224 Munroe Avenue

Property Overview: 224 Munroe Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1931 on a standard-sized lot in the Chalmers neighbourhood. Its key practical features include a renovated basement and a detached garage. The home’s primary appeal lies in its value proposition and potential. With a modest living area of 759 sq ft and a below-average assessed value, it presents an accessible entry point into the Winnipeg market. The renovated basement adds functional living space, a significant asset in a smaller home.

This property would suit first-time buyers or investors looking for a straightforward, lower-maintenance footprint without a major renovation project. Its size and price point also make it a candidate for those interested in a "house hacking" strategy, using the basement as a separate rental unit to offset costs. A less obvious perspective is its positioning within its immediate area: while the home is smaller than most on its own street, it is more aligned with the average in the broader Chalmers neighbourhood, suggesting it fits the local community fabric well. It’s a home for pragmatic buyers who see utility and opportunity over sheer size.

Section 2: Frequently Asked Questions

1. Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify it as a legal, separate suite. Buyers should verify its compliance with local zoning and licensing regulations if considering rental use.

2. How does the sale price compare to the assessed value?
The home last sold in January 2022 for $200,000, which is significantly higher than its current assessed value of $18,300. This is not unusual, as municipal assessed value for tax purposes is not a direct indicator of market value. The sale price gives a more recent benchmark.

3. What is the neighbourhood like?
Located in Chalmers, the home is on a street with properties of varying sizes and ages. Metrics indicate the home itself is more typical of the wider neighbourhood than it is of its specific street, which has larger lots on average.

4. What are the implications of the home's smaller living area?
At 759 sq ft, the living space is compact. The renovated basement is therefore a crucial functional addition. Buyers should consider if the main-floor layout and total usable space meet their long-term needs.

5. Is the detached garage in good condition?
The listing confirms a detached garage but does not detail its condition, size, or features. This would be an important point for inspection, especially given the age of the property.