Property Overview: 1787 King Edward Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, one-storey home built in 1955 on a standard city lot in the Brooklands neighbourhood. Its key characteristic is its affordability, underscored by a very low assessed value. The living space is compact at 780 sq ft, and the home features a detached garage. The appeal lies primarily in its land value and potential. For its lot size, it sits above average within Brooklands, presenting a solid foundation for renovation or redevelopment. It would suit a practical, value-driven buyer such as a first-time investor looking for a land-hold opportunity, a contractor seeking a manageable renovation project, or someone wanting to enter the market with minimal upfront cost. It’s less suited for those seeking a move-in-ready home or above-average interior space.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state, size, and market position. A value this low typically indicates a home that is very basic, likely requires significant updates, or is valued largely for its land.
2. Is the lot size a good feature here?
Yes. While the house itself is small, the lot is larger than many in Winnipeg and above average for the Brooklands area. This provides valuable outdoor space and is a key asset for future expansion or landscaping.
3. What type of work might this property need?
Given its age and low valuation, buyers should budget for major systems updates (roof, wiring, plumbing) and general modernization. It is best approached as a fixer-upper or a candidate for substantial renovation.
4. How does the recent sale price compare to the assessment?
The property sold for $13,900 in August 2024, which is close to its assessed value of $11,900. This confirms its positioning as a very low-cost entry point into the market.
5. Who would this property not be a good fit for?
It would not suit buyers who need immediate, comfortable living conditions, desire modern finishes, or have no interest or budget for property improvements. It’s a project-oriented purchase.