Property Summary: 162 Horace Street, Norwood East, Winnipeg
Section 1: Key Characteristics & Appeal
This home is a study in contrasts, offering a distinct opportunity in Winnipeg's Norwood East neighbourhood. Its key characteristic is a notably low assessed value of $240k, which sits well below average for the street, area, and city. This is paired with a living area of 1,224 sq ft that is typical for the immediate locale. The property is one of the oldest in its comparisons, built in 1904, and sits on a 4,156 sq ft lot that is standard for the area but smaller than the city average.
The appeal lies in its position as a potential value proposition. The significantly lower assessed value compared to neighbours could represent an entry point into a mature neighbourhood for a budget-conscious buyer, a renovation-minded individual looking for a "blank canvas" with character, or an investor seeking a rental property with a lower initial tax burden. It suits a pragmatic buyer who values location over move-in-ready condition and is prepared for the realities and potential costs of maintaining a century-old home. A less obvious perspective is that its age and value position it as a candidate for strategic upgrades, where invested improvements could potentially narrow the gap with neighbouring property values.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than neighbouring homes?
While the exact reason isn't specified, a combination of the home's age (1904), its potentially original condition or outdated systems, and its smaller size relative to some city-wide averages typically contribute to a lower assessment compared to updated or newer homes on the same street.
2. What should I consider with a home built in 1904?
Prospective buyers should budget for and prioritize inspections of foundational structure, roofing, plumbing, electrical wiring, and insulation. While offering charm, homes of this age often require updates to meet modern efficiency and safety standards.
3. How does the last sold price (2016) relate to today’s value?
The home sold between $200k-$250k in 2016. This historical data provides a baseline, but current market conditions, any changes made to the property since then, and its assessed value of $240k are more relevant for understanding its present market position.
4. Is the lot size a limitation?
At 4,156 sq ft, the lot is quite standard for Norwood East. It provides adequate outdoor space for a garden or patio but may not accommodate large additions or pools. It's comfortably average for the neighbourhood context.
5. How can I get the exact historical sold prices?
The provided data shows approximate price bands. For fully verified and exact sale history figures, you must request a manual lookup from the site via email, as they do not display MLS-sourced sold records directly on the platform.