Property Overview: 217 Ferry Road, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, historic one-and-a-half storey home in Winnipeg's King Edward neighbourhood. Built in 1918, its key characteristic is its modest scale, with a living area of 672 sqft, which is notably smaller than most city homes. It sits on a roughly 4,058 sqft lot, which is a typical size for the area. The home has a basement, but it is noted as not being renovated, and there is no garage or pool.

The primary appeal lies in its position as an accessible entry point into the market. With a historically low assessed value and a recent (2022) sold price in the low $20k range, it represents one of the most affordable homeownership opportunities available. Its appeal is for utility and potential, not for move-in-ready finishes or space.

This property would suit a very specific type of buyer: a hands-on investor looking for a rental asset with a low entry cost, or an extremely budget-conscious individual willing to live minimally while undertaking gradual renovations. It is not suited for those needing ample space, modern conveniences, or who are unable to manage a project. A less obvious perspective is that such a small, affordable home on a standard lot could be a long-term play for land value, where the existing structure is maintained at a basic level while the underlying asset appreciates.

Section 2: Frequently Asked Questions (FAQs)

1. What does "basement, not renovated" typically mean?
In this context, it indicates a functional but unfinished or outdated basement. Buyers should anticipate a space that may be usable for storage or utilities but will likely require significant work to modernize or finish as living space.

2. Why is the assessed value so much lower than the citywide average?
The assessed value reflects the property's small size, age, and lack of renovations compared to the typical Winnipeg home. It is in-line with averages for similar, smaller homes on its street and in the King Edward neighbourhood.

3. Who might be interested in a home this small?
It could appeal to a single person or couple with a minimalist lifestyle, an investor seeking a low-cost rental property, or someone looking for a "foot in the door" of homeownership while they save for or build equity for their next move.

4. What are the main considerations regarding the year built (1918)?
While the home has historic character, its age means potential buyers must pay special attention to the condition of major systems (like wiring, plumbing, and the foundation) and be prepared for updates that align with older construction methods.

5. How useful is the lot size here?
At just over 4,000 sqft, the lot is a standard city size. It provides adequate outdoor space but is not unusually large. Its value is as a necessary component of the property rather than as a standout feature for expansion, as the small house footprint may limit renovation options without a significant investment.