Property Overview: 395 Rutland Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1948, situated on a notably larger-than-average lot for its immediate area. With 700 sqft of living space, the house itself is modest and below average in size for Winnipeg, but it sits on a 4,028 sqft property, offering valuable outdoor space that is a premium in the neighbourhood. The assessed value of $210k is around the average for King Edward and Rutland Street, presenting a relatively accessible entry point into the market.
The primary appeal lies in its land value and potential. The generous lot size for the area provides room for gardening, expansion, or future redevelopment, which is a significant advantage not always found in established neighbourhoods. It suits first-time buyers or practical investors looking for a lower-maintenance, single-level footprint without sacrificing yard space. It’s a property where the value is grounded more in the land and location than in the current structure, appealing to those who see long-term potential or who prioritize outdoor privacy over expansive indoor living areas.
Frequently Asked Questions
1. Is this a "tear-down" or renovation project?
Given the home's smaller size and age, some buyers may consider eventual replacement. However, its assessed value being in line with the street suggests it is currently functional as a home. The decision would depend on a buyer's budget and vision for utilizing the large lot.
2. How does the lot size compare to nearby properties?
The land area of 4,028 sqft ranks in the top 28% on Rutland Street, meaning it is significantly larger than many of its direct neighbours, whose lots average about 3,297 sqft.
3. What is the neighbourhood like?
It's located in King Edward, a central Winnipeg neighbourhood. The property metrics show it is typical for the area in terms of assessed value and year built, indicating a stable, established community of primarily mid-century homes.
4. Why was the last sold price so low?
The recorded sale in 2017 was between $15.5k and $18.5k, which is dramatically lower than the current assessed value. This typically indicates a prior sale that was not an arms-length market transaction (such as between family members) and should not be used as a benchmark for current market value.
5. What are the main compromises?
Buyers should be prepared for a home with below-average living space (700 sqft) and the maintenance considerations that come with a 78-year-old house. The appeal is balanced between the benefits of the lot and the compromises of the existing structure.