Property Overview
413 Winchester Street is a one-and-a-half storey home in Winnipeg's Deer Lodge neighbourhood, built in 1920. Its key appeal lies in the combination of a generous, above-average lot and a price point that sits significantly below area averages, presenting a clear value proposition for a specific set of buyers.
Key Characteristics & Buyer Profile
The home itself is modest, with 1,024 sqft of living space that is below average for the street and city. It features a basement that is noted as not being renovated. There is no garage or pool. The standout physical feature is the 6,002 sqft lot, which is larger than most in the immediate area and offers substantial outdoor space relative to the home's footprint.
Its primary appeal is its accessible price. With a current assessed value far below local averages, it represents a lower barrier to entry into the Deer Lodge community. This positions the property not as a move-in-ready dream home, but as a strategic opportunity. It would suit a hands-on buyer looking for a long-term project—someone who values land size over a modernized interior and is prepared to renovate over time. It could also appeal to an investor seeking a land-value play in a well-established neighbourhood. A less obvious perspective is that the large lot and low structure value might make it a candidate for future expansion or redevelopment, subject to local zoning, offering potential that isn't available on smaller, more built-up parcels.
Frequently Asked Questions
1. Why is the assessed value so much lower than neighbouring homes?
The assessed value is based on the property's current state, including the older, unrenovated home and its below-average living area. It primarily reflects the value of the land and the existing structure as-is, not a renovated or expanded potential.
2. What does "not renovated" for the basement typically imply?
This usually indicates original or older finishes, mechanical systems, and possibly moisture concerns common in homes of this era. Buyers should budget for updates and include a thorough inspection to understand the scope of work needed.
3. Is the large lot a benefit for future expansion?
Potentially, yes. The lot size is a key asset. While any expansion would require permits and adherence to zoning bylaws, the property offers more flexibility for additions, a garage, or landscaping than many standard lots in the area.
4. How does the sale history (last sold in 7/2022 for $300k) relate to the current assessed value?
The 2022 sale price provides a recent market benchmark. The current assessed value being lower suggests the municipality views the property's taxable value as less than that purchase price, possibly due to its condition. It's important to note that assessed value is for taxation and may not reflect current market value.
5. What are the practical implications of having no garage?
Buyers should consider the cost and logistics of adding off-street parking, especially during Winnipeg winters. The large lot does provide space to potentially build a garage or parking pad, which would be a valuable future investment.