Property Overview: 405 Inglewood Street, Winnipeg

Key Characteristics & Appeal

This one-and-a-half storey home, built in 1914, presents a classic character home opportunity in the King Edward neighbourhood. With 842 sqft of living space and a recently renovated basement, it offers modern functionality within a historic shell. A key, less obvious asset is its land: at 3,783 sqft, the lot is notably larger than many on its street and in the immediate area, providing valuable outdoor space and potential in a city where lot size often dictates future value.

Its appeal lies in its balance and practicality. The home sits in the middle of the pack for its immediate vicinity in terms of size, assessed value, and recent sale prices, suggesting it’s a typical, fairly priced offering for the street. This makes it a straightforward entry point into the neighbourhood. It would suit a first-time homebuyer or an investor looking for a character property with a manageable footprint and a updated basement suite potential (subject to verification). The detached garage adds practical storage or workshop space. A thoughtful buyer will note that while the home is average for the area, its larger lot and recent basement renovation are positive differentiators that may not be fully reflected in its current assessment.

Frequently Asked Questions

1. How does this home compare to others in Winnipeg?
City-wide, this is a smaller, older home on a smaller-than-average lot, with a significantly lower assessed value than the Winnipeg average. This highlights its position as an affordable, central character home, not a large, modern property.

2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finishes or layout. Buyers should verify the quality, permits, and whether it includes a separate entrance or kitchen, which would impact its value and utility.

3. The home sold twice recently (2022 and 2023). Should I be concerned?
Rapid resales can happen for many neutral reasons, such as investor flipping, changes in owner circumstances, or renovation projects. It’s important to review the property’s history and any work done during those periods to understand the context.

4. Is the assessed value a good indicator of the sale price?
The home’s assessed value ($22.5k) is closely aligned with recent sold price ranges on the same street ($23.5k-$26.5k), suggesting the assessment is current and the market is consistent here. However, sale price is always determined by current market conditions.

5. What are the implications of a 1914 build date?
While full of character, a home of this age requires a diligent inspection. Key focuses should be the foundation, original wiring and plumbing updates, insulation, and the roof. The renovated basement is a plus, but the main and upper floors likely retain original materials.