274 Redwood Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a 1,224 sqft home on a 3,227 sqft lot, built in 1899, with an assessed value of $72,000. What stands out is the gap between the living space and the valuation. The home is larger than most on its street—ranking in the top 19% for living area—but its assessed value sits near the very bottom, both locally and citywide. That suggests either significant deferred maintenance, outdated systems, or a property that hasn’t kept pace with the neighbourhood’s rising values.

The land area is essentially average for the street and neighbourhood but small by citywide standards. Year built is older than nearby homes, which isn’t unusual for the area but could mean higher upkeep costs or less efficient construction.

Where the appeal lies: This property offers a sizeable footprint at a low price point, which is rare. For a buyer willing to invest in substantial renovations or a full rebuild, the low assessment could translate into a favourable purchase price and potentially lower property taxes in the short term. The neighbourhood (William Whyte) is mixed, so resale will depend heavily on what you put in.

Who it suits: Cash buyers or investors with renovation experience who aren’t looking for a turnkey home. First-time buyers with very limited budgets and a tolerance for major work might also consider it, but financing could be challenging due to the property’s condition and age. It’s not well suited for someone who needs a move-in-ready home or wants a quick flip in a high-demand area.

Five Possible FAQs

1. Why is the assessed value so much lower than the neighbourhood average, even for an older home?
The assessed value is $72,000, compared to the neighbourhood average of $149,100. This typically points to below-average condition—things like outdated electrical, plumbing, roofing, or interior finishes. The city’s assessment reflects what a buyer would likely pay for the property as it stands, not what it could be worth after work.

2. Is the age of the home a major concern?
It was built in 1899, making it one of the oldest homes on the street and in the area. Older homes can have structural issues, lead paint, knob-and-tube wiring, or foundation problems. A thorough inspection is essential. That said, older homes in Winnipeg often have solid bones if they’ve been maintained, but this property’s low value suggests limited recent upkeep.

3. How does the living area compare to similar homes?
At 1,224 sqft, it’s larger than most on its street (top 19%) and in its neighbourhood (top 35%). Citywide it’s more average, but for the price, you’re getting above-average square footage. Just keep in mind that usable space may depend on the layout and condition of interior rooms.

4. What are the potential costs after purchase?
Beyond the purchase price, expect costs for a full inspection, permits, and likely a gut renovation or major upgrades. Because the value is so low, you may also face stricter lending requirements. Some buyers find that renovation costs in Winnipeg (especially for older homes) can quickly exceed the resale value in this neighbourhood.

5. Is this property likely to appreciate in value?
That depends on what’s done to it. The neighbourhood is not currently appreciating at a high rate compared to other parts of the city. The land itself is modest in size, so future gains will come almost entirely from improvements to the structure. If you can bring the condition up to neighbourhood standards, the low entry point could allow for decent returns—but it’s not a guaranteed high-growth area.