Property Overview: 313 Kensington Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-and-a-half storey home built in 1918, offering 912 square feet of living space on a 2,498 sqft lot in the Kensington neighborhood. Its most defining characteristic is its exceptionally low municipal assessed value, which places it in the bottom 3% of homes both locally and citywide. This indicates a property with significant renovation needs or unique circumstances. The home has a basement (not renovated) and no garage or pool.
The primary appeal lies in its potential as an entry point into the Winnipeg market, likely appealing to investors, contractors, or very hands-on buyers looking for a foundational project. Its lot size is manageable for the area, and the home itself is not the smallest on the street, suggesting a workable canvas. This property suits a specific buyer: one who is less concerned with move-in readiness and more focused on underlying value, land potential, or the opportunity to build substantial equity through sweat equity or a complete overhaul. A less obvious perspective is that its low tax assessment could be a temporary financial advantage for a buyer planning a hold-and-renovate strategy.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value is based on the property's current state. A value this far below area averages strongly suggests the home requires major repairs, updates, or possibly has other factors affecting its valuation, making a thorough inspection and review of assessment details essential.
2. What does "basement, not renovated" typically imply?
It confirms the basement exists but is in original or unfinished condition. Buyers should anticipate foundational systems (like plumbing, electrical, or insulation) that may need upgrading and should budget for potential moisture control or waterproofing.
3. Who would this property be most suitable for?
It is best suited for investors, flippers, or owner-occupants with renovation experience and capital. It is not ideal for first-time buyers seeking a turnkey home or anyone unable to manage a significant project.
4. How does the lot size compare, and what does that mean for potential?
The lot is below the city average but closer to the local street average. It provides reasonable outdoor space for a home of this era in Kensington but may limit possibilities for large additions. Any expansion plans would require careful review of zoning bylaws.
5. The last sold price range (2017) is also very low. What does this history indicate?
The historical sale price aligns with the low current assessment, reinforcing that the property has been in a below-average condition for some time. It highlights a long-term value trajectory that a new owner would be aiming to change through investment.