Property Overview: 502 Garlies Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Garlies Street in the Inkster-Faraday neighbourhood presents a straightforward, no-frills opportunity. Built in 1931, its 924 sqft living area and unrenovated basement reflect its era, offering a functional layout without modern upgrades. The property’s standout feature is its 3,007 sqft lot, which is notably larger than many on its street, providing valuable outdoor space in a city setting.
The appeal here is rooted in fundamentals and potential. With an assessed value significantly below the city average, it represents an accessible entry point into the Winnipeg market. It’s a property that suits practical buyers: a first-time homeowner comfortable with a home that may need gradual updates, an investor looking for a rental property with a stable baseline, or someone seeking a modest footprint with a surprisingly generous yard for gardening or expansion. Its value is not in luxury finishes, but in its honest positioning within its immediate community—where its size and taxes are squarely average—making it a manageable and predictable holding.
Section 2: Frequently Asked Questions
1. What does "unrenovated basement" typically mean for a home of this age?
It generally indicates the basement retains its original state, likely with a concrete floor, basic finishes, and older mechanical systems (like the furnace or plumbing). It offers functional space for laundry and storage but would require investment to become a finished living area.
2. The assessed value seems very low compared to the city average. Why is that?
Property assessment is based on a mass appraisal system considering factors like location, size, age, and condition. This assessment reflects the home’s market position within its specific neighbourhood and among similar, older properties, not the city’s overall booming market segments. It often translates to relatively lower property taxes.
3. How does the larger lot size benefit a buyer?
Beyond extra outdoor space, a larger lot can offer better privacy from neighbours, more room for additions like a garage or deck, and potential for landscaping. In the long term, lot size is a fixed asset that can contribute to property value appreciation.
4. What should I consider about a home built in 1931?
While built with durable materials, key considerations include the age and condition of major systems (roof, wiring, plumbing, insulation) and the potential for outdated materials like lead paint or asbestos. A thorough home inspection is essential to understand any needed repairs or upgrades.
5. The sold price history shows a range. How can I get the exact figure?
The listing service notes that exact sold prices are not publicly posted in their detail. You can request the precise historical sale data by emailing them directly through the provided button on the listing page. They provide this data manually without obligation.