Property Overview & Key Characteristics
This one-and-a-half storey home on Prosper Street in Winnipeg's Archwood neighbourhood presents a classic character property with significant potential. Built in 1922, it sits on a generous 3,298 sqft lot, which is notably larger than most in the immediate area. The home itself offers 1,168 sqft of living space and includes a detached garage and an unrenovated basement.
Its primary appeal lies in its value as a solid, well-located foundation. The lot size is a standout feature, offering room for gardens, expansion, or future outdoor living. While the home requires updating, its assessed value is remarkably low, which can be attractive for tax-conscious buyers or those looking for a project. It would best suit a hands-on buyer—a renovator, an investor looking for a long-term hold, or a first-time purchaser with a vision and a budget for gradual improvements. The neighbourhood rankings suggest a stable, established area, making it a practical entry point into the market.
Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
The assessed value is used for municipal tax calculations and often lags behind market value, especially after a recent sale. The significant difference here suggests the property may be due for a reassessment, so future property taxes could rise.
2. What does "one-and-a-half storey" typically mean for a home of this era?
This style usually features a main floor with principal rooms and a second floor under sloped roofs, creating cozy bedrooms with potentially lower ceilings. It's a charming, traditional layout common in early 20th-century Winnipeg homes.
3. The basement is noted as "not renovated." What should I expect?
Expect a functional, unfinished space typical of the era—likely concrete floors and walls, housing the furnace and utilities. It offers ample storage and future potential but will require significant work to become finished living space.
4. How does the lot size compare to nearby properties?
At 3,298 sqft, this lot is in the top 15% for size within the broader Archwood neighbourhood. This is a key advantage over many neighbouring properties, providing more private outdoor space.
5. The home last sold in late 2021. What might have changed since then?
While the core structure remains, market conditions and interest rates have shifted. The current offering likely reflects a reassessment of value in the current market, presenting a different opportunity than it did three years prior.