Property Overview
This one-and-a-half storey home, built in 1927, presents a practical opportunity centered on its generous lot and solid footprint. Its primary appeal lies in the combination of a larger-than-average living space for the area and a substantial 5,173 sqft lot that offers ample outdoor potential. With a detached garage and an unrenovated basement, the property is a straightforward canvas. It last sold in 2022 for $27,800, with an assessed value of $23,500.
Key Characteristics & Ideal Buyer
The home’s standout feature is its land. The lot size ranks in the top 30% on its street and the top 9% within the Chalmers neighbourhood, offering significantly more outdoor space than most local comparables. Paired with a living area (1,398 sqft) that is well above the neighbourhood average, it provides a sense of space both inside and out that is uncommon in this price range.
Its appeal is largely for value-conscious buyers looking for a project or a long-term hold. It suits an investor seeking a rental property with a large yard, a handy homeowner comfortable with gradual updates, or a buyer prioritizing land size over turn-key condition. The unrenovated basement and the home’s age mean it requires vision and likely some investment, but the low price point and sizable lot create a foundation where that investment could be justified. A less obvious perspective is that the significant gap between its assessed value and the city-wide average sale price highlights its position in a specific, more affordable market segment—it’s a property whose value is dictated by its substantial local assets (lot and living space) rather than city-wide norms.
Frequently Asked Questions
1. What does "above average" for living area actually mean?
For the Chalmers neighbourhood, the average living area for comparable homes is about 953 sqft. This home, at 1,398 sqft, is nearly 50% larger, placing it in the top 7% of homes in the area for interior space.
2. Is the basement finished or usable?
The listing specifies the basement exists but is "not renovated." Buyers should anticipate an unfinished space that may require work to be fully functional.
3. How does the sale history inform the current value?
The property sold for $27,800 in June 2022 and previously for $16,500 in August 2019. The 2022 sale price, which is close to the current assessed value of $23,500, is the most relevant recent benchmark.
4. What does the lot size ranking mean for me?
The lot is 5,173 sqft. This is larger than 91% of comparable lots in Chalmers, meaning it offers exceptional outdoor space for gardening, expansion, or recreation compared to most neighbourhood properties.
5. Are there any obvious concerns from the data?
The year built (1927) is older than the Winnipeg city average. While typical for its street and area, it suggests potential for older systems (plumbing, electrical, structure) that a thorough inspection should address. The "below average" city-wide rankings for year built and assessed value simply confirm this is a more mature, affordable neighbourhood compared to the broader Winnipeg market.