Property Overview
This 850 sqft, one-storey home on Rutland Street in Winnipeg's King Edward neighbourhood presents a straightforward, no-frills opportunity. Built in 1913, it sits on a 2,524 sqft lot and features a basement, though it is noted as not being renovated. There is no garage or pool. Its assessed value is $23,500.
Key Characteristics & Appeal
This property’s primary appeal lies in its position as an affordable entry point into the Winnipeg market. It is a modest, century-old home that ranks as average or slightly below average for its immediate street and neighbourhood in terms of size, value, and land, but is notably below the city-wide averages for living space and lot size. This suggests a home for those prioritizing location and budget over square footage.
Its appeal is practical: low property taxes due to the low assessed value, and the potential for customization given the unrenovated basement. The lot, while smaller than many in the city, is typical for the area and offers manageable outdoor space. It would best suit a first-time buyer, an investor looking for a rental property, or someone seeking a minimal footprint who values the character of an older, established neighbourhood like King Edward. A thoughtful perspective is that its "average" standing on its street indicates it fits the local context well, avoiding the premium or the extreme fixer-upper status of some comparables.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
Assessed value is not market value; it's for municipal tax purposes. This valuation reflects the home's age, modest size, and condition relative to newer or larger homes across Winnipeg. Taxes will be correspondingly lower.
2. What does "basement, not renovated" typically imply?
It suggests the basement is in original or functional condition, but not modernized. Buyers should budget for potential updates and consider a thorough inspection for foundational, moisture, or electrical concerns common in homes of this era.
3. How does the smaller lot size impact the property?
The lot is manageable for low-maintenance living but may limit expansion possibilities like a large addition or garage. It is, however, consistent with other properties on Rutland Street.
4. The home sold for between $10.5k-$13.5k in 2017 and $20.5k-$23.5k in 2019. What does this indicate?
This price history shows significant appreciation in a short period, though from a very low base. It highlights the property's role as a low-cost asset, with values that can be influenced significantly by even modest investment or market shifts in affordable segments.
5. Who are the most likely buyers for this type of home?
Given its metrics, the most likely buyers are investors seeking a rental property, very budget-conscious first-time homebuyers willing to take on a project, or individuals looking to own a tangible asset with minimal ongoing tax liability.