Property Overview & Key Characteristics
This 1947 one-storey home in East Elmwood presents a specific and compelling value proposition. Its primary appeal lies in the combination of a renovated basement and a very generous 4,178 sqft lot, which ranks well above average for the street and neighbourhood. The home itself is compact at 572 sqft of living space, placing it among the smallest in the area, which is a key consideration.
This property would suit a pragmatic, value-oriented buyer. It's ideal for a first-time purchaser comfortable with a modest footprint who sees potential in the large yard for gardening, expansion, or outdoor living. It could also appeal to an investor looking for a character home with a renovated basement suite potential (subject to zoning verification), given the significant disparity between the low assessed value and recent sale prices in the area. The appeal is less about the size of the house and more about the possibilities of the land and the updated basement space.
Frequently Asked Questions
1. Why is the living area so small compared to the lot size?
This is characteristic of many post-war homes in the area, where modest houses were built on sizeable plots. It represents an opportunity for future expansion (like an addition) or simply for enjoying a larger-than-average private outdoor space.
2. The assessed value seems very low. What does this mean?
Municipal assessed value is for tax purposes and often lags behind market value. The fact it sold for $220k in 2022 is a much stronger indicator of its market worth. The low assessment, however, can mean relatively lower property taxes.
3. What does "renovated basement" likely include?
While specifics require viewing, in a home of this era and size, a renovated basement typically means it has been finished into a livable space, possibly with a recreation room, bathroom, or laundry area. It's crucial to verify the quality, permits, and whether it's developed as a legal suite.
4. What are the implications of having no garage?
This is common for the neighbourhood. The large lot provides ample space for off-street parking and the potential to add a garage or shed later, which is a notable advantage over properties with smaller lots.
5. How does the 1947 build year affect the home?
While the structure is nearly 80 years old, the renovated basement suggests some updates. Buyers should budget for and inspect age-related components like the roof, wiring, plumbing, and foundation, which are typical considerations for any character home. Its age ranks it as newer than many in the wider Winnipeg area.