473 Parr Street

Property Overview: 473 Parr Street, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-and-three-quarter storey home built in 1914, offering 880 square feet of living space on a 2,943 sqft lot in the Inkster-Faraday neighbourhood. Its key characteristics include a detached garage and an unfinished basement. The home’s assessed value is notably low, placing it well below city-wide averages.

The primary appeal lies in its position as an accessible entry point into the Winnipeg market. It suits first-time buyers or investors seeking a low-cost acquisition with minimal initial financial outlay. The property represents a classic "value-add" opportunity; its below-average metrics on living space, assessed value, and lot size for the city suggest significant potential for equity growth through renovation and improvement, especially given its age. A thoughtful perspective is that while it ranks below average city-wide, it is much more typical for its specific street and area, indicating it's a standard offering for this established, older neighbourhood. This could appeal to a buyer looking for a straightforward project in a community with consistent character, rather than a standout property.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's current state and is relative to similar homes. Given its age, smaller size, and the condition implied by an unfinished basement, the assessment reflects a lower market value compared to the broader, newer housing stock across Winnipeg.

2. What does the sold price history indicate?
The home sold in February 2025 for an estimated range of $11.5k to $14.5k. This recent sale at a price close to its assessed value confirms its status as a very low-cost property and suggests the market views it as a land-value or foundational investment opportunity.

3. Who would this property be most suitable for?
It is best suited for a handy first-time buyer or an investor comfortable with renovation projects. The low entry cost allows for a budget to be allocated toward modernizing and expanding the living space, with the goal of increasing both livability and future resale value.

4. How does it compare to other homes on Parr Street?
The data shows this home is fairly typical for Parr Street. Its living area is close to the street average, and while its assessed value and lot size are below the street's average, they are not extreme outliers. This suggests the home fits the general profile of the block.

5. What are the main considerations due to its age?
Built in 1914, potential buyers should budget for and investigate age-related systems. This includes the condition of the foundation, plumbing, electrical wiring, and the roof. An inspection is crucial to understand the scope of necessary updates versus cosmetic improvements.