Property Overview: 368 King Edward Street
Key Characteristics & Appeal
This is a compact, one-storey home built in 1913, offering a straightforward living space of approximately 900 square feet. It sits on a modest, city-sized lot and features a detached garage. The home’s assessed value is notably low, reflecting its age and basic condition, including an unrenovated basement.
Its primary appeal lies in affordability and location within Winnipeg’s King Edward neighbourhood. For its immediate area, the house is fairly typical in terms of size and value, but it stands out as a notably low-cost entry point into city homeownership. This isn't a move-in-ready showpiece; its value is as a foundational asset. It would suit a pragmatic first-time buyer comfortable with a project, an investor looking for a low-basis rental property, or someone seeking minimal property taxes and the autonomy that comes with detached ownership, even on a smaller scale.
A less obvious perspective is that a home of this vintage and scale offers manageable operating costs and a simpler renovation canvas compared to larger, more complex houses. Its very modest proportions could also appeal to those seeking a "right-sized" home with less space to maintain.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property’s specific characteristics—its smaller size, older age, and unrenovated state—within its market area. It is priced comparably to similar homes in the King Edward neighbourhood, which generally has lower average values than the city as a whole.
2. What does "unrenovated basement" typically imply?
This usually indicates the basement retains its original or older finishes and systems. Buyers should budget for potential updates to flooring, lighting, and possibly moisture management, and should anticipate a professional inspection to understand its exact condition.
3. How does the lot size affect this property?
At just under 2,700 sq ft, the lot is smaller than most in the area and significantly smaller than the Winnipeg average. This means lower maintenance but also limited space for expansions, large gardens, or extensive outdoor amenities.
4. Is the recent sale price history a reliable indicator of current value?
The provided sold price ranges from 2019 and 2021 show the home has transacted at a consistent, affordable level. However, these figures are pre-pandemic and should be used as a historical benchmark only. Current market conditions, interest rates, and the property's present state will determine its value today.
5. Who would this property not be suitable for?
It would likely not suit buyers looking for a modern, turn-key home, those who need multiple bedrooms or ample living space, or anyone unwilling to take on gradual improvements. The compact living area and older infrastructure require a realistic and hands-on approach.