Property Overview
This one-storey home on a large 3,420 sqft lot in Archwood presents a specific and compelling opportunity. Built in 1922, its primary appeal lies in its land value and location within a well-established neighbourhood. The house itself, at 576 sqft, is notably compact and unrenovated, with a basement that is functional but not updated. This is not a move-in-ready home, but a property with clear potential rooted in its lot size and the strength of its surroundings.
Key Characteristics & Ideal Buyer
The defining characteristic here is the generous lot size, which ranks in the top 5% for the street. This offers rare potential for expansion, gardening, or outdoor space in a mature area. Its appeal is grounded in location: it sits on a quiet street that ranks highly within Archwood and greater Winnipeg for desirability. Recent sale history shows steady value appreciation.
This property would best suit a buyer with a clear vision and the means to execute it. It’s a prime candidate for a significant renovation or a complete rebuild to match the lot's potential (subject to local bylaws). It could also appeal to an extremely minimalist buyer seeking an affordable entry into a top-tier neighbourhood location, willing to live in a small footprint while planning future improvements. It is not suited for someone seeking a turn-key or spacious ready-to-live-in home.
Frequently Asked Questions
1. Why is the living area so small compared to the lot size?
Homes of this era, especially one-storey bungalows, were often built with smaller interior footprints. The large lot was common and now represents the property's most significant asset for future expansion or redevelopment.
2. The assessed value seems low. What does that mean?
Municipal assessments often reflect the current state of the property. A low assessment relative to nearby sales can indicate the valuation is based on the existing, unrenovated home rather than the land's potential, which is often realized at sale.
3. Is this a good investment?
The consistent increase in sale price (from $18.5k in 2019 to $22.1k in 2022) within a highly-ranked neighbourhood suggests strong underlying land value. The investment return, however, is heavily dependent on the cost and scope of future improvements.
4. What are the main things to budget for immediately?
Any major renovation or rebuild is the primary consideration. Additionally, given the age, a thorough inspection of the foundation, roof, wiring, and plumbing is essential to understand the true starting point.
5. How does the unrenovated basement affect usability?
It provides essential utility space and storage but should not be considered finished living space. Its condition likely requires attention to moisture control, insulation, and basic amenities, adding to the project scope.