734 Lipton Street

Property Overview: 734 Lipton Street, Winnipeg

Key Characteristics & Appeal

This is a classic one-and-three-quarter storey home in the Daniel McIntyre neighbourhood, built in 1910. With 1,132 square feet of living space, it sits on a 2,346 sqft lot and features a basement that has not been renovated. There is no garage or pool. The home’s assessed value is notably low, which presents a clear opportunity but also requires careful consideration.

Its primary appeal lies in its position as an entry point into the Winnipeg market, particularly for a specific buyer. The very low property taxes, resulting from the low assessment, are a significant and ongoing financial advantage. This isn't just a "fixer-upper" story; it's a strategic base for a hands-on owner. The home suits a practical buyer—perhaps a first-time purchaser, an investor, or a contractor—who views the untouched basement and older systems not as drawbacks, but as a blank canvas to renovate and add value according to their own standards and timeline. While the lot size is modest compared to city-wide averages, it is quite typical for the central, established neighbourhood, offering a low-maintenance outdoor space.

Frequently Asked Questions

1. Why is the assessed value so much lower than nearby similar homes?
This is a key question. A low assessment often reflects that the property has not been significantly updated or renovated in many years. It results in lower property taxes, but it also means the purchase price will largely reflect the value of the land and the structure's potential, not finished living space.

2. What does "one-and-three-quarter storey" mean for the upstairs layout?
This style typically features a full second floor with bedrooms, where the ceiling slopes with the roofline on the sides. The "three-quarter" refers to these sloped ceilings, which can create cozy, character-filled rooms but may limit furniture placement and headroom near the walls.

3. The basement is noted as "not renovated." What should I expect?
You should anticipate a purely utilitarian space with concrete floors and walls, housing the furnace, water heater, and electrical panel. It is suitable for storage and laundry but will require significant investment to be finished as living space.

4. How does the lack of a garage affect daily life and resale?
On-street parking is the norm here. For daily living, this means clearing snow off your car in winter and occasionally searching for a spot. For resale, it aligns with expectations for many older central neighbourhood homes and appeals to buyers seeking a lower-maintenance property without a structure to upkeep.

5. The home sold recently in early 2021. What does that rapid turnaround suggest?
A quick resale can indicate a few scenarios: it may have been purchased as an investment or flip that has now come back to market, or the previous owner's circumstances changed unexpectedly. It's a neutral point that underscores the importance of a thorough inspection to understand the property's current condition.