Property Overview
This one-storey home at 351 Keenleyside Street in East Elmwood presents a straightforward opportunity. Its key characteristic is its modest 728 sqft living area, which is notably smaller than most comparable homes in the immediate area and across Winnipeg. The house, built in 1954, sits on a decent-sized lot of just under 5,000 sqft and features a detached garage and an unfinished basement. Its most recent sale was in November 2022 for $260,000.
The appeal here lies in its essential affordability and its lot size. For the price, you secure a home in a mature neighbourhood with a proportionally large yard, offering potential for expansion, gardening, or outdoor space that newer subdivisions often lack. It suits a first-time buyer comfortable with a "blank canvas" home, an investor looking for a rental property with land value, or a downsizer seeking a manageable footprint without sacrificing outdoor privacy. It’s a practical choice for those who see value in the land and location over the current size or condition of the dwelling.
Frequently Asked Questions
1. Is this a "fixer-upper"?
Yes, likely. The listing notes the basement is "not renovated," and given the home's age and below-average living area, most buyers should anticipate investing in updates, repairs, or a potential expansion to modernize the space.
2. How does the assessed value relate to the likely sale price?
The municipal assessed value is significantly lower ($24,400) than the 2022 sale price of $260,000. This is common, as assessed values for tax purposes often lag behind market values. The sale price is a much more accurate indicator of current market value.
3. What are the pros and cons of the smaller living area?
The con is obvious: less interior space than most homes. The pro is lower utility costs, less maintenance, and a forced simplicity that can be appealing. The large lot also means any future addition is a more feasible project than on a smaller parcel.
4. The home ranks low for size and age on its street. Is that a concern?
It indicates the immediate block may have larger or more updated homes. This isn't inherently negative; it can mean the neighbourhood is stable and established. However, it does underscore that this specific property is one of the more basic homes on the street.
5. Who is this not a good fit for?
It's not ideal for a growing family needing immediate space, or for a buyer who wants a move-in-ready home without renovation projects. Those prioritizing modern finishes, ample square footage, or a low-maintenance property should look elsewhere.