Property Overview: 395 Marjorie Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1918 on a standard city lot in the King Edward neighbourhood. Its key characteristic is its affordability, reflected in a well-below-average assessed value compared to the wider city. With 790 square feet of living space, it is smaller than most homes in Winnipeg, positioning it as a true starter home or a minimalist living opportunity.
The appeal lies in its potential as an entry point into homeownership, with very low property taxes due to its low assessment. It would suit a first-time buyer comfortable with a renovation project, an investor looking for a rental property with a low cost basis, or someone seeking a modest, low-maintenance footprint. A less obvious perspective is its location on a street of similar vintage homes, offering a sense of established community often absent in newer, more sprawling subdivisions. The data suggests that while the home itself is modest, the lot size is fairly typical for the immediate area, preserving future options for expansion or landscaping.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value is based primarily on the home's small size, age, and market conditions for similar properties in its area. It is in line with values on its own street and in the King Edward neighbourhood, but is significantly below the Winnipeg average, which includes many larger, newer homes.
2. What should I expect regarding renovations or updates?
Built in 1918, this home likely requires updates to mechanical systems, insulation, and interior finishes. Buyers should budget for modernizing essentials and consider a thorough inspection to understand the condition of the original structure.
3. Is the low square footage a major drawback?
It depends on your needs. The living space is efficient and may be sufficient for a single person, a couple, or someone looking to downsize. It encourages a simpler lifestyle but would feel cramped for a growing family or anyone needing dedicated home office space.
4. How does the sold price history help determine current value?
The historical sold prices (from 2017 and 2018) show the home has transacted at values consistent with its low assessment. This trend indicates a stable, low-value property profile over time, but the current market value will be influenced by present-day market conditions and any changes made to the home since the last sale.
5. What are the realistic uses for this property?
Its primary use is as an affordable primary residence. Given its size and assessed value, it could also serve as a long-term rental property with a relatively low mortgage overhead. The standard lot provides the option to eventually expand the home, subject to local zoning regulations.