Property Overview
This one-storey home at 374 King Edward Street is a compact, historic property built in 1912. With 694 square feet of living space and an unrenovated basement, it sits on a modest 2,699 sqft lot. The home has no garage or pool. Its most defining feature is its exceptionally low assessed value of $16,200, placing it well below average for the street, neighborhood, and city. Recent sale prices have been correspondingly low, ranging between $13,500 and $20,500 in the last few years.
Key Characteristics & Appeal
This property’s primary appeal lies in its ultra-low financial barrier to entry. It represents one of the most affordable homeownership opportunities in Winnipeg, with property taxes that are a fraction of the city average. Its compact size and straightforward layout could suit a minimalist, a first-time buyer seeking a true "starter" home with minimal debt, or an investor looking for a low-cost rental property. The lot, while smaller than most in the area, offers outdoor space without the burden of extensive maintenance.
A less obvious perspective is its potential as a strategic hold in a transitioning neighborhood. For a buyer with renovation skills or a long-term view, the low initial investment allows for gradual improvements. It’s important to note, however, that the home ranks below average in nearly every metric—size, value, and land area—for its immediate vicinity, indicating it is a notably modest property even within its own community.
Ideal for: Budget-conscious first-time buyers, investors seeking a low-cost asset, or individuals comfortable with a small, vintage home requiring updates.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's relatively small size, age, and condition compared to the broader market. It is characteristic of a very modest, entry-level property.
2. What should I budget for renovations?
Given the age of the home (1912) and the note of an unrenovated basement, a thorough inspection is essential. Budgets should prioritize foundational, electrical, and plumbing systems, with cosmetic updates being a secondary consideration.
3. Is the low sale price a red flag for the area?
Not necessarily. The sale prices are consistent with the home's assessed value and characteristics. It indicates the specific property is a market outlier in terms of affordability, not that the entire area is declining.
4. Who is responsible for requesting the exact sold price history?
Interested buyers must proactively email the listing service to receive the exact sale figures, as only ranges are published online. The service promises a reply by the end of the same day.
5. How does the small lot size impact its use?
The 2,699 sqft lot is smaller than most in King Edward, limiting potential for large additions or extensive landscaping. It is sufficient for a small garden or patio but offers less privacy and expansion potential than a standard lot.