241 Rutland Street

Property Overview

This 816 sqft one-storey home on Rutland Street, built in 1912, presents a straightforward opportunity in Winnipeg's King Edward neighbourhood. Its key appeal lies in its accessibility and position as a lower-cost entry point into the housing market. With an assessed value significantly below the city average, it suits first-time buyers, investors looking for a rental property, or those seeking a minimal footprint without a large mortgage. The lot, while smaller than area averages, provides outdoor space typical of central neighbourhoods.

The home has a basement but it is not renovated, and there is no garage or pool. Its recent sale history suggests a stable, modest value in line with its immediate area. A thoughtful perspective for a buyer is the potential to add value through updates over time, while benefiting from the established character of a mature neighbourhood. It’s a practical choice for someone prioritizing location and affordability over modern finishes or ample square footage.

Frequently Asked Questions

Is this a good investment property?
Given its below-average assessed value and compact size, it could be a candidate for a rental investment, especially for a single tenant or couple. Its operating costs would likely be lower than larger homes, but potential returns should be weighed against the age of the home and any needed maintenance.

What does the "below average" ranking mean for value?
The rankings show this home is consistently below average in size, lot area, and assessed value compared to its street, neighbourhood, and the wider city. This isn't necessarily negative; it clearly defines the home as a more affordable option within these areas, often appealing to budget-conscious buyers.

How significant is the unrenovated basement?
This indicates the basement is in original or functional condition, but not modernized. It provides utility space and storage, but a buyer should budget for potential moisture management, insulation, or finishing costs if they wish to convert it to living space in the future.

What are the implications of the home's age (1912)?
A home from 1912 has character but requires a practical mindset. Buyers should prioritize a thorough inspection focusing on foundational integrity, original plumbing and electrical systems, and historical maintenance. While it has stood for over a century, upkeep is crucial.

Why is the citywide assessed value comparison so different?
The citywide average assessed value includes all property types, including much newer and larger suburban homes. This home's value is typical for its specific, older neighbourhood context. The dramatic difference highlights the diversity of Winnipeg's housing stock and this property's position at the more affordable end of the spectrum.