Property Overview & Key Characteristics
This home at 191 Lynn Lake Drive is a compact, single-story property built in 1985, situated in the Meadows neighborhood of Winnipeg. Its primary appeal lies in its affordability and efficiency, presenting a clear value proposition within the city. With a living area of 680 sqft and an assessed value of $30,900, it stands as one of the most modestly sized and priced homes on its street and in the broader area. The lot size of 4,642 sqft is fairly typical for the neighborhood.
The property’s standout characteristic is its position as an accessible entry point into the housing market. It suits first-time buyers, investors looking for a rental property, or downsizers seeking a low-maintenance, cost-effective home without leaving the city. A thoughtful perspective is that its smaller footprint and below-average assessments could translate to relatively lower property taxes and utility costs, offering long-term budget relief. While it doesn't offer spaciousness, its age places it among the newer homes on its street, potentially implying updates over the years.
Frequently Asked Questions
1. Is this a good investment property?
Given its low assessed value and compact size, it could be a candidate for a rental investment, appealing to tenants seeking affordable accommodations. Its operating costs would likely be lower than for larger homes.
2. How does the assessed value relate to the likely selling price?
The assessed value for tax purposes is often lower than market value. The last recorded sale was between $200k-$250k in 2016. A current market appraisal or comparative market analysis would be necessary to determine today's selling price.
3. What are the implications of the living area being "below average"?
The home is significantly smaller than most in Winnipeg (ranking in the bottom 3% city-wide for size). This means efficient use of space is essential, and it may not suit those needing multiple bedrooms or extensive living areas. Renovations to expand the footprint would be subject to lot coverage bylaws.
4. The data shows the home is newer than most on its street. What does that mean?
Built in 1985, it is newer than many neighboring homes. This can sometimes mean more modern construction materials and standards were used initially, though the specific condition and any updates in the last 41 years are more critical.
5. How can I find out the exact historical sale prices?
The provider notes that exact sold prices are verified manually from their data sources. You can submit your email address via the "Get exact sold price history" button on the listing page to receive that detailed information directly.