Property Overview: 284 Inglewood Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1918, situated on a standard city lot in the King Edward neighbourhood. Its key characteristic is its exceptionally modest scale, with a living area of 510 sq ft ranking it among the smallest homes in the city. The basement exists but is unrenovated, and the property includes a detached garage.
The primary appeal lies in its ultra-affordable entry point into the Winnipeg market, underscored by a very low assessed value. It last sold in mid-2023 for a price consistent with this valuation. This property is not about luxury or space; it’s about opportunity. It would suit a highly budget-conscious first-time buyer, an investor looking for a straightforward rental property, or someone seeking a minimalist footprint. Its age and condition suggest it is a candidate for a full renovation or a hold for land value, offering a blank canvas for the right buyer with vision and renovation skills. The neighbourhood context shows it's among more modestly valued homes on its own street, setting realistic expectations.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" property?
While livable, the home's very small size, age, and unrenovated state mean many buyers would consider its value to be primarily in the land. It is a prime candidate for a significant renovation or complete rebuild, depending on local zoning and the buyer's goals.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's specific characteristics: very small square footage, age, and lack of renovations. It's assessed in line with similar, very modest homes in its immediate area, not the broader Winnipeg market of larger, updated properties.
3. What can I expect regarding renovation costs?
Given the home's size, a renovation could be more manageable in scope than a larger house. However, as a 108-year-old structure, you should budget for potential foundational, electrical, plumbing, and insulation updates. The unrenovated basement may also present moisture or structural considerations.
4. How does the detached garage impact the property's value?
In a neighbourhood with on-street parking, a detached garage is a practical asset. It provides secure storage, workshop space, or parking, adding functional value that similar lots without one may lack.
5. The sold price history shows a range. What factors determine the exact price?
The final sale price in 2023 was likely influenced by the home's move-in condition (or lack thereof), the urgency of the seller, and the buyer's plans (e.g., living in it vs. investing). In this price range, even small differences in perceived repair needs can affect the final figure.