Property Overview
This 872 sqft, one-and-a-half storey home, built in 1910, sits on a 2,310 sqft lot in Winnipeg's Earl Grey neighbourhood. Its key characteristic is its exceptionally low assessed value, which is among the lowest in the city. The home has a basement that has not been renovated and does not include a garage or pool.
The primary appeal lies in its position as a true entry-point into the Winnipeg housing market, particularly for a mature, established neighbourhood. It represents a minimal property tax burden and a low-cost opportunity for a hands-on buyer. This property would suit a specific type of buyer: an investor looking for a rental property with very low carrying costs, or a highly budget-conscious first-time buyer or renovator with the skills, time, and capital to modernize the home over time. It's not a move-in-ready option, but a foundational project.
A less obvious perspective is its potential as a "lot value" play. The home's value is almost entirely in the land within a desirable area, offering long-term redevelopment potential. Additionally, its modest size and low overhead could appeal to someone seeking extreme financial simplicity or a minimalist lifestyle in a central location.
Frequently Asked Questions
1. Why is the assessed value so much lower than other homes?
The assessed value reflects the property's current state, age, and smaller size relative to others. It indicates the home likely requires significant updates and modernization, which is factored into the official valuation.
2. What does "basement, not renovated" typically mean?
It suggests the basement is in original or functional condition, but not finished as modern living space. Buyers should budget for potential updates to foundations, insulation, moisture control, and mechanical systems.
3. Is this a good neighbourhood for a first-time buyer?
Earl Grey is a mature, established neighbourhood with character. For a first-time buyer, it offers a central location. The suitability depends on the buyer's appetite for a project home, as this property requires more investment in sweat equity or renovation funds than a typical starter home.
4. How does the small lot size affect the property?
The lot is below average in size for the area. This means lower maintenance but may limit expansion possibilities like a large addition or garage. The focus is on the existing home's footprint.
5. The home sold recently in 2023. What does that indicate?
The recent sale suggests the property is likely being turned over fairly quickly. It underscores its role as an entry-level or investment property. Reviewing the past sale price can provide insight into current market momentum for such unique, value-driven listings.