Property Overview: 724 Lipton Street, Winnipeg
Key Characteristics & Appeal
This one-and-three-quarter storey home, built in 1911, presents a practical opportunity in Winnipeg's Daniel McIntyre neighbourhood. With 1,136 sqft of living space, it sits around the average size for the area, offering a functional layout typical of its era. The property includes a basement (not renovated) and sits on a 2,346 sqft lot. Notably, its assessed value is significantly below both the neighbourhood and city-wide averages, indicating a potentially accessible entry point into the market.
The primary appeal lies in its value proposition and location. It suits buyers looking for a straightforward, no-frills home to live in while building equity, or an investor seeking a rental property with a lower initial outlay. Its unrenovated state allows a new owner to customize updates according to their own budget and taste over time. A thoughtful perspective is that while the lot is smaller than average, this can mean less maintenance, which is ideal for those seeking a simpler footprint in a central, established community.
Frequently Asked Questions
1. What is the significance of the home's assessed value being so much lower than average?
This typically indicates the property is valued well below most homes in its comparison groups. It can suggest a more affordable purchase price, but buyers should investigate the reasons, which can include the property's condition, specific location on the street, or the timing of the assessment.
2. Is the unrenovated basement a major concern?
It depends on your plans. The basement presents both a consideration for potential moisture or foundational issues during an inspection, and an opportunity. For a buyer comfortable with projects, it represents blank space to finish for additional living area or storage as budget allows.
3. Who would this property be most suitable for?
It's well-suited for first-time homebuyers prioritizing getting into the market over move-in-ready condition, or for practical investors. It's less suited for those seeking a large yard, modern finishes, or a turnkey property without any project work.
4. How does the 1911 build year affect the home?
Homes from this era often feature solid construction and classic layouts, but likely require updates to electrical, plumbing, or insulation to modern standards. An inspection is crucial to understand the condition of these older systems.
5. The home sold recently in late 2022. What does that mean?
The recent sale provides a clear, modern price benchmark, which is valuable for understanding the current market value beyond the government assessment. It suggests the property has changed hands relatively recently in a known market climate.