Property Overview
This one-and-a-half storey home, built in 1916, presents a straightforward opportunity in Winnipeg's King Edward neighbourhood. With 1,010 square feet of living space and an unrenovated basement, it sits on a modest 2,702 sqft lot. The home has no garage or pool. Its most defining characteristic is its exceptionally low municipal assessed value of $16,300, which places it in the bottom 12% of homes on its street and the bottom 4% citywide. It last sold in mid-2023 for an estimated $16,500 - $19,500.
Key Characteristics & Appeal
The primary appeal of this property is its position as an entry-point investment or renovation project. Its assessed value and recent sale price are significantly below typical city and area averages, suggesting a lower initial financial barrier. The living space is fairly typical for older homes in the immediate area, though the lot size is smaller than most. Its appeal lies not in move-in-ready condition or amenities, but in its potential and affordability.
It would best suit a buyer with a clear vision and budget for improvements, such as an investor looking for a hold-and-rent property, or a hands-on individual seeking an affordable footprint to customize over time. A less obvious perspective is that its low fixed costs (like property taxes, tied to assessment) could be a strategic advantage for a long-term holding strategy. However, the unrenovated basement and older age mean systems and structure should be a primary focus for any buyer.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Extremely low assessments are often due to a combination of the home's age, smaller lot size, lack of major updates, and its specific location within the broader market. It reflects the city's valuation of the property in its current state, not necessarily its potential after renovation.
2. What does "one-and-a-half storey" mean for this home?
Typically, this style involves a main floor with a steeper roof line, where the upper "half" storey may have smaller rooms with sloped ceilings. It's a common architectural style for homes of this era and can offer unique character but may have space limitations compared to a full two-storey.
3. The home sold recently in 2023. What should I consider?
The short ownership period suggests it may have been purchased as a flip or investment. It's crucial to determine what, if any, work was done since that sale and to verify that all permits were closed properly. The resale also provides a very recent market price point to consider.
4. How does the smaller lot size impact the property?
The lot is below average for the street and city. This means lower exterior maintenance but also limits expansion possibilities, parking options, and outdoor private space. It's a trade-off that contributes to the lower valuation.
5. Where can I get the exact historical sold price?
The listing service notes that exact sale prices are not publicly displayed in their detail. They offer to provide this information manually via email upon request, at no cost and without marketing spam.