4 Hoban Street

Property Overview

This is a compact, one-storey home built in 1910 on a standard city lot in Brooklands. Its primary appeal lies in its land value and potential, rather than the existing structure. The 633 sq. ft. living area is notably modest, ranking below average for the neighbourhood and city. However, the lot size of 2,424 sq. ft. is more in line with local street averages. The home last sold for $13,500 in mid-2022 and carries a current assessed value of $120,000, which is significantly below the Winnipeg average, indicating the valuation is heavily weighted toward the land.

This property would suit a specific type of buyer: an investor or handy purchaser looking for a land-value opportunity with a tear-down or major renovation project in mind. It’s not a move-in-ready home. Its low price point and standard lot size make it a potential entry point for someone wishing to build new or substantially rebuild, particularly given its age (116 years). It may also appeal to those seeking a minimal footprint with a focus on outdoor space or future development.

Frequently Asked Questions

1. Why is the assessed value so much higher than the recent sale price?
The 2022 sale price of $13,500 likely reflected the value of the aging structure at that time. The current $120,000 assessment is almost certainly a land-value assessment, recognizing the potential of the lot itself for redevelopment or significant improvement.

2. What should I budget beyond the purchase price?
Given the age and size, buyers should budget for immediate systems updates (like wiring and plumbing) or be prepared for a full rebuild. Renovation costs for a home of this vintage can be high relative to its size, so a thorough inspection is crucial to understand the scope.

3. Is the lot size a pro or a con?
It’s a relative strength. While below the city average, the lot is around average for the immediate street. For a small home or a new compact build, it provides adequate outdoor space. It’s large enough to be functional but not so large as to be unmanageable or overly expensive from a property tax perspective on a rebuilt home.

4. How does the age of the home affect insurance and financing?
A 116-year-old home can pose challenges. Some insurers may have restrictions or higher premiums for very old properties, and lenders may require specific inspection conditions. It’s important to consult with insurance brokers and mortgage advisors early in the process.

5. What is the realistic potential here?
The realistic scenarios are either a careful, budget-conscious renovation to preserve a historic small home or a planned eventual tear-down to build new. The data suggests the neighbourhood sees newer and larger homes, so a new build that fits the lot’s dimensions could align well with area trends.