Property Overview
This one-storey home on King Edward Street is a compact, early 20th-century property that presents a clear value proposition. Its key appeal lies in its affordability and position as an entry point into the Winnipeg market. With a living area of 787 sqft and an assessed value of $170k, it ranks well below the citywide averages for both size and price. This creates an opportunity for buyers who prioritize financial accessibility over square footage. The home is over a century old (built in 1918), which is typical for its immediate area but older than most citywide. The lot size of 2,898 sqft is modest, offering manageable outdoor space without the upkeep of a larger yard.
The property would suit first-time buyers, investors looking for a rental property, or downsizers seeking a minimal footprint. Its below-average price point for the city is its primary draw, but it requires a buyer comfortable with an older home's potential maintenance needs and a cozier living space. A thoughtful perspective is that its very modest size and assessed value could mean lower property taxes and utility costs, providing ongoing savings that aren't immediately apparent from the listing price alone. It’s a practical choice for those who see a home as a financial launchpad or a simplified lifestyle, rather than a long-term family dwelling.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value reflects the property's smaller size, older age, and its specific market position within the King Edward neighbourhood. It indicates a more affordable entry point compared to the broader Winnipeg market.
2. What should I consider with a home built in 1918?
While the age is common for the street, it's crucial to investigate the condition of major systems like wiring, plumbing, and the foundation. A thorough home inspection is highly recommended to understand any needed updates or repairs.
3. The last sold price shown is from 2019 and is very low. Why?
The displayed range is an estimate. The actual sold price from 2019 was significantly lower than the current assessed value, which may reflect a major renovation, a change in the market, or a unique circumstance of that sale. You can request the exact historical price from the site.
4. Is the smaller living area a significant drawback?
That depends on your needs. The living area is below average for the neighbourhood and city, suiting individuals, couples, or those comfortable with efficient living. It may not be ideal for a growing family or those needing ample space for belongings.
5. How does the lot size compare, and what does it mean for me?
At just under 3,000 sqft, the lot is manageable and requires less maintenance than a larger yard. It offers space for a small garden or patio but limited room for major expansions or additions, which is typical for older, central neighbourhoods.