Property Overview: 305 Inglewood Street
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1912, situated on a standard-sized lot in Winnipeg's King Edward neighbourhood. Its key appeal lies in its position as an affordable entry point into homeownership. With a living area of 692 sqft, the home is notably smaller than most in the city, but its assessed value is proportionally modest, ranking around average for its immediate street and neighbourhood. This presents a specific value proposition: you are paying primarily for the land and location, with the existing structure offering basic shelter and significant renovation potential.
The home features a detached garage and an unrenovated basement. Its recent sale history suggests a stable, lower-price market segment. This property would suit a first-time buyer comfortable with a "fixer-upper" scenario, an investor looking for a rental property with a manageable entry cost, or someone seeking to minimize their footprint and mortgage burden. A less obvious perspective is its potential for a custom rebuild or significant expansion in the future, given that the land holds a substantial portion of the property's current value.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" property?
Not necessarily. While the home is older and smaller than average, it is a functional dwelling. The decision to renovate, expand, or rebuild would depend entirely on the buyer's budget and vision for the property.
2. What does "unrenovated basement" typically imply?
It generally means the basement space is in its original, likely unfinished or minimally finished state. Buyers should budget for potential updates to meet modern standards for moisture control, insulation, and electrical systems if they plan to use the space.
3. How does the assessed value relate to the likely selling price?
The assessed value is for municipal tax purposes and is often lower than market value. Recent sold prices for this specific home (shown in a range) are a more direct indicator of its market value, though the final price is always determined by current market conditions.
4. Who might this property not suit?
It may not suit buyers looking for a move-in-ready home, those who need more space, or anyone uncomfortable with the ongoing maintenance and potential upgrade costs associated with a 114-year-old structure.
5. What are the advantages of a detached garage on a property like this?
A detached garage offers flexible space not just for vehicle storage, but potentially for a workshop, hobby area, or additional storage. It also provides more options for future landscaping or home expansion projects on the lot.