Property Overview: 394 Madison Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1918, situated on a modestly-sized lot in the Kensington neighborhood. Its key characteristic is its affordability, reflected in a living area of 746 sq ft and an assessed value significantly below local and city-wide averages. The appeal lies squarely in its position as an accessible entry point into the Winnipeg market. It suits a very specific buyer: those seeking the lowest possible price point for a standalone house, willing to take on a home that will likely require updates and modernization. A thoughtful perspective is that the very small size and low assessed value could represent a manageable property tax burden, and the lot, while below average for the street, still offers outdoor space uncommon in condo living. This is not a move-in-ready home for most, but a foundational project for a hands-on buyer, an investor looking for a basic rental property, or someone prioritizing minimal monthly carrying costs over space and modern finishes.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's characteristics—its age, small size, and lack of modern upgrades like a finished basement or garage. It reflects the market value for a very basic, no-frills home in its current condition.
2. What does the "rank" and "Top X%" data mean for living area and value?
This data compares the home to similar properties. For example, its living area is ranked 44th out of 58 on its own street, meaning 43 houses are larger. Being in the "Top 76%" means only 24% of houses on the street are smaller. This quantifies how its size and value sit relative to immediate neighbors and the broader area.
3. Has the property's value increased since the last sale?
Based on the sold price ranges shown, the property sold for between $13.5k-$18.5k in 2016 and again for between $15.5k-$18.5k in 2019. The current assessed value of $16.7k falls within that recent sale range, suggesting stable, modest value in this tier.
4. What are the main considerations for a buyer looking at this home?
A buyer should budget for ongoing maintenance typical of a 108-year-old home and potential renovations to modernize systems and finishes. The absence of a basement, garage, or pool means very simple utilities and low maintenance, but also no additional storage or living space.
5. Who would this property not be suitable for?
It would not suit buyers looking for a turn-key home, those who need multiple bedrooms or ample living space, or anyone who prioritizes modern amenities and energy efficiency without immediate renovation plans.