Property Overview
This two-storey home at 88 Rampart Bay in Winnipeg's Maybank neighbourhood presents a solid, no-frills opportunity. Built in 1954, its key appeal lies in its efficient size (1,032 sq ft living area) on a generous 3,624 sq ft lot, offering a balance of manageable interior space and outdoor potential. A key feature is its renovated basement, adding valuable finished space. The home lacks a garage and pool, keeping maintenance simpler.
Its primary appeal is grounded in value and location. With an assessed value notably lower than many direct comparisons in the area, it represents an accessible entry point into a stable neighbourhood. The lot size ranks highly for its street, suggesting room for expansion, gardening, or outdoor living—a valuable asset not always found in this price range. It would suit first-time buyers seeking a structurally sound home to grow into, practical downsizers looking for a low-maintenance footprint without a tiny lot, or value-oriented investors attracted by the below-average assessment in a well-ranked area of Winnipeg.
Frequently Asked Questions
1. Why is the assessed value significantly lower than some nearby homes?
While the exact methodology isn't public, lower assessments often reflect a home's original condition in key areas (like kitchens or bathrooms), smaller living area relative to lot size, or the lack of certain features (like a garage). It can represent a value opportunity for buyers willing to make updates over time.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. Buyers should inquire about the quality of the finish, ceiling height, permits, and whether it includes a bathroom or legal secondary suite potential, as these details greatly impact value and utility.
3. Is the lack of a garage a major drawback?
This depends on lifestyle. For some, it's a deal-breaker. For others, it simplifies upkeep and reduces costs. The large lot does offer potential for adding a garage or a substantial shed in the future, subject to local bylaws.
4. How does the 1954 build year affect the home?
Homes of this era are typically built with sturdy materials but will likely have older major systems (like plumbing, electrical, and the roof). A thorough inspection is crucial to understand the remaining lifespan of these components and plan for eventual updates.
5. The home sold in 2021 for $24.5k, but is now assessed at $25.6k. What does this mean?
This indicates stable municipal valuation over three years, with a modest increase. It's important to note that assessed value is for tax purposes and doesn't directly predict market sale price, which can be higher based on buyer demand and recent market conditions.