Property Overview: 558 Home Street, Winnipeg
Key Characteristics & Appeal
This is a modest, century-old home (built 1905) in the Daniel McIntyre neighbourhood, presenting a straightforward entry point into Winnipeg’s housing market. Its key characteristic is its exceptionally low municipal assessed value ($11,500), which places it in the bottom 1-2% of homes citywide. The living space is compact at 874 sq ft, featuring a one-and-a-half storey layout with an unfinished basement. The lot is a standard city size at approximately 2,500 sq ft.
The primary appeal lies in its affordability and potential. It suits a very specific buyer: an investor looking for a rental property with minimal upfront capital, or a hands-on, budget-conscious first-time buyer willing to live in a basic condition home while gradually making improvements. Its recent sale history shows a significant price increase between 2022 and 2024, suggesting the area may be seeing renewed interest. A less obvious perspective is that such a low assessment on an older home can sometimes indicate deferred maintenance or significant systems in need of updating, which should be factored into any offer. It’s not a move-in-ready home, but a foundational project.
Frequently Asked Questions
1. Why is the assessed value so much lower than recent sale prices?
Municipal assessments in Manitoba are based on a mass appraisal system and may not reflect current rapid market shifts or the specific condition of a property. The large jump in sale price from 2022 to 2024 likely outpaces the assessment cycle.
2. What does "one & 1/2 storey" mean for this home?
Typically, this style features main living areas on the ground floor with smaller, often cozier bedrooms or spaces under the sloped roof on the second floor. Given the small total square footage, the upstairs space is likely quite compact.
3. Is the unfinished basement usable or just for utilities?
The listing notes it is "not renovated." It is likely a traditional, low-ceiling cellar space suitable for storage, laundry, and mechanical systems, but not finished living space.
4. What is the neighbourhood like?
Daniel McIntyre is an established, central Winnipeg neighbourhood with a mix of older single-family homes and multi-unit buildings. Its central location offers good access to downtown, the Health Sciences Centre, and major bus routes.
5. Are properties with such a low assessment a good investment?
They can be, but with important caveats. The low tax base is an advantage. However, the price is typically low for a reason. A thorough inspection is crucial to understand the cost of necessary repairs (roof, wiring, plumbing, foundation) which could far exceed the purchase price. It’s a value-play that requires careful due diligence.