Property Overview
This 946 sqft, one-storey home at 703 Renfrew Street in Winnipeg’s J.B. Mitchell neighbourhood presents a straightforward, value-oriented opportunity. Built in 1955, it sits on a roughly 5,500 sqft lot. Key features include a renovated basement and no garage. Its assessed value is $35,800, and it last sold in mid-2016 for approximately $24.5k–$27.5k.
Section 1: Key Characteristics & Appeal
The primary appeal of this property lies in its affordability and its renovated basement, which adds functional living space. With a living area below the neighbourhood average, it’s a modestly sized home that prioritizes essentials. Its assessed value is below average for J.B. Mitchell but around the middle of the pack city-wide, suggesting it’s priced accessibly within a potentially more expensive area.
The lot size is typical for the street, offering standard outdoor space without extensive maintenance demands. As a one-storey home, it avoids the challenges of stairs. The lack of a garage simplifies the structure but requires consideration for vehicle parking and storage.
This home would best suit a first-time buyer, an investor, or a downsizer seeking a low-cost entry into the Winnipeg market. Its value proposition is rooted in practicality rather than luxury—it’s a home for someone comfortable with a property that is average or below average in many metrics for its immediate area but offers a renovated element and a manageable footprint.
Section 2: Frequently Asked Questions
1. What does the "renovated basement" likely include?
While specifics aren't listed, a renovated basement in a home of this era and value typically means finished living space, possibly with drywall, flooring, and basic amenities. It’s wise to inquire about the scope, permits, and moisture control.
2. How does the 2016 sale price relate to today’s value?
The 2016 sale price provides a historical benchmark, but market conditions have changed. The current assessed value of $35,800 is a more relevant, though not infallible, indicator for municipal taxation and general valuation.
3. What are the implications of having no garage?
This means all vehicle parking will be on the driveway or street. It also shifts storage and workshop needs to the basement or shed, making the renovated basement’s layout and usability more important.
4. The stats show it's "below average" for the neighbourhood in several categories. Is that a concern?
Not necessarily. This largely explains its affordability. It indicates you are purchasing a more modest home in a neighbourhood where some properties may be larger or newer. It’s a trade-off for location and price.
5. How stable is the assessed value compared to city-wide averages?
Its assessed value is remarkably consistent with city-wide averages (top 51%), but below the average for J.B. Mitchell. This can suggest the property is fairly valued in the broader market but may be in a lower price tier within its own neighbourhood.