Property Overview: 86 Watt Street, Winnipeg
Key Characteristics & Buyer Appeal
This is a compact, century-old one-storey home in the Chalmers neighbourhood, built in 1913. Its key characteristic is its modest scale, with 775 sq ft of living space on a 2,454 sq ft lot. The home presents as a straightforward, entry-level property with an unfinished basement and no garage. Its appeal lies primarily in its affordability and lot potential. The very low assessed value and historical sale price point to a property that is likely a fixer-upper or a candidate for land value redevelopment. It would suit a specific type of buyer: a hands-on first-time purchaser looking for a project, an investor considering a hold-and-renovate strategy, or someone primarily interested in securing an affordable lot in the city. A less obvious perspective is that its smaller lot size, while below area averages, may be more manageable for a new homeowner and could keep property taxes relatively lower compared to the neighbourhood. Its age and condition suggest it requires vision and investment to realize its potential.
Frequently Asked Questions
1. What does the "below average" ranking for land area mean?
The lot size is smaller than most properties on its street and in the wider Chalmers area. However, at just under 2,500 sq ft, it remains a standard city lot, offering potential for outdoor space or future expansion.
2. Why is the assessed value so much lower than the last sale price?
The assessed value is for municipal tax purposes and can lag behind market values. The significant gap between the 2019 sale price of $130k and the current assessed value of $13.2k may indicate the home is in need of significant updates or that the assessment is due for review.
3. Is the unfinished basement a drawback?
It depends on your goals. While it adds no finished living space, it provides essential mechanical systems and considerable storage or future development potential, which is a positive for a buyer planning renovations.
4. Who might this property not be suitable for?
It is likely not suitable for buyers seeking a move-in ready home, those needing multiple bedrooms or ample living space, or anyone unwilling to take on maintenance or renovation projects typical of a 110+ year-old house.
5. How should I interpret the comparison to nearby "similar assessed value" properties?
This shows other properties with the same municipal tax assessment. They are not necessarily similar in style or condition. This list underscores that this is an entry-point property in the Winnipeg market, and viewing it in person is essential to understand its specific state and value.