Property Overview & Key Characteristics
This is a compact, century-old home on a standard residential lot in the Chalmers neighbourhood. Built in 1907, its primary appeal lies in its land value and location, presenting a clear opportunity for a specific type of buyer. With 643 square feet of living space and an unfinished basement, the house itself is modest and in need of modernization. There is no garage.
The property’s standout characteristic is its lot size. At 2,762 sqft, it is notably larger than many city lots, offering valuable outdoor space or future expansion potential in a mature area. The very low assessed value reflects the home's age, condition, and size, positioning it as one of the most affordable entry points into the Winnipeg market. This is not a move-in-ready home; it’s a foundational investment.
Ideal Buyer Profile: This property suits a hands-on buyer, such as a first-time investor looking for a land-value play, or a purchaser with renovation skills and a vision to rebuild or extensively remodel. It would also appeal to someone seeking minimal property tax overhead while building equity through sweat equity. It is less suited for those seeking a finished, low-maintenance home.
Frequently Asked Questions
1. Is this a teardown property?
While the home is livable, its age, small size, and condition mean many buyers would consider full renovation or replacement. The value is primarily in the land, making it a candidate for a future new build.
2. Why is the assessed value so much lower than typical city homes?
Assessed value is based on recent sales of comparable properties. The low value directly reflects the home's small living area, age, and unrenovated state compared to the Winnipeg average.
3. What are the main costs to consider beyond the purchase price?
Budget significantly for immediate updates (roof, wiring, plumbing, insulation) to meet modern standards. Property taxes will be low initially but may increase substantially following any major renovation or rebuild.
4. How does the lot size compare to others?
The lot is a key feature. It is larger than the average lot in both Chalmers and across Winnipeg, providing more yard space or flexibility for additions than many similarly priced properties.
5. What is the neighbourhood like?
Chalmers is a mature, established neighbourhood. Prospective buyers should visit at different times to gauge traffic, neighbour activity, and overall upkeep of nearby properties to ensure it matches their lifestyle expectations.