642 Lipton Street

Property Overview: 642 Lipton Street, Winnipeg

Key Characteristics & Appeal

This is a classic one-storey home in the Daniel McIntyre neighbourhood, built in 1920. Its primary appeal lies in its solid fundamentals and potential. The lot is a notable strength, at 2,348 sq ft and ranking within the top 29% for size on its street, offering valuable outdoor space in a central location. While the 710 sq ft living area is compact, it ranks highly (top 9%) for size among similar homes in the area, suggesting an efficient use of space for its type. The property features a detached garage and an unrenovated basement, presenting a clear opportunity for future customization.

It last sold in September 2023 for $24,400, which is close to its current assessed value. This recent transaction provides a clear, up-to-date market benchmark for buyers. The home would suit a first-time buyer, an investor, or a hands-on owner looking for an affordable entry into a well-established neighbourhood. Its value proposition is grounded in the land size and location rather than finished condition, making it a practical project for someone comfortable with gradual improvements or seeking a lower initial investment.

Frequently Asked Questions

1. What does the "rank" data actually tell me?
The rankings compare this property to others on the same street, in the neighbourhood, and across Winnipeg. For example, the lot size ranks in the top 29% on Lipton Street, meaning it's larger than most lots nearby. Conversely, the year built ranks in the top 74%, indicating it is older than most homes on the street.

2. The living area seems small. How does it compare?
At 710 sq ft, the living space is compact. However, the data shows it ranks in the top 9% for size among similar one-storey homes in Daniel McIntyre, meaning this is actually a relatively spacious layout for this specific type of property in the area.

3. The basement is noted as "not renovated." What should I expect?
This typically indicates an original or utilitarian space, likely with concrete walls and floors, used for laundry and storage. It is not a finished living area but represents significant potential for future development, subject to permits and building codes.

4. How does the recent sale price relate to the assessed value?
The home sold for $24,400 in September 2023, and its current assessed value is $21,100. The close alignment suggests the market transaction is a strong, recent indicator of the property's worth, with the assessment providing the city's valuation for tax purposes.

5. Who are the most likely neighbours or buyers for a home like this?
Given the central location, lot size, and project-ready condition, the immediate neighbours are likely a mix of long-term residents and newer owners who have updated similar homes. The most suitable buyers are those who value location and land over move-in-ready finishes and see potential in personalizing a property over time.