Property Overview: 716 Home Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey character home built in 1909, situated on a standard city lot in the Daniel McIntyre neighbourhood. Its key defining characteristic is its modest scale: at 677 sqft, the living area is notably smaller than most comparable homes in the area and citywide. This is reflected in its significantly below-average municipal assessed value. The home features a detached garage and an unrenovated basement.
The primary appeal lies in its position as a potentially accessible entry point into the Winnipeg market. It suits a specific type of buyer: those seeking a lower barrier to entry, such as first-time investors looking for a rental property, or a hands-on owner-occupant with a limited budget and a vision for a gradual, sweat-equity renovation. Its smaller size translates to lower utility costs and less maintenance, which can be a thoughtful trade-off for the right individual. The charm of an early-20th-century home and the established, central location add to its potential. It is not suited for those requiring move-in-ready condition, modern finishes, or spacious living quarters.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
Municipal assessments for taxation purposes often lag behind market sale prices and are calculated using a specific formula. The large gap between the $12,900 assessment and the 2021 sale price of $120,000 is significant and suggests the assessment may not reflect current market value. A buyer should investigate this discrepancy.
2. What does "Top 98%" for Living Area mean?
This statistic means that 98% of comparable homes in Winnipeg have a larger living area. In essence, this property is in the smallest 2% by square footage when compared citywide, confirming its compact nature.
3. Is the unrenovated basement finished or usable?
The listing specifies the basement is "not renovated." This typically means it is in original, likely unfinished condition. Buyers should budget for any desired improvements and anticipate the need for inspections regarding foundational integrity, moisture, and mechanical systems common in homes of this age.
4. How does the lot size compare?
At 2,514 sqft, the lot is fairly typical for the immediate street and Daniel McIntyre neighbourhood, but it is smaller than the average city lot across Winnipeg. It provides standard outdoor space for the area but is not an unusually large parcel.
5. What is the context of the 2021 sale price?
The property sold for $120,000 in September 2021. This price should be used as a historical data point, not a current valuation. Market conditions, interest rates, and the property's condition may have changed since that transaction.