Property Overview & Appeal

This one-storey home on a generous 3,878 sqft lot in Winnipeg's Jefferson neighbourhood presents a clear value proposition centred on land and potential. Its key characteristic is its significant lot size, which ranks in the top quarter for the street and area, offering ample outdoor space or future expansion possibilities rare for the price point. Built in 1914, the 640 sqft living area is compact and the basement is unrenovated, indicating this is primarily a land play or a candidate for a full-scale renovation or rebuild.

The appeal lies in its affordability and the opportunity it represents. With a very low assessed value, it suits practical buyers looking for an entry into the market, investors considering land banking or redevelopment, and hands-on individuals with the vision and budget to transform a property. A less obvious perspective is its appeal to those seeking a minimalist footprint; the small existing structure could be efficiently updated for a simplified lifestyle, with the large yard serving as a primary living space. It’s important to note that the home’s age and condition mean modern comforts and move-in readiness should not be expected.

Frequently Asked Questions

1. What does "land value play" really mean for this property?
It means the primary worth is in the sizable lot. The existing house has a very low assessed value, suggesting the cost is largely for the land itself, which may be attractive for future development or simply for having a large yard in the city.

2. How significant is the age and condition of the home?
Very significant. Built in 1914, the home will likely require substantial updates to mechanical systems like wiring and plumbing, alongside any cosmetic renovations. The unrenovated basement also suggests potential moisture or foundation considerations.

3. The living area is noted as being in the bottom 2% for Winnipeg. How livable is it?
At 640 sqft, the living space is quite small by modern standards, comparable to a large apartment. It would suit a single person, a couple, or someone comfortable with a very compact layout, emphasizing the need to utilize the large yard.

4. The assessed value seems extremely low compared to nearby references. Why?
The assessed value reflects the municipal valuation for tax purposes, heavily influenced by the home's age, small size, and condition. It indicates the current structure adds minimal value, which is why similar-valued properties in the data are primarily condominium units, not detached houses with land.

5. Who is this property most suitable for?
It is best suited for an investor, a builder, or a very handy first-time buyer with a renovation budget. It is less suitable for anyone seeking a turn-key home or who cannot manage a significant project. The large lot is the main asset for all these buyer types.