Property Overview
This one-and-a-half storey home, built in 1921, presents a practical opportunity in Winnipeg's Inkster-Faraday neighbourhood. With 1,150 sqft of living space and a detached garage, its key characteristics include an unrenovated basement and a modest 3,064 sqft lot. The data reveals a nuanced picture: while its living area is average for the street and its assessed value ranks above average locally, the lot size is smaller than most on the block and the home is older than the typical Winnipeg house.
Its appeal lies in its position as a relatively affordable, character home in an established area. It suits first-time buyers or practical investors looking for a straightforward property without premium lot size, and who are comfortable with a home of this age. A thoughtful perspective is that its above-average assessed value for the immediate area could indicate a solid foundation or desirable location on the street, potentially offering stability compared to neighbouring properties. However, the unrenovated basement and age mean value-seeking buyers should be prepared for potential updates.
Frequently Asked Questions
1. What does "above average assessed value" for the street actually mean?
It means that, compared to similar homes on St. John's Avenue, this property's official assessed value is in the top 15%. This often reflects the property's specific condition, features, or position on the block relative to its immediate peers.
2. Is the smaller lot size a significant drawback?
While the lot is below the street average, it is around average for the wider Inkster-Faraday neighbourhood. This could mean less yard maintenance, but may limit expansion possibilities or private outdoor space compared to some direct neighbours.
3. What should I consider about the home's age?
Built in 1921, the home will likely have the charm and solid construction of its era, but also requires diligent attention to aging components like plumbing, electrical, and the foundation. An inspection is highly advised.
4. How does the recent sale price (2022) relate to the assessed value?
The 2022 sale price range is close to the current assessed value, suggesting the assessment is relatively aligned with recent market activity on this property. However, market conditions have likely changed since 2022.
5. Why is the city-wide ranking for assessed value so different?
The assessed value ranks in the top 15% on its own street but in the bottom 14% city-wide. This highlights that property values in the Inkster-Faraday area are generally more affordable compared to the Winnipeg average, which is reflected in this home's price point.