Property Overview: 398 Inglewood Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, century-old (1914) one-storey home in Winnipeg's King Edward neighborhood. Its key characteristic is its extremely compact size, with a living area of just 574 sq ft, placing it among the smallest homes on its street, in the area, and citywide. The lot, while below average for the city, is a reasonable 2,517 sq ft for the locale. The home has a basement (not renovated) and no garage. Its assessed value is notably low, reflecting its scale and vintage.
The appeal lies primarily in its position as one of the most accessible entry points into home ownership in the city. It suits a very specific buyer: a minimalist, an investor looking for a straightforward rental property, or someone seeking a small footprint with land potential. A less obvious perspective is its potential as a "blank slate" project. While not a fixer-upper in the traditional sense, its low price and basic structure could allow a creative buyer to explore a custom renovation or expansion over time, treating the existing structure more as a foundation than a finished home. It is not suited for those needing space, modern finishes, or immediate move-in convenience without planned work.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value is based heavily on the home's very small square footage and its age. It is priced as a basic, compact dwelling, not compared to larger, modern family homes.
2. What does "basement, not renovated" typically mean for a home of this age?
It likely indicates a traditional, unfinished cellar space used for utilities and storage. Buyers should anticipate a functional but raw space that may have low ceilings, concrete walls, and basic flooring.
3. Who would this property be most practical for?
It would be most practical for a single occupant, a couple comfortable with close quarters, or an investor. Its size and price make it a candidate for a long-term hold as a rental or a low-cost personal project.
4. How does the lot size impact future potential?
The lot, while not large, is proportionate to the neighborhood. It provides essential outdoor space and, critically, offers the possibility for an addition or a garden suite in the future, subject to zoning and permit approvals. This is a key factor in its long-term value.
5. The last recorded sale was in 2016 for a very low price. What should I consider?
This history confirms the property's long-standing position as a low-cost option. It emphasizes that its value is in the land and the structure's potential, not in recent upgrades or market appreciation. Any offer should be based on a current inspection and today's market conditions for similar niche properties.