Property Overview & Key Characteristics
This is a compact, century-old home in Winnipeg's Archwood neighbourhood, built in 1923. Its key appeal lies in its very low price point and a larger-than-average lot of 3,300 sqft, offering significant land value in a mature, established area. The house itself is quite small at 444 sqft of living space, with an unrenovated basement and a detached garage. Its recent sale price and assessed value are among the lowest in the city, indicating it is a true entry-level or investment property rather than a move-in-ready home.
The property would suit a specific type of buyer: a hands-on investor looking for a hold-and-rent opportunity, a contractor seeking a land-value play with a teardown or extensive rebuild in mind, or an extremely budget-conscious first-time buyer willing to live minimally while planning gradual renovations. Its charm is not in its current condition but in its underlying potential and location within a solid, mid-ranked city neighbourhood.
Frequently Asked Questions
1. Why is the living area so small compared to the lot size?
Homes of this era, especially modest starter houses, were often built with smaller footprints. The large lot was common for the time and now represents the property's most valuable asset, offering potential for expansion, gardening, or future redevelopment.
2. What does "Top 0% in same street" for Living Area mean?
This statistic means that, among the 66 properties on its street with data, this home has the smallest amount of living space. It clearly highlights the compact nature of the existing structure.
3. Is the unrenovated basement finished or usable?
The listing states the basement is "not renovated," which typically means it is unfinished (likely concrete floors and exposed walls/ceilings). It may be used for storage or utilities but is not conditioned living space.
4. Given its age and size, what are the major considerations?
Prospective buyers should prioritize a thorough inspection for foundational integrity, wiring, plumbing, and insulation. At this price point, major systems are likely original or very dated, so budgeting for significant updates is essential. The value is in the land and location, not the building.
5. How does the assessed value compare to the recent sale price?
The property sold for $18.70k in March 2024, which is very close to its $18.50k assessed value. This alignment suggests the market views it primarily for its land and location value, with the existing structure contributing minimal worth.