Property Overview
This 1950s one-storey home on Waterloo Street in Central River Heights presents a distinct proposition. Its primary appeal lies in its generous 6,038 sqft lot, which is significantly larger than most in the immediate area and neighbourhood. The home itself is modest at 860 sqft of living space, and it features a renovated basement and a detached garage. The assessed value is positioned around the city-wide average. This isn't a move-in-ready showcase home; its value is rooted in its land and potential. It would suit a buyer looking for a central location with room to grow outdoors, or an investor/renovator who sees the underlying value in the lot size and is prepared to update or expand the existing structure. The very low sale price from 2021 suggests it was a project purchase, and its current assessment indicates recognized potential.
Frequently Asked Questions
1. What is the main draw of this property?
The standout feature is the lot size. At over 6,000 sqft, it offers substantial outdoor space that is rare for Central River Heights, providing room for gardens, recreation, or future expansion that most city lots cannot accommodate.
2. Is the house move-in ready?
Given the significant discrepancy between the modest living area, the recent low sale price, and the current assessed value, it strongly suggests the home requires modernization or significant work. The "renovated basement" is a positive note, but the overall condition of the main floor should be verified.
3. Who would this property suit best?
It's ideal for a buyer whose priority is land in a central, established neighbourhood. This could be a long-term homeowner planning a renovation or addition, or a buyer who values large private outdoor space over a large interior footprint.
4. How does the assessed value compare?
The assessment of $400k is around the Winnipeg average but is below average for Waterloo Street itself. This can indicate that the valuation is weighted heavily toward the land value rather than the current structure, which is common for older, smaller homes on large lots.
5. What should a potential buyer investigate first?
Focus on the feasibility and costs of renovating or expanding the existing 860 sqft footprint. Also, review any zoning or heritage guidelines for the area that might affect plans for the sizable lot, and obtain a clear understanding of what the "renovated basement" entails.