241 King Edward Street

Property Summary: 241 King Edward Street, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1913, offering a straightforward living space of 910 sqft on a modest 2,898 sqft lot in the King Edward neighbourhood. Its key appeal lies in its simplicity and potential. The home features a detached garage and an unrenovated basement, presenting a clear canvas for a buyer looking to add value over time. The assessed value is notably low compared to city-wide averages, which translates to correspondingly lower property taxes—a significant, ongoing financial benefit.

This property would best suit a pragmatic first-time buyer, an investor looking for a rental property with a stable foundation, or a hands-on individual who sees the appeal in a home without premium finishes, where personalization is a future project rather than an immediate cost. Its size and vintage make it a manageable stewardship project rather than a move-in-ready showcase. A less obvious perspective is its positioning within its immediate area: while its living space is around average for King Edward, its lower assessment suggests it’s a more affordable entry point into a neighbourhood where many similar-sized homes carry a higher tax burden.

Section 2: Frequently Asked Questions

1. What does the low assessed value mean for me?
Primarily, it means lower annual property taxes compared to many homes in the city. It’s important to understand that assessed value for taxation is not the same as market value, but it is a strong indicator of the home’s current valuation for municipal purposes.

2. Is the basement finished or usable?
The listing specifies the basement is “not renovated.” You should anticipate an unfinished space that would require work to become a comfortable living or storage area.

3. How does the size compare to nearby homes?
At 910 sqft, the living area is very close to the average for both King Edward Street and the broader King Edward neighbourhood. However, its lot size is smaller than many on the same street, which is a trade-off for the lower maintenance.

4. The home is over 110 years old. What should I consider?
While the structure has proven its durability, a pre-purchase inspection is essential. Focus on the foundational integrity, roof, wiring, and plumbing to understand what maintenance or updates may be imminent, beyond any cosmetic renovations.

5. Who are the most likely neighbours or what is nearby?
Based on the nearby property list, you would be in a row of very similar, closely spaced homes on King Edward Street, suggesting a tight-knit, established streetscape. For amenities, schools, and transit, further neighbourhood-specific research would be needed.