Property Overview: 242 Rutland Street, Winnipeg

Key Characteristics & Appeal

This is a classic one-and-a-half storey home in Winnipeg's King Edward neighbourhood, built in 1918. With 1,008 sqft of living space and a detached garage, it presents a straightforward, functional layout. The basement exists but is noted as not renovated, indicating potential for future customization or simply providing basic utility space.

The primary appeal lies in its position as a solid, average offering within its immediate context. The data shows it consistently ranks around the middle of the pack for its street and neighbourhood in terms of living area, assessed value, and year built. This suggests a property that is neither standout nor laggard, but a typical example of the area's housing stock. For a buyer, this translates into a predictable entry point into the market without the premium for a top-tier property or the major compromises of a lower-ranked one.

A thoughtful perspective is its lot size. At 2,523 sqft, the land area is around average for Rutland Street but is below average for the wider King Edward area and city. This indicates a more compact urban lot, which could mean lower maintenance and a cozier streetscape feel, but less room for expansive outdoor additions.

This home would suit a pragmatic first-time buyer or an investor looking for a character home in a central neighbourhood without a massive renovation project upfront. It’s for someone who values location and a traditional home style, and who sees the unrenovated basement as a blank slate or acceptable as-is for storage and utilities.

Frequently Asked Questions

1. What does "around average" for the neighbourhood really mean?
It means that compared to similar homes in King Edward, this property’s key metrics (size, value, age) are typical. You’re not overpaying for above-average features, nor are you getting a bargain for below-average ones. It represents a market-standard offering for the area.

2. The assessed value is listed at $23.5k, but a nearby sale is shown around $20.5k–$23.5k. Why is this?
Municipal assessed value for tax purposes is often different from market sale price. The sale data from 2020 shows it transacted within that assessed value range. For current market value, consult a local real estate professional and consider recent comparable sales.

3. What are the implications of the "not renovated" basement?
This typically means the basement is in original or functional condition, with unfinished or dated finishes. It’s suitable for laundry, storage, and mechanical systems, but not as a modern living space. Any future renovation would be a custom project for the new owner.

4. How does the smaller lot size impact the property?
The lot is more compact than many in the city. This can mean less yard maintenance and a closer relationship to the neighbourhood’s historic streetscape. However, it may limit potential for large additions, pools, or extensive landscaping compared to properties on larger lots.

5. The home was built in 1918. What should I be aware of?
Homes of this age possess character but require due diligence. Prospective buyers should prioritize inspections for foundational integrity, the condition of original plumbing and electrical systems (which may have been updated over time), and the overall energy efficiency of the building envelope, including windows and insulation.