Property Overview: 232 Marjorie Street, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1913, presenting a straightforward opportunity in Winnipeg's King Edward neighbourhood. Its key characteristics are its modest scale and its value positioning. With 810 square feet of living space and a smaller, 2,325 sqft lot, the property sits below average in size compared to most homes in the city, the area, and even on its own street. This is reflected in its notably low municipal assessed value.

The appeal lies in its potential as an affordable entry point into the housing market. It features a detached garage and a basement (noted as unrenovated), offering functional space for storage or future projects. The home’s age suggests classic construction but also implies that maintenance and updates will be considerations. It would suit a pragmatic, hands-on buyer—perhaps a first-time purchaser, an investor looking for a rental property, or someone seeking a minimal footprint without a large mortgage. The low assessed value indicates a correspondingly low property tax burden, a significant and often overlooked ongoing cost savings. This isn't a move-in-ready showcase home; its value is in the foundation and location it provides for a buyer willing to invest sweat equity or capital over time.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific attributes—its smaller size, older age, and unrenovated condition—compared to the broader market. It primarily determines your property taxes, which for this home would be relatively low.

2. What does "below average" in the rankings actually mean for living here?
It means you're getting less physical space than many other homeowners. This requires efficient use of layout and storage, but it also translates to less space to heat, clean, and maintain, which can be a practical advantage for some lifestyles.

3. The home sold for between $13.5k and $16.5k in 2016. Is the current price based on that?
No, that historic sale price is not a direct indicator of current market value. It does, however, underscore the home's long-standing position as an affordable property. Current pricing will be influenced by today's market conditions, interest rates, and the property's state since that last sale.

4. What are the implications of the basement being "not renovated"?
This typically means the basement is in a raw or utility state—likely concrete floors and walls, housing the furnace and essentials. It offers potential for future finishing but would require significant investment to become livable space and may have moisture or ceiling height considerations common in century-old homes.

5. The lot is smaller than average. Is there still outdoor space?
Yes, with a 2,325 sqft lot, there is outdoor space for a small garden, patio, or yard. However, it will not accommodate large additions or extensive landscaping projects. The focus is on efficient, low-maintenance outdoor use.