Property Overview & Key Characteristics
This is a compact, century-old home (built 1912) on a standard city lot in Winnipeg's Chalmers neighbourhood. Its primary appeal lies in its position as an affordable entry point into homeownership, with a very low assessed value and a modest sale history. The home is notably small, with only 520 sqft of living space, making it one of the most compact houses in its immediate area. It features a detached garage and a basement that is present but not renovated.
This property would suit a specific type of buyer: a budget-conscious first-time buyer, an investor looking for a straightforward rental property, or someone seeking a minimal footprint home with the intention of a potential future expansion or rebuild. Its low ongoing property taxes, due to the low assessment, are a distinct financial advantage. A less obvious perspective is that this home represents a pure "value in the land" proposition; the existing structure provides basic shelter, but the long-term potential may be tied to the lot itself in an established neighbourhood.
Frequently Asked Questions
1. Is this essentially a "tear-down" property?
Not necessarily. While the living area is very small and the home is over 110 years old, it is a functional house with a basement and garage. It could be lived in as-is, renovated, or eventually replaced, giving a buyer multiple options over time.
2. Why is the assessed value so much lower than the last sale price?
The assessed value ($12.5k) is for municipal tax purposes and is often significantly lower than market value, especially for older homes. The last sale price of $110k (in 2016) is a better, though dated, indicator of its market value.
3. What does "below average" for land area mean if the lot is over 2,200 sqft?
The lot is a standard city size, but the data shows that on this specific street and in Chalmers, many properties have larger lots. Compared to the wider city, which includes newer suburbs with much larger lots, it ranks as "below average." For an inner-city neighbourhood, however, the lot size is typical.
4. Who is this not suitable for?
It is not suitable for families needing multiple bedrooms, anyone unwilling to live in a very compact space, or buyers seeking a move-in-ready home without any projects. The unrenovated basement also limits its immediate utility.
5. What is the potential here for an investor?
The low purchase price and correspondingly low property taxes could allow for a positive cash flow as a rental, even with modest rent. The main considerations would be managing maintenance on an older home and attracting tenants comfortable with a small living space.