10-722 Maryland Street

Property Overview

This 1914 home in Daniel McIntyre presents a unique proposition. Its key characteristic is its exceptionally low municipal assessed value of $5,200, which ranks in the top percentile for the entire city. The living space is compact at 510 sq ft, and the property does not feature a basement, garage, or pool. Its appeal lies in its position as a potential entry point into a well-established, central Winnipeg neighbourhood. The lot itself, given the context of nearby properties, may hold significant value relative to the structure.

This property would primarily suit a very specific type of buyer: an investor or hands-on owner looking for a minimal-cost land holding or a foundational project. It is a candidate for substantial renovation or full redevelopment, appealing to those with vision, a flexible budget for construction, and an understanding of the work required. It is less suited to anyone seeking a move-in ready or conventional starter home.

Frequently Asked Questions

1. Why is the assessed value so low?
The assessed value is typically based on the property's current state and market value as determined by municipal assessors. A value this low, especially compared to nearby homes, strongly suggests the existing structure adds minimal value, likely due to its age, size, or condition, placing the emphasis on the land value.

2. Is this a liveable property as-is?
Given the lack of a basement, the very small square footage, and the low assessment, it is highly probable that the house requires significant repairs or may not be suitable for immediate occupancy. A thorough professional inspection is essential.

3. What kind of investment would be needed?
Buyers should budget for major renovations or potentially a full rebuild. Costs would include not only construction but also updated designs, permits, and utility connections. The total investment would likely far exceed the purchase price.

4. What is the potential here?
The potential is in the location and the lot. It represents a rare low-cost opportunity to create a custom home in a central neighbourhood. The value would be realized through the creation of a new, modern dwelling on the property.

5. How do the property taxes work with such a low assessment?
Taxes are based on the mill rate and this assessed value, so they would currently be very low. However, any substantial renovation or new construction will trigger a reassessment, and property taxes will increase significantly to reflect the new, higher market value.