Property Overview & Appeal
This one-storey home on a generous 2,753 sqft lot presents a distinct opportunity. Its key appeal lies in its balance of historic character and financial efficiency. Built in 1907, the home has a modest 669 sqft living area, suggesting a cozy, manageable footprint ideal for a minimalist, first-time buyer, or an investor. The standout feature is the land itself—the lot size ranks in the top 30% for the street and top 8% city-wide, offering valuable future potential.
The property’s financial profile is notable. It boasts an exceptionally low assessed value, ranking in the top 5% lowest on its street and top 2% lowest in Winnipeg. This translates to very low property taxes, a significant long-term savings. The home would suit a practical buyer who values land over square footage, sees potential in a gradual renovation, or prioritizes keeping fixed housing costs as low as possible. It’s less about move-in-ready perfection and more about securing an affordable entry into the market with a valuable underlying asset.
Frequently Asked Questions
1. What does the very low assessed value mean for me?
Primarily, it means significantly lower annual property taxes compared to most homes in the city. This is a major advantage for long-term affordability.
2. Is the small living area a concern?
It depends on your needs. It’s ideal for a single person or couple comfortable with a cozy layout. The large lot, however, offers clear potential for a future addition, subject to permits and zoning.
3. How much work might a house from 1907 need?
While the data doesn’t specify condition, a home of this age will likely require updates to mechanical systems (like plumbing and wiring) and insulation. A thorough inspection is essential to budget for necessary repairs versus desired renovations.
4. Why are the comparison properties so varied in size and value?
The comparisons are based primarily on similar assessed value, not similar homes. This highlights how unique this property is—you’re acquiring a large lot at a valuation typically associated with much smaller properties or condos.
5. What’s the real advantage of the large lot here?
Beyond simple outdoor space, it provides flexibility. It could accommodate a garden, storage shed, or parking. Most importantly, it represents a disproportionate share of the property’s value, offering equity and future options that smaller lots do not.