Property Overview: 587 Lipton Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home in Winnipeg's Daniel McIntyre neighbourhood, built in 1928. With 714 sq ft of living space and a renovated basement, it offers a efficient, low-maintenance footprint on a standard city lot. Its assessed value is notably modest compared to city-wide averages, positioning it as an accessible entry point into the market.
The primary appeal lies in its practicality and potential. The renovated basement adds functional space, and the home's age, while older than most in the city, is actually newer than many comparable homes on its street and in the immediate area. This suggests a potentially more solid foundation or updated core systems relative to its direct peers. It would suit first-time buyers, investors looking for a rental property, or downsizers seeking a simple, grounded home without the burden of a large mortgage or excessive upkeep. Its value is in what it provides—essential shelter and a foothold in a central community—without the premium for size or luxury.
Section 2: Frequently Asked Questions
1. Is the low assessed value a red flag?
Not necessarily. While well below the Winnipeg average, the assessment is typical for its specific street and neighbourhood. It primarily reflects the home's smaller size and the local market, not necessarily its condition, especially given the noted basement renovation.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. A professional inspection is crucial to determine the quality of the renovation, the basement's legal status (e.g., is it a legal suite?), and to check for any moisture or foundational issues common in older homes.
3. How does the 1928 build year affect the home?
While 98 years old, the data shows this home is actually newer than about 80% of similar properties in Daniel McIntyre. This could mean less wear on certain original elements, but it still requires a thorough inspection for aging plumbing, electrical wiring, and insulation standards.
4. Who might this property not suit?
It's likely not a fit for those needing multiple bedrooms, dedicated home-office space, or who entertain large groups frequently. The living area is significantly smaller than the average Winnipeg home, prioritizing efficiency over spaciousness.
5. What is the context of the 2020 sale price?
The home sold for $23.5k in July 2020. This very low sale price, during a unique time, may have been part of a non-arms-length transaction (e.g., between family members) or for a nominal amount with other considerations. It should not be used as a direct indicator of the home's current market value.