storage, or families desiring a large backyard. The value here is in affordability and function, not in immediate comfort or luxury.