Property Overview

This one-and-a-half storey home at 262 Ferry Road in Winnipeg's King Edward neighbourhood presents a specific and straightforward opportunity. Built in 1912, its key characteristic is an exceptionally low municipal assessed value, which places it in the bottom 2-3% of homes locally and citywide. At 960 sqft, the living space is typical for similar older homes in the immediate area, though below the city average. The lot is modest at 2,495 sqft, and the home features a basement that is noted as not being renovated.

Its appeal lies almost entirely in its position as an entry-point property. The low assessment suggests a correspondingly low purchase price, making it one of the most accessible homeownership options in the city. It suits a very specific buyer: someone with a limited budget who is willing to take on a project, an investor looking for a basic rental property with minimal upfront capital, or a buyer primarily interested in the land value. A less obvious perspective is that a home with such a low official valuation can sometimes represent a "blank slate" for improvement, where even modest renovations could potentially yield significant proportional gains in equity, as the starting point is so low.

Frequently Asked Questions

1. Why is the assessed value so low compared to other homes?
The assessed value is typically based on factors like age, size, condition, and recent sales of comparable properties. A value this far below averages strongly indicates the home requires significant updates or repairs, or that it has unique characteristics affecting its valuation.

2. What does "basement, not renovated" imply?
This usually means the basement is in original or unfinished condition. Buyers should anticipate older mechanical systems (like plumbing or wiring), potential moisture concerns common in century-old foundations, and a space that would need investment to become modern living or storage area.

3. Is the living space sufficient for a family?
At 960 sqft, the home is compact. Its one-and-a-half storey layout typically means bedrooms on the upper level, which can have sloped ceilings. It would be more suitable for a small family, a couple, or an individual.

4. How does the sold price history help me?
The last recorded sale in 2019 was in a similar low price range, confirming the property's consistent market position. This history helps establish a realistic baseline for its value in its current condition.

5. What should I prioritize when viewing this property?
Given the age and low valuation, focus on the fundamentals: the structural integrity of the foundation and roof, the state of major systems (electrical, heating, plumbing), and any signs of water damage. Cosmetic updates are secondary to these potentially costly core issues.