Property Overview
This 622 sqft, one-storey home on a 4,000 sqft lot in Kern Park presents a straightforward entry point into Winnipeg’s housing market. Built in 1929, its key characteristic is its compact size and modest assessed value, which are significantly below area and city-wide averages for living space. The home has a basement but it is not renovated, and there is no garage or pool. Its appeal lies almost entirely in its affordability and lot potential. It suits a very specific buyer: someone seeking a minimal footprint to live in while saving, an investor looking for a rental property with lower entry costs, or a buyer with the vision and capability to significantly update or potentially rebuild on a well-located lot in the future. A less obvious perspective is that a home of this size and vintage, while requiring work, offers a chance to minimize ongoing utility and maintenance costs compared to larger, newer homes.
Frequently Asked Questions
1. Is this a "tear-down" property?
While the living area is notably small and the basement is unrenovated, the decision to renovate or rebuild depends entirely on the buyer's budget and goals. The lot size is average for the immediate area, which could support a new structure, but the existing home may also be suitable for a careful, budget-conscious renovation.
2. What are the main drawbacks to consider?
The living space is among the smallest in the neighborhood and city. The lack of a garage and an unfinished basement limit storage and utility. Buyers should anticipate needing to invest in updates, as the property presents as a basic starting point.
3. Who would this property not be suitable for?
It would not suit buyers needing move-in-ready condition, those requiring multiple bedrooms or ample living space, or anyone who needs garage parking. It is also likely not a fit for families expecting room to grow within the existing footprint.
4. How does the sold price history inform its value?
The last known sale was in 2019 for a very low price (between $15.5k and $18.5k), while the current assessed value is $210k. This dramatic increase suggests a major change in assessment, possibly due to market shifts or a prior sale under unique circumstances. It underscores the importance of getting a current market valuation.
5. What is the potential here for an investor or long-term buyer?
The potential is in the land and location within Kern Park. An investor might see it as a lower-cost rental opportunity. A long-term buyer could view it as an affordable way to enter the neighborhood, live minimally, and build equity to fund a future expansion or renovation when finances allow.