Property Overview & Key Characteristics
This 1928 one-storey home in Archwood presents a straightforward opportunity on a generous 3,299 sqft lot. Its key appeal lies in its land value and location. The lot size ranks in the top quarter of the street, offering more outdoor space than many nearby properties. While the 520 sqft living area is notably compact, the home's assessed value is very low relative to Winnipeg overall, suggesting a potentially accessible entry point into the market.
The property suits a specific buyer: those comfortable with a project, whether as a long-term hold for the land, a candidate for a significant expansion, or a renovator seeking a small footprint to personalize. Its unrenovated basement and detached garage add utility. A less obvious perspective is its appeal to buyers seeking minimal property tax exposure, given the low assessment, or those who value the established, tree-lined character of an older neighbourhood like Archwood over square footage.
Frequently Asked Questions
1. Why is the living area so small compared to the lot size?
Homes of this era often had smaller interior footprints. The significant lot size suggests potential for future expansion, subject to local zoning and permits, which is a key part of the property's value proposition.
2. What does the "rank" information mean?
The rankings compare this property against others on the same street, in Archwood, and across Winnipeg. For example, its lot size ranks better (top 24% on the street) than its living area (top 2%, meaning 98% of street homes are larger). This highlights the disparity between land and building size.
3. The assessed value is $19.4k, but it last sold for $20.4k in 2022. Is that the market price?
No. Municipal assessed value for taxes is rarely the same as market value. The 2022 sale price is a historical data point, but the current market price would be determined by recent comparable sales, condition, and buyer demand.
4. Who would this property not suit?
It would not suit buyers looking for a move-in-ready home, those needing multiple bedrooms, or anyone unwilling to take on renovation work. The compact living space requires a minimalist or creative approach to layout.
5. How does the unrenovated basement factor in?
It provides functional space for utilities and storage but will likely require addressing moisture protection, insulation, and finishes to be considered comfortable living space. It represents both a current limitation and future opportunity.