Property Overview
288 Rutland Street is a compact, one-and-a-half storey home built in 1913, situated on a standard city lot in Winnipeg's King Edward neighbourhood. Its primary appeal lies in its position as an entry-point property with a very low assessed value, one of the most modest in the city. The home has an unfinished basement and no garage. While its living space is typical for its immediate street and area, it is notably smaller than the Winnipeg average. This is a property defined by its fundamentals: it offers basic shelter and land ownership at a bottom-tier price point in the market.
Key Characteristics & Ideal Buyer
The key characteristic of this home is its exceptionally low property tax burden, as reflected in its assessed value which ranks in the bottom 10-15% locally and city-wide. Its appeal is almost entirely financial, suited for a specific type of buyer. It would best suit a hands-on investor looking for a bare-bones rental property, or an extremely budget-conscious first-time buyer willing to live minimally while building equity. The lot size is average for the street, suggesting potential for expansion or redevelopment is limited compared to larger lots elsewhere, but may be viable for the right project. A less obvious perspective is that a home with values this low can sometimes represent a "placeholder" asset—a way to enter the market with minimal debt, allowing the owner time to save or plan for a future build or move, all while benefiting from any broader market appreciation. It is not suited for those seeking move-in readiness, modern finishes, or space for a growing family.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is based on factors like lot size, building size, age, condition, and market trends. This home's small size (836 sq ft), age (1913), and lack of renovations contribute to a value significantly below the norm for Winnipeg.
2. What does "one-and-a-half storey" mean for this house?
Typically, this style features a main floor and a second floor under sloping roof lines, often with smaller rooms or dormers. It suggests functional but potentially cramped upper-level space, common for homes of this era.
3. The last sale was listed between $14.5k-$17.5k. Is that the full purchase price?
Yes, that range reflects the publicly recorded sale price from 2019. Such a price indicates the property was likely sold for land value or as a tear-down/investment property at that time, not as a conventional family home.
4. Is the unfinished basement a major drawback?
It depends on your goals. For an investor or ultra-budget buyer, it means lower taxes and no costly finished space to maintain. For someone wanting livable space, it represents a significant future expense to renovate and moisture-proof an old basement.
5. How does the lot size impact future potential?
At 2,523 sq ft, the lot is average for Rutland Street but below average for the wider area and city. This means any future expansion or new construction would need to adhere to tighter size constraints, potentially limiting the scale of a renovation or rebuild compared to properties on larger lots.