Property Overview

This one-storey home at 295 Woodlawn Street in Deer Lodge is a compact, century-old property built in 1918. With 686 square feet of living space and an unrenovated basement, it sits on a 4,800 sqft lot. The home's key metrics—size, assessed value, and age—are all notably below averages for its street, neighbourhood, and Winnipeg overall. It recently sold for $260,000 in October 2024, significantly above its $24,600 assessed value.

Section 1: Key Characteristics & Appeal

Key Characteristics: This is a modest, entry-level property. Its living area is among the smallest in the city, and its official assessed value is very low. The lot size is smaller than most on Woodlawn Street but is closer to the citywide average. The recent sale price suggests a market value far exceeding its tax assessment, which is common for older homes in established neighbourhoods.

Where Its Appeal Lies: The primary appeal is affordability and location within Winnipeg. It represents a rare opportunity to enter the market in a mature neighbourhood like Deer Lodge at a lower price point, likely attracting investors or first-time buyers willing to live in a compact space. The sizable lot, relative to the home's footprint, offers potential for expansion or outdoor living that the house itself does not. Its age and condition position it as a blank canvas for a buyer with renovation or rebuilding plans, where the value is in the land and location rather than the existing structure.

Suitable Buyer Profile: This property suits a very specific buyer: a hands-on first-time purchaser comfortable with a small living space and potential renovation projects, or an investor looking for a rental property with a manageable entry cost. It would not suit those seeking move-in-ready conditions, modern amenities, or spacious interiors.

Section 2: Frequently Asked Questions

1. Why is the sale price so much higher than the assessed value?
Municipal tax assessments are for taxation purposes and often lag behind current market values, especially after a recent sale. The sale price reflects what a buyer was willing to pay in the open market, likely based on the land value and location potential.

2. What does "below average" for all these rankings really mean for a buyer?
It confirms this is a functionally modest property. You are purchasing one of the smallest and oldest homes on the block. The trade-off is typically a lower purchase price to gain a foothold in the neighbourhood.

3. Is the unrenovated basement a major concern?
It depends on your plans. It indicates likely original conditions, which may include moisture issues, outdated wiring, or insufficient insulation. It represents both a potential cost and an opportunity to customize the space to your needs, subject to permits and codes.

4. Who might this property NOT be suitable for?
It would be challenging for families needing multiple bedrooms, anyone requiring wheelchair accessibility (as it's a one-storey likely with basement stairs), or buyers who cannot handle ongoing maintenance or renovation projects inherent to a 108-year-old home.

5. The lot seems large compared to the house. What are the implications?
The 4,800 sqft lot is a key asset. It provides yard space uncommon for very small homes and offers long-term potential. This could include adding a garage, expanding the home (subject to zoning), or simply enjoying more outdoor privacy than newer, densely packed subdivisions offer.