Property Overview
This is a compact, one-storey home built in 1909, situated on a standard residential lot in Winnipeg's Chalmers neighbourhood. Its primary appeal lies in its affordability and potential as a land-value proposition. With a modest 689 sqft of living space, no basement, no garage, and a very low assessed value, it stands out as one of the most accessible entry points into the Winnipeg market. The home would suit a specific buyer: an investor looking for a rental property with minimal upfront investment, a hands-on individual seeking an ultra-affordable renovation project, or a buyer whose priority is securing land in the city with the existing structure being of secondary importance. It's less suited for those seeking move-in-ready comfort or space for a growing family.
A thoughtful perspective for potential buyers is to view this property through a strategic lens. Its extremely low property taxes (reflected by the assessed value) could make it a viable holding property for future redevelopment, especially if the neighbourhood sees gradual renewal. However, its age and size mean that any significant modernization will require a proportionally large investment relative to the home's current value.
Frequently Asked Questions
1. Why is the assessed value so much lower than typical Winnipeg homes?
The assessed value reflects the property's age, very small living area, and lack of modern amenities or updates. It is priced among the bottom 1-3% of properties city-wide, indicating it is valued primarily for its land.
2. What are the main considerations for a renovation?
Given the home was built in 1909, prospective renovators should budget for foundational updates, including wiring, plumbing, insulation, and likely a new roof. The compact floor plan may also present layout challenges.
3. Is this a good investment for a rental property?
Its low purchase price and taxes could make for a positive cash flow with a reliable tenant. However, the small size and condition will limit the rental demographic and price, and maintenance costs on a 117-year-old building can be unpredictable.
4. How does the lot size compare to others?
At 2,271 sqft, the lot is around the average size for its immediate street but is smaller than the typical lot in both the Chalmers neighbourhood and Winnipeg overall. It offers standard backyard potential for the area.
5. What does the sale history indicate?
The property last sold in November 2021 for $11,600, which is consistent with its low assessed value. This recent sale at a similar price point reinforces its status as a land-value property rather than a conventional home sale.