Property Overview
This one-and-a-half storey home, built in 1910, presents a distinct opportunity in Winnipeg's King Edward neighbourhood. With 1,061 square feet of living space and a 4,351 sqft lot, it sits on a property that is average in size for the area. Its key defining characteristic is its exceptionally low municipal assessed value of $15,900, which places it in the bottom 10% of homes locally and citywide. The home features a basement, but it is noted as not being renovated, and the property has no garage or pool. It last sold in September 2021 for an estimated price between $16,500 and $19,500.
Key Characteristics & Appeal
The primary appeal of 431 King Edward Street lies in its position as a low-barrier entry point into the Winnipeg housing market. Its assessed value and recent sale price suggest it is one of the most affordable properties available, suited for a very specific buyer. This home would be a project, ideal for an investor looking for a rental property with minimal upfront capital, a contractor seeking a live-and-renovate project, or a very budget-conscious first-time buyer prepared for significant updates. Its lot size is a solid asset for the area, offering potential for future expansion or outdoor space.
A less obvious perspective is that its low assessment, while reducing property taxes, often reflects a need for substantial modernization or repairs not captured in basic metrics. Its appeal isn't in move-in readiness, but in the potential value that could be created through investment and sweat equity. The data shows it's an older home in a neighbourhood of mixed vintage, offering classic character but also the challenges that come with a 116-year-old structure.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Municipal assessments are based on market value and property characteristics. A very low assessment typically indicates the home is valued significantly below area norms, often due to its condition, size, or specific market factors at the time of assessment.
2. What does "basement, not renovated" imply?
This usually means the basement is in original or utilitarian condition. It likely lacks modern finishes and may have older mechanical systems, limited ceiling height, or moisture concerns common in century-old homes. It should be inspected for viability as living space.
3. Who would this property suit best?
It is best suited for investors, renovators, or extremely budget-focused buyers. It is not likely a match for someone seeking a turn-key or modern home without a clear plan and resources for updates.
4. How reliable are the sold price ranges shown?
The ranges are based on publicly available data. For the exact sale price, you must request it directly via the provided email service, as precise sale figures are not always disclosed in public records.
5. The home sold recently in 2021; what might that mean?
A recent sale at a very low price point could indicate a quick investor flip, an estate sale, or a property that has been used as a rental. It's worth investigating what, if any, changes were made during that ownership period.