Property Overview
This 1920-built, one-and-a-half storey home on Larche Crescent is a classic Winnipeg character property that presents a clear value proposition. With 900 sqft of living space, a detached garage, and an unrenovated basement, it sits on a modest 3,057 sqft lot. The data indicates it is an older, more compact home compared to most in the city, but it holds its own within its immediate neighbourhood for living space. Its standout feature is its exceptionally low assessed value, which is in the bottom 10-15% for the street, area, and city.
Key Characteristics & Appeal
The primary appeal of this property lies in its affordability and potential. With an assessed value significantly below area averages, it represents a lower barrier to entry into the Kildare-Redonda neighbourhood. The home is best suited for a hands-on buyer—an investor looking for a rental property with fundamentals in place, or a homeowner willing to take on a gradual renovation project. Its older vintage (1920) suggests classic construction and possible character details, but also implies that systems like wiring and plumbing may need attention.
A less obvious perspective is its positioning within the local context. While its size is below the city average, it's actually around the average for living space on its own street and in the wider neighbourhood. This suggests it fits the scale of the community, making it a pragmatic choice rather than an outlier. The very low assessed value, while often seen as a positive for taxes, also signals that the property is likely due for a significant reassessment upon sale or major improvement, which is an important future cost consideration.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessment is based on the property's current state, age, size, and recent sales data. Its age (1920), compact lot size, and likely original or dated condition contribute to a valuation focused on land and fundamentals rather than modern finishes or square footage.
2. What does "unrenovated basement" typically imply?
This usually indicates a basement in its original or utilitarian state. It likely has a concrete floor, basic walls, and is used for laundry and storage. It presents both a blank canvas for future development and a clear indicator that no major waterproofing or finishing work has been done recently.
3. How should I interpret the sold price history showing a sale around $16.5k - $19.5k in 2018?
This very low sale price from several years ago is not representative of current market value. It often indicates a non-arms-length transaction, such as a transfer between family members, or the sale of a property in severe distress. The current assessed value is a more relevant, though still conservative, benchmark.
4. Who would this property NOT be suitable for?
It would not suit buyers seeking a move-in-ready home or those unwilling to manage ongoing maintenance typical of a century-old house. It's also less ideal for those needing substantial living space or a large yard, as both the home and lot are compact.
5. What are the key considerations regarding its age?
A home built in 1920 has character and solid bones but requires diligent inspection. Key focuses should be the foundation, roof, electrical system (likely needing an update), plumbing, and insulation. While it has stood for over a century, its maintenance and upgrade history will be the most critical factor.