Property Overview & Appeal
This one-and-three-quarter storey home, built in 1907, presents a classic Winnipeg character property on a generous 3,682 sqft lot. Its key appeal lies in its foundational potential. The home has a functional, unrenovated basement and a living area that is above average for its immediate street. While the interior offers a modest 968 sqft, the lot size is notably larger than many in Winnipeg, ranking in the top 22% city-wide. This combination suggests a property where the value is anchored in the land and the original structure, offering a canvas for renovation or expansion. The very low assessed value indicates a property with significant room for equity growth through improvements.
It would suit a specific type of buyer: a hands-on renovator looking for a project with a solid footprint, an investor seeking a property with a strong land-to-structure value ratio, or a buyer prioritizing lot size over move-in-ready finishes. Its age and condition mean it appeals less to those seeking immediate, modern convenience and more to those with a vision for its underlying potential.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean?
This is a common Winnipeg architectural style, typically featuring a full main floor and a second floor where the roofline slopes inward, creating smaller but functional upper rooms with characterful sloped ceilings.
2. The assessed value seems very low. What does this indicate?
A low municipal assessment often reflects the current, unrenovated state of the home rather than its market potential. It can signal an opportunity to add significant value through updates, which would then be reflected in future assessments and market value.
3. What are the implications of the "unrenovated" basement?
This means the basement is in its original or functional state, not modernized. It provides essential utility space and structural access but will likely require addressing moisture proofing, insulation, and finishes to become a comfortable living area.
4. How does the lot size benefit a buyer?
The larger-than-average lot provides valuable outdoor space, better potential for parking or a garage addition, and increased privacy from neighbours compared to tighter lots. It is a permanent asset that adds long-term value.
5. The home is over a century old. What should I prioritize in an inspection?
Beyond standard systems, focus on the foundation integrity, original wiring and plumbing, roof condition, and historical materials like lath and plaster. Understanding the state of these core elements is crucial for planning a realistic renovation budget.