Property Overview: 218 King Edward Street
Key Characteristics & Appeal
This is a compact, one-storey home built in 1918, offering a straightforward and manageable footprint with 696 square feet of living space. Its recently renovated basement adds functional living area. The home sits on a smaller lot (2,634 sqft) for the neighbourhood, which translates to less yard maintenance. Key data points show its assessed value is average for the immediate area but well below the Winnipeg citywide average, indicating a potentially accessible entry point into the market.
The primary appeal lies in its simplicity and affordability. It suits a specific buyer: someone seeking a no-fuss starter home, a downsizer looking to minimize upkeep, or an investor searching for a pragmatic rental property. Its charm is functional rather than grand—it’s a home that covers the essentials without complexity. A less obvious perspective is that a smaller, renovated home like this can offer predictable utility costs and a clear scope for any future updates, reducing the "unknowns" that come with larger, older properties. It represents a practical, grounded choice in a market where that is increasingly valuable.
Frequently Asked Questions
1. Is the smaller lot size a disadvantage?
While the lot is below average in size for the street and city, it means significantly less yard work and lower exterior maintenance costs, which can be a positive for buyers seeking a low-maintenance lifestyle.
2. How does the assessed value compare to the likely selling price?
The assessed value is for municipal tax purposes and is often lower than market value. Recent sold price ranges for this home (from 2019 and 2021) were in the $17.5k-$23.5k range, providing a more relevant, though historical, market benchmark.
3. What does "below average" living area mean for daily living?
At 696 sqft, the living space is efficient. It will suit individuals, couples, or those comfortable with compact living. The renovated basement effectively expands the usable space, offering crucial flexibility.
4. Who might this property not suit?
It may not suit families needing multiple bedrooms, those who desire ample indoor or outdoor space for hobbies or entertaining, or buyers looking for a home with significant appreciation potential based on its size or lot.
5. The home is over 100 years old. What should I consider?
While the basement has been renovated, the core structure is from 1918. A thorough inspection is essential to understand the condition of fundamental elements like the foundation, plumbing, electrical systems, and the roof, which are typical focal points for homes of this age.