313 Melrose Avenue W

Property Overview: 313 Melrose Avenue W, Winnipeg

Section 1: Key Characteristics & Appeal

This is a 1,047 sqft bungalow built in 1947, situated on a 4,200 sqft lot in the Melrose neighbourhood. The home presents a clear value proposition, with its most defining characteristic being its assessed value of $18,700, which is notably lower than most comparable properties on its street, in the area, and across Winnipeg. This suggests a potentially lower property tax burden and an accessible entry point into the market.

Its appeal lies in its practicality as a starter home or a strategic investment. The living space is typical for the immediate area, offering a manageable size for a small household or an investor. The lot size is also consistent with the neighbourhood, providing standard outdoor space. A thoughtful perspective is that a home with a lower assessment in an established area can represent an opportunity to add value through updates, potentially improving both livability and future valuation. This property would suit first-time buyers prioritizing low ongoing costs, practical renovators looking for a solid foundation to personalize, or investors seeking a rental property with a favorable expense ratio.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than nearby homes?
While the exact reason isn't specified, a significantly lower assessment often correlates with factors like the home's condition, a lack of recent major updates, or specific features of the property. It's a key point to investigate through a viewing and potential inspection.

2. What does the sold price history indicate?
The home sold between $150,000 and $200,000 in 2021. This range was below the area average at that time, consistent with the pattern of lower valuation. It provides a recent market benchmark for the property's price point.

3. Is the smaller living area a concern?
At 1,047 sqft, the home is slightly above the average for Melrose (~973 sqft), meaning the living space is actually competitive within its immediate context. It is, however, below the Winnipeg citywide average, reflecting the character of older, established neighbourhoods.

4. What should I consider about a home built in 1947?
While the build year is typical for the street, a home of this age will likely have original or older core systems (like plumbing, electrical, and the roof). A thorough inspection is essential to understand the condition and budget for any necessary updates or maintenance.

5. How does the lot size compare?
The 4,200 sqft lot is standard for Melrose. It offers a decent yard space but is smaller than the typical city lot. This is a trade-off for the neighbourhood's location and character, providing adequate private outdoor space without extensive maintenance.