Property Overview
This 1922 one-and-a-half storey home on a 3,006 sqft lot in Inkster-Faraday presents a classic Winnipeg character home with notable space and recent updates. Its key appeal lies in its above-average living area (1,144 sqft) for the street and the presence of a renovated basement, adding functional space. The detached garage and lot size, which ranks in the top 60% on the street, offer practical utility and outdoor potential.
The home suits first-time buyers or practical investors looking for a move-in-ready character property with some modernized elements. It also appeals to those who value a home with a clear history of value appreciation, as its last sale price in 2010 significantly outpaces its current assessed value, suggesting potential equity. A less obvious perspective is that its age and established neighbourhood often mean larger lot sizes and mature trees compared to newer subdivisions, while the renovated basement could serve as a flexible space for a home office or suite, subject to permits.
Frequently Asked Questions
1. How does the assessed value compare to the likely selling price?
The assessed value is $17,500, but this is for municipal tax purposes and is typically much lower than market value. The last sale was for $130,000 in 2010. Current market price would be determined by recent sales of comparable homes, condition, and demand.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. Buyers should inquire about the quality of the renovation, permits, the basement's ceiling height, moisture control, and its current use (e.g., recreation room, laundry, additional living space).
3. Is the home in a desirable location within Inkster-Faraday?
The rankings show the property performs well on its own street (Parr Street) for living area and lot size. However, its assessed value rank is lower on the street and in the neighbourhood. This suggests it's on a street with a mix of property values, so viewing the specific block and nearby homes is recommended.
4. What are the implications of the home being 104 years old?
While offering character, it necessitates a focus on maintenance and systems. A thorough inspection is crucial to check the condition of the original structure, foundation, wiring, plumbing, and roof. The renovated basement should be scrutinized for how it integrates with the older structure.
5. How does this property compare to others in the area?
The "People also viewed" list shows similar homes in the area often have comparable assessed values, but living areas and lot sizes can vary significantly. This home's living space is notably larger than several comparables, which is a key differentiator, though some nearby homes have higher assessed values, which may indicate more recent updates or different conditions.