Property Overview: 502 Maryland Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, historic one-storey home in Winnipeg's Daniel McIntyre neighbourhood. Its key characteristic is its modest scale, with a living area of 675 sqft, which is notably smaller than most area homes. The property features an unrenovated basement and no garage. It sits on a lot that is relatively spacious for the immediate area at 3,505 sqft.
The primary appeal lies in its position as an entry-point property. With a very low assessed value and a recent sale price of $70k, it represents one of the most accessible homeownership opportunities in the city. Its appeal is for practicality, not luxury. It would suit a specific type of buyer: a first-time purchaser, an investor looking for a straightforward rental property, or someone seeking a minimal footprint with the goal of a gradual, self-directed renovation. A less obvious perspective is its potential for those interested in "right-sizing" or minimalist living within an urban centre, where the value is in the land and location rather than the existing structure.
Section 2: Frequently Asked Questions
1. What is the true condition of the home?
The listing notes the basement is "not renovated," which typically indicates it is in original or utilitarian condition. Given the home's age (built in 1882) and low assessment, buyers should budget for significant updates and plan for a thorough inspection.
2. Why is the assessed value so much lower than the recent sale price?
The assessed value of $8.6k is for municipal tax purposes and is often based on older market data and formulas. The $70k sale price from May 2023 better reflects the current market value for a liveable, though basic, property in this location.
3. Is the land large enough for future expansion or redevelopment?
At just under 3,500 sqft, the lot is a good size for the neighbourhood. While specific bylaws apply, the lot dimensions could potentially allow for a future addition or garden suite, subject to city zoning and permit approvals.
4. What are the ongoing costs like?
Property taxes will be very low due to the minimal assessed value. However, utility and maintenance costs for an older, smaller home can be proportionally higher per square foot, and insurance may be influenced by the age of the building.
5. How does the small living space compare to nearby homes?
This home is significantly smaller than area averages. For context, comparable homes in Daniel McIntyre average about 1,142 sqft—nearly 70% more space. Buyers should be comfortable with a cozy layout or view the property as a starting point for expansion.