Property Overview & Key Characteristics
This 1911 one-and-three-quarter storey home in Wolseley presents a classic Winnipeg character property with solid fundamentals. Its appeal lies in a combination of established location, generous lot size, and a value-oriented entry point into a sought-after neighbourhood. The land itself is a significant asset, with a lot size ranking in the top 4% of Wolseley, offering ample outdoor space and future potential that is increasingly rare. While the living area is modest and the basement is unrenovated, the home’s assessed value has remained stable, suggesting a well-maintained structure.
This property would suit a pragmatic first-time buyer or an investor looking for a character home in a prime location without a premium price tag. It’s ideal for someone comfortable with a home that offers "good bones" and space to grow into, rather than a turn-key renovation. The buyer should be prepared for the ongoing maintenance typical of a 115-year-old home but can take confidence in its enduring value within a stable, mature community.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean?
This is a common architectural style for Winnipeg homes of this era. It typically features a full main floor and a second floor where the roofline slopes inward, creating cozy bedrooms with slightly reduced ceiling height at the walls. It adds considerable character and usable space compared to a bungalow.
2. The assessed value seems low. Does that indicate a problem?
Not necessarily. Municipal assessed value for tax purposes often lags behind market value and is calculated using a specific formula. The stable assessment and recent sale history of comparable homes in the area are more reliable indicators of its market position.
3. How does the unrenovated basement affect livability?
An unrenovated basement means the space is functional for utilities and storage but not finished as living space. It presents both a cost and an opportunity: it requires no immediate investment if used as-is, but offers the potential to add significant finished square footage in the future.
4. The lot is large, but what does that mean practically?
Beyond more yard space, a larger lot (over 2,000 sq ft in Wolseley) provides better privacy from neighbours, more gardening opportunities, improved natural light, and potential for additions like a garage, deck, or garden suite, subject to zoning.
5. How does this home compare to the nearby property at 477 Craig Street?
The neighbouring home at 477 Craig has a larger living area and a higher assessed value, giving a clear picture of the value spectrum on the street. This listing sits at a more accessible price point, offering a similar location and vintage but with less finished space, highlighting its role as a value-oriented option on the block.