Property Overview: 399 Inglewood Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home in King Edward presents a practical opportunity, particularly for its generous 4,743 sqft lot—a standout feature that ranks well above average for both the street and the neighbourhood. The house itself, built in 1948, offers 950 sqft of living space, which is typical for the immediate area. It features a detached garage and an unrenovated basement, indicating a property that is functional but ready for personal updates. The assessed value is notably below the citywide average, suggesting a more accessible entry point.

The primary appeal lies in the land size and location. The large lot offers rare potential for gardening, expansion, or simply more private outdoor space than is common in the area. It suits a hands-on buyer—perhaps a first-time homeowner comfortable with gradual improvements, an investor looking for a property with a strong land value component, or someone seeking a manageable home with room to grow outdoors rather than indoors. Its assessed value positioning indicates it’s a pragmatic choice within its community, not a luxury purchase, offering a chance to live in a mature neighbourhood without a premium price tag.

Section 2: Frequently Asked Questions

1. What does the "below average" citywide assessed value actually mean?
It means that, compared to all residential properties across Winnipeg, this home’s official assessed value is in the bottom 9%. This typically reflects a more modest valuation, which can be advantageous for property taxes, but it's essential to compare it to recent sale prices in King Edward for a true market picture.

2. Is the unrenovated basement a major concern?
It indicates the basement is in original or functional condition, not modernized. It’s not a flaw, but a clear signal that any finishing or updates would be the responsibility of the new owner. A professional inspection is advised to check its foundation, moisture levels, and systems.

3. How does the large lot size benefit me?
Beyond extra yard space, a larger lot in a mature neighbourhood like King Edward can offer better privacy, room for additions like a shed or deck, and long-term value potential that smaller lots don't have. It’s a feature that can’t be easily replicated.

4. The home last sold in June 2023. What should I consider?
A relatively recent resale suggests the current owner’s circumstances changed quickly. It’s wise to inquire about any work done during that short ownership and to understand the market conditions of that 2023 sale to gauge current value.

5. Are the nearby similar-valued properties comparable homes?
Not necessarily. The listed addresses with similar assessed values are spread across different neighbourhoods. This highlights that assessment is for taxation purposes; true comparables are homes that recently sold in the same King Edward area, with similar lot sizes, living area, and condition.