Property Overview & Key Characteristics
This well-situated one-storey home on a large 6,474 sqft lot in Inkster-Faraday presents a practical and value-oriented opportunity. Its primary appeal lies in the combination of a renovated basement and a lot size that ranks in the top 2% for the street and neighbourhood, offering ample outdoor space uncommon for the area. With a living area of 833 sqft, the home itself is more spacious than most in Winnipeg, ranking in the top 13% city-wide.
The property suits first-time buyers seeking a manageable single-level layout with immediate move-in readiness from the basement renovation, or investors looking for a solid land value proposition with rental potential. It also appeals to buyers who prioritize private outdoor space over a large interior footprint. A thoughtful perspective is that the significant lot size not only allows for gardening or expansion but also provides a buffer from neighbouring properties, enhancing privacy in an established community. The home’s assessed value has remained stable relative to the area, suggesting a steady, lower-volatility investment in a mature neighbourhood.
Frequently Asked Questions
1. How does the lot size compare to typical properties nearby?
The lot is exceptionally large for the area, ranking in the top 2% on its street and in the Inkster-Faraday neighbourhood. This is a standout feature compared to many surrounding properties.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated, but specifics on finish quality, layout, and whether it includes a separate entrance or legal suite should be verified through a viewing and inspection.
3. The home was built in 1949. What should I be aware of?
While the basement has been updated, a 77-year-old home will likely have older core components. A thorough inspection of the roof, foundation, plumbing, and electrical systems is essential to understand any needed updates or maintenance.
4. The assessed value is $270k, but it last sold for $24.5k in 2016. Is this a concern?
The 2016 sale price is not a relevant market comparison today. The assessed value is for municipal tax purposes and is a lagging indicator; the current market value will be determined by recent local sales and buyer demand.
5. The living space is 833 sqft. Is the home suitable for a family?
The single-storey layout and square footage may suit a small family, especially with the renovated basement providing additional flexible space. The large yard is a significant benefit for children. Families needing more defined or numerous bedrooms may find the main floor layout limiting.