172 Walnut Street – Property Summary
Key Characteristics and Buyer Appeal
This is a 1905-built home with 1,116 square feet of living space on a 2,336-square-foot lot, located in Winnipeg’s Wolseley neighbourhood. Compared to other homes on Walnut Street, it is smaller than average—ranking 85th out of 87 properties for both footprint and lot size. Its assessed value of $172,000 is well below the street average of $338,000 and the community average of $371,000.
The property’s main appeal is its price point. For buyers looking to enter a desirable, older central neighbourhood without paying the premium that most homes there command, this represents a rare lower-cost option. The home is older than most in the area and on a smaller lot, which will limit its appeal for those seeking space or a renovation project with upside, but it could suit someone content with a compact, older home who prioritizes location over square footage. It would be best suited to a first-time buyer, someone downsizing, or an investor looking for a lower-entry property in a historically popular area—though potential renovation costs should be weighed carefully.
Five Frequently Asked Questions
1. Why is the assessed value so much lower than others on the street?
The home is smaller and on a smaller lot than most surrounding properties. Both the living area and land area rank near the bottom of Walnut Street and the Wolseley area, which directly brings down its assessed value relative to neighbours.
2. Is the house in poor condition because of its age and low price?
The age and value suggest it may need updating or maintenance, but the data provided does not specify condition. Buyers should budget for a thorough inspection, especially for a 1905 home, as older systems and foundations can be costly.
3. How does the living space compare to a typical Winnipeg home?
At 1,116 square feet, the property is slightly smaller than the citywide average of 1,342 square feet, but it is not an outlier. The gap is more noticeable at the street and neighbourhood level, where averages are 1,723 and 1,622 square feet respectively.
4. What are the potential challenges of a smaller lot in this neighbourhood?
A smaller lot often means less outdoor space, limited parking, and fewer options for expansion. In Wolseley, where many homes have deeper or wider yards, this property may feel constrained—but it also likely requires less upkeep.
5. Is this a good investment property given the low purchase price?
The location in Wolseley is historically popular, and a low entry price could offer cash-flow potential or gradual appreciation. However, the small size and age may limit resale demand, and older homes often carry higher maintenance costs. The investment case depends heavily on condition and renovation needs.