Property Overview & Key Characteristics
This one-and-a-half storey home, built in 1909, presents a classic Winnipeg character property with significant potential. Its key appeal lies in a combination of a large lot, a central location in the historic St. John's neighbourhood, and a very low municipal assessed value, which suggests a notable opportunity for equity building. With 876 sqft of living space and a full, unrenovated basement on a 2,159 sqft lot, the home is a blank canvas.
The property ranks exceptionally high for its lot size within its street, neighbourhood, and city, indicating a relative scarcity of land in the area. Its assessed value is in the top 1% of the street, meaning it is valued significantly lower than its immediate neighbours—a double-edged sword that points to both a need for modernization and a clear path to increasing its value through renovation. This home would suit a hands-on buyer, an investor looking for a hold-and-renovate project, or someone seeking an affordable entry into a well-established neighbourhood with the patience to restore a historic property. It’s less suited for those seeking a move-in-ready home without a renovation budget.
Frequently Asked Questions
1. What does the very low assessed value indicate?
It primarily indicates that the property is assessed well below neighbouring homes, often due to a lack of recent updates or renovations. This results in lower property taxes now but represents a major opportunity to increase the home's market value through improvements.
2. Is the basement usable?
The listing specifies a full basement that is "not renovated." It is present and offers space, but will require investment to finish or modernize for comfortable living or utility purposes.
3. The home sold for much less in 2016. What does that mean?
The 2016 sale price of $6.80k is a historical data point and likely reflects a specific circumstance at that time, such as a distressed sale or transfer. The current context, including assessed value and comparable listings, is a more relevant guide to its present market position.
4. What are the less obvious considerations with a home of this age?
While charm and character are benefits, a 117-year-old home will have inherent considerations. These can include the need for updates to foundational systems (wiring, plumbing, insulation) to meet modern standards, and a thoughtful approach to renovations that respects its historical elements while making it livable.
5. How does the lot size benefit a buyer?
The lot is larger than most in the area, which is a permanent and valuable asset. It provides more outdoor space, better potential for landscaping or gardening, and future flexibility, such as the possibility of adding a garage or expansion, subject to local zoning regulations.