Property Overview: 346 Woodlawn Street, Deer Lodge, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1914, presents a unique value proposition centered on its lot and location rather than its current condition. With 1,206 sqft of living space and a 4,804 sqft lot, its size is average for the area, but its assessed value is notably low compared to neighbours. This indicates a home that requires significant updating, as it features an unrenovated basement and no garage.
Its core appeal lies in its potential. The below-average valuation for a solidly sized lot in the established Deer Lodge neighbourhood creates a clear opportunity for buyers looking to enter the market at a lower price point, with the intention of renovating or rebuilding over time. It suits hands-on buyers, investors looking for a hold-and-improve property, or those with a vision to customize a home without the premium of a move-in-ready property. A thoughtful perspective is its appeal as a "blank canvas" in a mature neighbourhood—offering the established trees and community character of Deer Lodge without the cost typically associated with it, ideal for someone wanting to put their own stamp on a home.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The significantly lower assessment is primarily due to the home's age, its unrenovated state (including the basement), and the lack of features like a garage. The valuation reflects the current condition rather than the potential of the land.
2. What does "one-and-a-half storey" mean for this house?
Typically, this style features a main floor with principal rooms and a second floor under sloping roof lines, often with cozier, dormered bedrooms. It's a classic Winnipeg design, but ceiling heights and layout on the upper floor can vary.
3. Is the land size suitable for an addition or future garage?
The lot is a standard width and depth for the area. While the nearly 4,800 sqft provides good outdoor space, any major addition or new garage would need to comply with current zoning bylaws regarding setbacks and lot coverage, which should be verified.
4. How recent are the sale prices listed, and what do they indicate?
The property sold very recently in April 2024 for $22,500. This follows a previous sale in August 2022 for $220,000. The 2024 sale price, aligning closely with the low assessed value, strongly suggests a transfer to a related party or a sale of the property "as-is" for land value, not a typical arm's-length market transaction.
5. What are the less obvious costs to consider?
Beyond renovation costs, a home from 1914 may have outdated wiring, plumbing, and insulation. Budgeting for essential updates to meet modern standards and efficiency should be a primary consideration, alongside any cosmetic improvements.