Property Overview: 224 Rutland Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1918 on a standard city lot in the King Edward neighbourhood. With 882 square feet of living space, it sits around the average size for its immediate street and area, though it is notably smaller than the typical Winnipeg home. A key characteristic is its very low municipal assessed value ($16,700), which places it in the bottom 10% of homes on its street, in the area, and city-wide. This suggests it may be a candidate for significant renovation or is valued primarily for its land. The home has a basement, but it is noted as not being renovated, and there is no garage or pool.
The appeal lies in its position as a potential entry point into the Winnipeg market, likely appealing to buyers seeking a low upfront cost, investors considering a hold or redevelopment project, or hands-on individuals looking for a foundational property to customize over time. Its lot size, while below the city average, is typical for the central neighbourhood, offering a manageable outdoor space. A thoughtful perspective is that its "below average" metrics across the board aren't necessarily drawbacks but clear indicators of a property that trades modern conveniences and size for affordability and potential in an established location. It suits a buyer comfortable with a project, whether that's gradual DIY updates or a strategic investment, rather than someone seeking a move-in-ready home.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
A very low assessment typically reflects the home's age, condition, smaller size, and lack of recent major renovations compared to the broader market. It is assessed based on its current state, not potential.
2. What does "basement, not renovated" imply?
This usually means the basement is in original or utilitarian condition. Buyers should budget for potential moisture management, foundational updates, and finishing costs if they intend to use it as living space.
3. Who would this property be most suitable for?
It's best suited for first-time buyers or investors with a limited initial budget who are prepared for ongoing maintenance or renovation work. Its value is in the opportunity it presents, not in its current finish.
4. How does the recent sold price range compare to the assessed value?
The sold price range from July 2024 ($115k-$145k) is significantly higher than the $16,700 assessment. This is normal, as the assessed value is for tax purposes and often lags behind the actual market value, which is driven by buyer demand, location, and property sales.
5. Are the smaller lot and living area major limitations?
For those seeking a low-maintenance yard and cozy footprint, they are manageable. However, they are definite constraints for anyone needing ample indoor space, multiple vehicles, or extensive outdoor recreation. The lot size is consistent with many older, central neighbourhoods.