Property Overview: 519 Parr Street, Winnipeg
Key Characteristics & Appeal
This one-storey home on Parr Street in the Inkster-Faraday neighbourhood is a compact, no-fuss property built in 1928. Its key characteristic is its modest 660 sqft living area, which is notably smaller than most homes in the area and across Winnipeg. However, this is balanced by a decently sized 3,010 sqft lot that is above average for Parr Street itself, offering potential outdoor space. The home features a renovated basement and a detached garage.
Its primary appeal lies in its affordability and simplicity, reflected in its assessed value that is average for its immediate street and neighbourhood but well below the Winnipeg city average. It represents a straightforward entry point into homeownership with lower property taxes. The renovated basement adds functional living space despite the smaller main floor.
This property would best suit a first-time buyer, an investor looking for a rental property, or someone seeking a minimalist lifestyle with minimal upkeep. Its smaller size and lot are manageable, while its value is anchored more in its location and land than in its square footage. A thoughtful perspective is that this home offers a chance to own in a mature neighbourhood without a large mortgage, prioritizing financial flexibility over space.
Frequently Asked Questions
1. Is the house in good condition?
The listing notes a renovated basement, suggesting some updates. However, as a home built in 1928, a thorough inspection is essential to understand the condition of the main structure, roof, wiring, and plumbing.
2. Why is the assessed value so much lower than the city average?
The assessed value ($20,900) is in line with similar homes on Parr Street and in Inkster-Faraday. It is lower than the city average primarily due to the home's smaller size and the market values typical of this specific neighbourhood.
3. Can the house be expanded?
The lot size is a positive feature for the street. While subject to local zoning bylaws, the parcel does provide some flexibility for future additions, a garden, or outdoor amenities that the interior living space lacks.
4. What are the typical utility costs for a house this size?
Given its compact footprint, heating and electrical costs are likely to be lower than for a larger detached home. However, the age of the building means efficiency will depend heavily on the quality of recent updates, like windows and insulation.
5. How does the last sale price compare?
Public data indicates it sold between $17,500 and $20,500 in September 2020. The current assessed value is slightly above that range, but the exact sold price is available upon direct request from the site.