Property Overview: 722 Lipton Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1912, situated on a standard city lot in the Daniel McIntyre neighbourhood. Its primary characteristic is its modest scale, with a living area of 567 sqft that places it among the smallest homes in the city. This is balanced by a renovated basement, adding functional space, and a detached garage. The home’s assessed value is notably low, reflecting its size and age.
The appeal lies in its affordability and simplicity. It represents a rare entry point into homeownership, particularly for a first-time buyer or an investor seeking a straightforward rental property with minimal upfront investment. Its recent sale history suggests it’s priced for condition and utility, not for premium finishes or space. The renovated basement is a key practical upgrade, offering flexibility for storage, a utility area, or additional living space. This property suits a pragmatic buyer who views a home as a functional asset rather than a status symbol, or an investor looking for a low-cost addition to a portfolio. It’s for those comfortable with a "blank canvas" approach, where value is built over time through personal updates rather than purchased upfront.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
Assessed values for municipal tax purposes often lag behind market trends and may not fully account for recent renovations or specific market conditions that influence sale prices.
2. How does the small living area impact daily life?
The 567 sqft main-floor footprint requires efficient use of space and minimal possessions. The renovated basement is crucial for offsetting this, likely serving as essential storage, laundry, and mechanical space.
3. What should I expect from a home built in 1912?
While the basement is renovated, the main structure is over 110 years old. Prospective buyers should budget for and prioritize inspections focused on foundational integrity, wiring, plumbing, and insulation, which may not meet modern standards.
4. Is the detached garage a significant advantage?
In a dense, older neighbourhood, a detached garage is a valuable asset for vehicle protection and additional storage. However, given the home's age, the garage likely requires similar scrutiny for its condition and utility.
5. Who is this property not suited for?
It is not suited for buyers who need multiple bedrooms, dedicated home office space, or who prefer a move-in-ready home with modern, open-concept layouts. It requires a buyer comfortable with a project, either immediate or over the long term.