Property Overview
This one-storey home at 242 King Edward Street in Winnipeg is a compact, historic property built in 1912. Its primary appeal lies in its exceptionally low financial barrier to entry, with an assessed value significantly below area and city averages. The 698 sqft living space is modest, and the home features a basement that has not been renovated and no garage. The lot size is also smaller than most in the neighbourhood. This is not a move-in-ready property for most; its value is rooted in its price point and potential, rather than its current condition or size.
Key Characteristics & Suitability
The defining characteristic of this property is its affordability. With an assessed value in the bottom tier compared to its street, neighbourhood, and the entire city, it represents one of the most accessible entry points into homeownership in Winnipeg. Its appeal is primarily for value-driven buyers: investors looking for a rental property with very low upfront costs, hands-on homeowners seeking a foundational project to renovate over time, or those prioritizing minimal property taxes and carrying costs above all else. It’s worth a thoughtful look for someone comfortable with a home that is smaller, older, and requires work, in exchange for a uniquely low purchase price.
A less obvious perspective is the lot's potential. While the land area is below average for the street, it may still offer valuable outdoor space for a home of this size. Additionally, its consistent sale history around the assessed value suggests a stable, if niche, market for these ultra-affordable properties, which can be a secure starting point in a volatile market.
Frequently Asked Questions
1. Is this a "tear-down" property?
Not necessarily. While the home is very modest and older, its stable sale history suggests it is habitable and holds value as a dwelling. It is more accurately described as a renovation or holding opportunity rather than a pure land play.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's small size (698 sqft), its age (1912), its unrenovated condition, and its below-average lot size for the area. It is priced for its current state, not its potential.
3. What type of renovation would it likely need?
The listing specifically notes the basement is "not renovated," which is a common starting point. Given the age, buyers should budget for potential updates to essential systems (plumbing, electrical, heating) and general modernization throughout.
4. Who would this property NOT suit?
It would not suit buyers looking for a move-in-ready home, those needing multiple bedrooms or ample space, or anyone unwilling to take on a project. The lack of a garage and smaller lot may also not fit families or those with multiple vehicles.
5. How does the sold price history help me?
The past sold prices, which are close to the current assessed value, indicate a consistent market for such properties. This history helps establish a realistic benchmark for what similar, value-driven buyers have been willing to pay, providing a foundation for your own offer.