Property Overview: 317 Inglewood Street
Key Characteristics & Appeal
This is a compact, one-storey home built in 1912, featuring a renovated basement. With 640 square feet of living space, it is notably smaller than most homes in the King Edward neighbourhood and across Winnipeg. The lot size is also modest for the city but is fairly typical for its immediate street. Recent sales data shows steady value appreciation, and its assessed value is around the average for the local area.
The primary appeal lies in its efficiency and affordability. It represents a straightforward entry point into the Winnipeg market, particularly suited for a first-time buyer, an investor, or someone seeking a minimalist footprint without a major renovation project. The renovated basement adds functional space, which is a significant asset in a smaller home. A thoughtful perspective for this property is to view it as a "land-value proposition" with a liveable structure; its worth is closely tied to its location in King Edward, offering potential for future redevelopment or expansion, given the right circumstances and approvals. It suits a pragmatic buyer who prioritizes location and potential over immediate size and modern finishes.
Frequently Asked Questions
1. Is the house in good condition?
The listing notes a renovated basement, suggesting updates have been made. However, as a 114-year-old home, a thorough inspection is essential to understand the condition of major systems like wiring, plumbing, and the foundation.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the home's smaller size, age, and specific market in the King Edward area. City-wide averages are pulled higher by newer, larger homes in suburban neighbourhoods. Here, the value is more aligned with local comparables.
3. What are the expansion possibilities?
The modest lot size may limit a large addition, but the existing renovated basement already adds usable space. Any significant expansion would require careful review of local zoning bylaws and potentially a variance due to the lot dimensions.
4. How does the recent sale history inform the current value?
The home sold in 2021 for approximately $20.5k-$23.5k and again in 2023 for approximately $25.5k-$28.5k. This trajectory indicates rising market value in recent years, a useful benchmark for current pricing.
5. What is the parking situation?
The listing specifies there is no garage. Parking is likely limited to on-street, so it's important to verify local parking regulations and typical availability with the city or through neighbourhood observation.