50 Railway Street

Property Overview

This one-storey home at 50 Railway Street presents a specific and practical opportunity. Its appeal lies in its straightforward layout, a renovated basement adding functional space, and a detached garage on a lot that is notably larger than many in the wider Winnipeg area. The 1957 build is older than most on its immediate street but is actually newer than many homes in the established Burrows-Keewatin neighbourhood. With a living area of 872 sqft, the house itself is compact, suggesting efficient and manageable living spaces. The property last sold in 2016 for $250k, and its current assessed value is significantly lower, which may indicate potential for equity growth or reflect its modest size.

This home would suit a first-time buyer looking for an entry point into homeownership with a manageable footprint, or an investor seeking a rental property with a solid land component. It’s also a fit for those who prioritize usable outdoor space and a garage over a larger interior, and who appreciate the character of a mature, established community.

Key Questions for Consideration

1. How does the renovated basement add to the living space?
The listing notes a renovated basement, which effectively adds usable square footage not reflected in the main living area. It’s important to understand the nature of the renovation, whether it’s a finished recreational space, additional bedrooms, or functional storage/utility areas, and to confirm it meets local building codes.

2. The assessed value is much lower than the last sale price. What does this mean?
The current assessed value of $26.5k is for municipal tax purposes and is not an indicator of market value. The 2016 sale price of $250k is a more relevant benchmark, though a current market appraisal would be needed to understand today's value. The low assessment could result in relatively lower property taxes.

3. The lot is large, but the house is small. What are the implications?
The nearly 6,000 sqft lot is a standout feature, offering ample outdoor space for gardening, recreation, or future expansion like a shed or deck. However, the smaller house (872 sqft) means indoor living and storage space is efficient. Buyers should weigh the value of the generous yard against their need for interior square footage.

4. How does the age of the home affect maintenance?
Built in 1957, the home is nearing 70 years old. While the basement has been renovated, the core systems (plumbing, electrical, roof, foundation) are likely original or older. A thorough inspection is crucial to budget for potential updates or repairs common to homes of this era.

5. What is the neighbourhood like for daily living?
Located on Railway Street in Burrows-Keewatin, the property is in a mature, no-frills residential area. Prospective buyers should visit at different times to gauge traffic noise from the street, observe the condition of neighbouring properties, and explore proximity to local amenities like transit, schools, and shopping to ensure it fits their lifestyle.