Property Overview: 578 Lipton Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1922 on a standard city lot in Daniel McIntyre. Its primary appeal lies in its position as an accessible entry point into the Winnipeg market, underscored by a very low municipal assessed value. The home is notably smaller than most, with 714 sqft of living space, placing it well below area averages. It features a detached garage and an unrenovated basement.
The property suits practical, value-focused buyers. It’s a candidate for a live-in renovation project for a handy first-time buyer, or could serve as a straightforward rental investment given the low acquisition cost. A less obvious perspective is its relative historical standing: for its street and neighbourhood, the 1922 build date is actually older than many peers, which may appeal to those charmed by early-century character but also suggests a need for attention to aging components. The data indicates you are purchasing primarily for the land and location, with the existing structure offering basic shelter.
Frequently Asked Questions
1. Is this a "tear-down" property?
While the home is small and the basement is unrenovated, the assessed value is significantly below both the previous sale price and typical area values. This suggests the existing structure still contributes value. It is more accurately seen as a major fixer-upper rather than a guaranteed demolition candidate.
2. Why is the assessed value so much lower than the average home?
The assessed value reflects the municipality's valuation for tax purposes, heavily influenced by the home's very small size, age, and condition (noting the unrenovated basement). It is in line with other very modest properties in the wider city, not with average family homes.
3. What does the "below average" living area ranking mean for daily life?
With 714 sqft, the living space is compact. Efficient use of space is essential. This typically means fewer or smaller rooms, limited storage, and a layout that may feel confined for more than one or two occupants. The unrenovated basement presents an opportunity to add functional space.
4. How does the 2017 sale price relate to today's likely value?
The property sold for $18,800 in 2017. Market conditions have changed since then, but this history confirms its long-standing status as a lower-value asset. Any current price will be influenced more by present market dynamics for entry-level homes and land value.
5. Are the older mechanical systems a concern?
Given the home's age (104 years) and the note of an unrenovated basement, prospective buyers should budget for and prioritize inspections of major aging systems, including plumbing, electrical, and the foundation. Their condition will be a key factor in renovation planning and cost.