Property Overview & Key Characteristics
This one-storey home on a 2,266 sqft lot in Chalmers presents a straightforward opportunity with distinct characteristics. Its primary appeal lies in its value proposition and potential. The home itself is modest at 841 sqft and retains its original, unrenovated basement, indicating a project-ready canvas. Key data points reveal a compelling contrast: while the living area is average for the street, the lot size ranks in the top 18% locally, and the property's assessed value sits in the top 11% for the neighbourhood. This suggests the underlying land and location are significant drivers of its worth. The sale history shows it last sold well below assessed value in 2018, which may attract attention from value-focused buyers.
It would suit a practical buyer looking for a foothold in Winnipeg, particularly a first-time purchaser, an investor, or a hands-on owner willing to renovate over time. The large lot for the area offers future potential for expansion or outdoor space, which is a less obvious but valuable asset. It’s not a move-in-ready showhome, but a property where the value is accrued through location, lot size, and the owner's own vision and effort.
Frequently Asked Questions
1. What does "assessed value" mean in this context?
The assessed value of $13,900k is for taxation purposes and is determined by the municipality. It is not the market price or listing price, but it can indicate how the property is valued relative to its neighbours for tax calculations.
2. The home last sold for much less in 2018. Does that indicate a problem?
Not necessarily. A sale price significantly below the current assessed value from six years ago often reflects a different market condition or the specific circumstances of that sale. It highlights the importance of a current home inspection and market evaluation to understand today's value.
3. Is the unrenovated basement a major concern?
It is a key consideration. It means the basement systems (plumbing, electrical, foundation) likely date to the home's 1914 origins and have not been modernized. Budgeting for eventual updates or repairs should be a central part of your evaluation.
4. The lot is noted as being larger than most on the street. What are the advantages?
A larger lot in an established neighbourhood provides more private outdoor space, better potential for landscaping, and increased flexibility for future projects like a garage, workshop, or home addition, which can be a significant long-term asset.
5. How does this property compare to others nearby?
The provided comparisons show a wide range of homes in Chalmers, from newly built to century-old. This property sits at the more affordable end of the spectrum in terms of assessed value, offering a different proposition than the renovated or newer builds listed. It's a baseline property in a neighbourhood that includes both historic homes and recent infill development.