Property Overview: 516 Parr Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1944, situated on a standard city lot in the Inkster-Faraday neighbourhood. Its primary appeal lies in its efficient scale and recent updates, notably a renovated basement that adds functional space to the 694 sqft main floor. The home presents a practical, low-maintenance footprint.
While its living area is below average for the street and city, its assessed value ranks well above average for its immediate area. This suggests it is viewed as a well-maintained or improved property within its local market context. The detached garage adds utility.
This property would best suit first-time buyers, downsizers, or pragmatic investors seeking an affordable entry into the Winnipeg market. It’s for someone who values a renovated, move-in-ready space over sheer size, and who understands that value here is defined more by condition and lot location than by square footage. A thoughtful perspective is that this home represents a "value anchor" on its block—its strong assessed value ranking on Parr Street indicates it may positively influence perceptions of the immediate area.
Frequently Asked Questions
1. Is the living area too small?
At 694 sqft, the main floor is compact. However, the renovated basement provides additional living space, making the total usable area more practical for a small household or individual.
2. Why is the assessed value ranking higher than the size ranking?
The home ranks much better for value than for size on its street and in the neighbourhood. This typically indicates that assessors have recognized significant improvements (like the basement renovation) and condition, placing its worth above other similar-aged homes.
3. What does the year built (1944) mean for maintenance?
While the home is 82 years old, its above-average ranking for year built on the street suggests it is newer than many surrounding houses. Buyers should still prioritize a thorough inspection for aging components like plumbing, wiring, and the foundation, common for homes of this era.
4. How does the lot size compare?
The 3,007 sqft lot is fairly typical for the area. It provides adequate outdoor space for a garden or patio without being burdensome to maintain, aligning with the home's low-maintenance theme.
5. What is the neighbourhood like?
Inkster-Faraday is an established, no-frills neighbourhood. The close proximity of very similar homes on Parr Street suggests a stable, residential setting. Value here is driven more by the individual property's condition than by premium neighbourhood amenities.