Property Overview: 243 Mayfield Crescent
Key Characteristics & Appeal
This is a classic, two-storey family home built in 1986, situated on a generous 5,441 sqft lot in Elmhurst. With 1,735 sqft of living space, it offers ample room for a growing household. The property presents a solid, no-frills foundation: it features an unfinished basement, providing valuable storage or future expansion potential, but does not include a garage or pool. Its appeal lies in its established neighbourhood setting and the tangible opportunity it represents. The home is positioned as a practical canvas—ideal for buyers who value space and location over immediate luxury and are comfortable with a property that may require updates over time. It particularly suits first-time homebuyers seeking a foothold in a mature community, or value-oriented investors looking for a property with good rental fundamentals. A thoughtful perspective is that while the home ranks moderately in its immediate area for metrics like value and size, its lot size and living space rank notably higher across the wider Winnipeg context, suggesting its inherent assets may be better appreciated on a city-wide scale.
Frequently Asked Questions
1. What is the true condition of the home given its age?
Built in 1986, the home is 40 years old. Prospective buyers should budget for a thorough inspection, as key systems like the roof, windows, and HVAC may be nearing or past their typical lifespans and could require attention or updating.
2. How does the lack of a garage and unfinished basement impact livability?
The absence of a garage means on-street parking and a need for creative storage solutions. The unfinished basement is a double-edged sword: it adds significant utility and future living space potential, but finishing it would require a substantial investment of time and money.
3. The community rankings seem mixed. What does this mean?
The rankings show the home is more competitive on a city-wide level than within its own immediate neighbourhood. This often indicates the area itself is desirable with many well-maintained or newer homes, so this property may be priced as a relative value within that stronger local market.
4. Is the assessment price a reliable indicator of market value?
The municipal assessment of $464,000 is a snapshot for tax purposes and can lag behind the current market. It’s a useful data point, but the final sale price will be determined by recent comparable sales, buyer demand, and the home’s specific condition.
5. What are the pros and cons of the large lot size?
The nearly 5,500 sqft lot is a major asset, offering excellent outdoor space for gardening, play, or entertaining. However, a larger lot also means more maintenance—more lawn to mow, more landscaping to manage—which is an important consideration for time or budget-conscious owners.