Property Overview: 155 Mcphail Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1946 on a 2,499 sqft lot in the Chalmers neighbourhood. Its key characteristic is its modest scale, with a living area of 600 sqft, which is notably smaller than most homes on its street and in the wider city. The property has an unfinished basement and no garage. Its assessed value is significantly below area averages.
The primary appeal lies in its position as an entry-point property or a land-value opportunity. It suits a very specific buyer: someone seeking the lowest possible price point to enter the Winnipeg market, an investor looking for a straightforward rental property with minimal initial outlay, or a buyer with redevelopment plans who values the lot over the existing structure. A less obvious perspective is that its small size and low operating costs could appeal to someone seeking a minimalist lifestyle or a lock-and-leave property. However, it requires a buyer comfortable with a home that ranks at or near the bottom of its peer group in terms of size, value, and likely condition, given the unrenovated basement.
Frequently Asked Questions
1. Is this a move-in ready home?
The listing notes the basement is "not renovated," suggesting the home may require updates. Given its age, size, and below-average valuation, prospective buyers should budget for maintenance and potential repairs.
2. Why is the assessed value so much lower than nearby properties?
The assessed value reflects the property's characteristics—its very small living area, age, and likely condition—relative to others. It is consistently ranked in the bottom tier of comparable homes for value, both on its street and citywide.
3. What are the possibilities for expanding or redeveloping the property?
The 2,499 sqft lot provides the primary potential. A buyer could explore renovating and expanding the existing structure (subject to zoning) or, in the longer term, consider redevelopment, as the land value may represent a significant portion of the property's price.
4. How do the recent sale prices compare to the assessed value?
The home sold for $12,500 in 2021 and $12,300 in 2016, which are in line with its current assessed value of $13,400. This history indicates a stable, low-value price point.
5. What should I consider about the neighbourhood?
The home is in Chalmers, an older Winnipeg neighbourhood. Buyers should research area amenities, transportation, and future development plans to see if the location meets their needs, as the property's appeal is heavily weighted toward its affordability and lot potential.