242 Marjorie Street

Property Overview

This home at 242 Marjorie Street in Winnipeg's King Edward neighborhood presents a specific value proposition. Its most defining characteristic is its exceptionally low assessed value of $160,000, which places it in the top 3-4% of least-expensive properties on its street, in the area, and city-wide. The lot size is a standard 3,628 sqft, typical for the local area. The most recent recorded sale was in mid-2024 for a price between $13.5k and $16.5k, consistent with its low assessment.

Section 1: Key Characteristics & Appeal

The primary appeal of this property is its position as an ultra-low-cost entry point into the Winnipeg housing market. It is not a typical family home, but rather a unique opportunity suited for specific goals.

• Key Characteristics: The data underscores a property with a very low municipal assessed value and recent sale price. Specific details on living area, year built, and building type are not provided in the available metrics. The lot is of average size for the established King Edward neighborhood.
• Where the Appeal Lies: For an investor or handy buyer, the low acquisition cost minimizes financial risk and could allow for renovation or redevelopment within a tight budget. It could also serve as a long-term land-hold in an established area, where the value is primarily in the lot itself. It’s a pragmatic choice focused on fundamentals rather than immediate move-in condition.
• Suitable Buyer Profile: This property would suit a value-focused investor looking for a holding or project, a buyer with significant renovation skills and capital seeking to build equity from the ground up, or someone seeking the absolute minimum price point for land ownership in the city. It is less suited for buyers seeking a turn-key or traditional starter home.

Section 2: Frequently Asked Questions

1. Why is the assessed value and recent sale price so low compared to city averages?
This is the central question for this listing. The price typically reflects factors such as a very small dwelling size, a home in need of complete renovation, or a specific condition that significantly impacts its current usable value. It indicates a project property.

2. What is the actual condition and living area of the house?
The provided data does not include square footage or condition details. A physical inspection and review of full listing details are essential to understand the scope of work needed, as the numbers suggest it may be a teardown or major rehab.

3. Is this a land value play?
Given the average-sized lot in an established neighborhood, the value may be primarily in the land. A buyer should investigate local zoning to understand redevelopment potential (e.g., building a new home, a duplex) to see if that aligns with their strategy.

4. How reliable are the "sold price" figures?
The site notes that sold prices are estimated ranges from public data. They provide an option to request the exact sale price via email, which is recommended for serious consideration to ensure accurate financial planning.

5. What are the immediate costs beyond purchase?
Buyers must budget for significant repairs or rebuilding. It's also crucial to investigate if the low assessment translates to unusually high property taxes relative to the property's value, and to factor in utility connection/upgrade costs if the home has been vacant.