Here is a clean, standalone write-up based on the property data you provided.

Key Characteristics & Buyer Profile

This is a 1958 bungalow on a 6,002 sqft lot in Windsor Park, offering 996 sqft of living space. Its defining feature is its land. While the house itself is smaller than average for its street (ranking in the bottom 5% for living area), the lot is competitive. The lot ranks in the top 31% city-wide—a rare advantage for the neighbourhood, where lots average only 6,030 sqft.

The property’s assessed value tells a nuanced story. At $374,000, the home is priced below its immediate street average ($583,000) but sits above the Windsor Park average ($354,000). This suggests a location where larger, newer homes have driven up street values, making a smaller, older home here a relative value proposition. The 1958 build is typical for the area, meaning renovation history and mechanical condition will be major factors for a buyer.

The appeal lies in a trade-off: you get a solid, respectable lot in a central area, but the house itself will require work or a clear plan to maximize its potential. It is well-suited for a buyer who is comfortable looking past dated interiors and a below-average floor plan to secure a good piece of land in an established, mid-value neighbourhood. It is less suitable for someone seeking a move-in-ready, large home without compromise.

Five FAQs

1. The living area is 996 sqft, which seems small. What are the practical implications?
It means the house is compact. At this size, rooms are likely modest and the layout may lack a dedicated dining room or a large primary suite. Many homes this age in Windsor Park are 2-bedroom or small 3-bedroom designs. You should expect a tight footprint, but the 6,002 sqft lot offers room for potential additions, a large shed, or a significant landscaping project if zoning allows.

2. Why is the assessed value ($374k) lower than the street average ($583k) but higher than the neighborhood average ($354k)?
The street (Cypress Bay) contains several homes that are either much larger or newer (average build 1980 vs. 1958 for this property), which raises the street average significantly. Your home is closer in size and age to the broader Windsor Park stock. Essentially, you are on a street with more expensive neighbours, but your property’s baseline value is in line with the general community.

3. The lot is 6,002 sqft. How does that compare to a typical new subdivision lot?
It is larger. Many new single-family lots in Winnipeg are between 3,500 and 5,000 sqft. Your lot is in the top 31% city-wide, meaning it is bigger than most post-war inner-ring lots and significantly bigger than a typical infill or suburban lot. This gives you more outdoor space and privacy than a newer build would.

4. Is it a good flip or renovation candidate?
Possibly, but carefully. The land value is strong. A full gut renovation or a two-storey addition could yield good returns, but the 996 sqft footprint limits what you can do without a major addition. A cosmetic flip (new kitchen, floors, paint) might be tight because the finished product would still be under 1,000 sqft, which can narrow the pool of future buyers who want more space.

5. What does the “top 31%” rank for land actually mean?
It means that out of nearly 200,000 properties city-wide, this lot is larger than about 69% of them. However, within the immediate street (Cypress Bay), it is only slightly above average (ranked 41 out of 63). So, while the lot is large for the city as a whole, it is not an oversized corner lot by street standards. It is a solid, functional yard, not an estate-sized parcel.