Property Overview: 676 Renfrew Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in J.B. Mitchell presents a distinct value proposition centered on its land. The house itself is modest, with 785 sqft of living space, which is notably smaller than area averages. It was built in 1955 and features a renovated basement and a detached garage. The assessed value is relatively low and in line with area norms.
The primary appeal lies in its substantial 7,834 sqft lot, which ranks in the top 3% within the neighbourhood. This offers significant outdoor space and potential not commonly found at this price point. The recent sale in late 2024 at a price point between $31.5k and $34.5k underscores its accessibility.
This property would best suit a practical buyer or investor with a vision. It's ideal for someone seeking an affordable entry into the market who values future potential over immediate square footage—whether that means enjoying expansive green space, planning a future expansion, or considering the lot's underlying value. It’s a “canvas” property more than a turn-key one.
Section 2: Frequently Asked Questions
1. Is the house livable in its current state?
While the basement has been renovated, the main living area is quite compact at 785 sqft. Buyers should be prepared for a cozy footprint and likely would budget for updates to the main floor, which retains its 1955 origins.
2. What can you do with such a large lot?
The lot size is the standout feature. It offers rare potential for gardening, outdoor recreation, or future additions like a workshop, larger garage, or even a home extension, subject to city zoning and permits.
3. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's specific characteristics: a smaller, older home in a neighbourhood where values are generally lower. The assessment is primarily based on the property's current use and condition, not the land's potential development value.
4. What does the "renovated basement" include?
The details aren't specified, so this would require verification. Typically, it suggests finished living space, but inquiring about the quality, permits, ceiling height, and moisture control is essential.
5. Is this a good investment?
Its recent sale price and low assessment suggest a lower financial barrier to entry. The investment case hinges on the land value and the buyer's ability to improve the property. It may appeal more as a long-term hold or value-add project than for quick, passive appreciation.