Property Overview: 575 Renfrew Street, Winnipeg
Key Characteristics & Appeal
This one-storey home on Renfrew Street in the J.B. Mitchell neighbourhood presents a practical and affordable entry point into Winnipeg’s housing market. Built in 1954, its key characteristic is its modest, manageable scale. With 838 square feet of living space, it is notably smaller than most comparable homes in the area, which may appeal to those seeking simplicity and lower maintenance. The home sits on a roughly 4,800 sqft lot, offering decent outdoor space relative to the home's size. A renovated basement adds functional living area.
Its primary appeal lies in its financial accessibility. The assessed value is consistently around the average for its immediate street and neighbourhood, suggesting a stable, un-inflated valuation. It last sold in late 2020 for a price range that placed it in the top 55-72% of city-wide value, indicating a history of being a competitively priced asset. This is a home for pragmatic buyers: first-time homeowners, downsizers looking to rightsize, or investors seeking a straightforward rental property. Its smaller footprint and average lot size mean utility costs and upkeep are likely more contained than with larger, older homes. The renovated basement is a key functional upgrade, providing flexibility for a family room, home office, or additional storage.
Frequently Asked Questions
1. Is the house too small?
At 838 sqft, the living area is below the neighbourhood average. This suits buyers who prioritize efficient living and lower overhead, but those needing multiple dedicated rooms or ample space may find it compact. The renovated basement effectively expands the usable area.
2. How does the assessed value compare to the likely selling price?
The assessed value (~$37.9k) is a municipal valuation for tax purposes and is typically far below market value. The last confirmed sale price (2020) was between $30.5k and $33.5k. A current market assessment would be needed, but the data suggests a history of being a lower-priced property in the Winnipeg market.
3. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope or quality. A professional inspection is recommended to determine the finish, compliance with codes, and whether it includes moisture-proofing or added amenities like a bathroom or legal suite.
4. What are the drawbacks of no garage?
The property has no garage. This means all vehicle parking will be on the driveway or street, and storage for tools, bicycles, and seasonal items must be accommodated within the basement, shed, or living space. This is a common trade-off for affordability in older neighbourhoods.
5. Is this a good investment?
Historically, its price point has performed reasonably well against local averages. Its affordability and renovated basement are positives. Investment potential depends on your strategy: it could offer steady rental yield due to low entry cost, but significant appreciation may be tempered by its smaller size and lack of certain features like a garage. Due diligence on neighbourhood trends and rental demand is advised.