Property Overview: 505 Melbourne Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 505 Melbourne Avenue in Munroe West is defined by its value proposition and established neighborhood setting. Built in 1946, its 976 sqft living area is notably spacious for its immediate street, ranking in the top 23% locally. The primary appeal lies in its significantly below-average assessed value of $181k, which is well under the averages for the street, neighborhood, and city. This creates a clear entry point into the mature, tree-lined area.
The property suits practical, value-conscious buyers. It’s ideal for a first-time homeowner seeking a solid starter home with room to grow, or an investor looking for a rental property in a stable area. Its above-average interior space for the block is a key asset, though the lot size is somewhat smaller than area norms. The appeal is grounded in affordability and location over modern finishes or large outdoor space, offering a chance to build equity in a long-established community.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
While the exact reasons aren't specified, a significantly lower assessment often reflects factors like the home's condition, specific renovation history, or layout compared to updated neighbors. It's a primary driver of the listing's affordability.
2. How does the living area compare to nearby houses?
The 976 sqft living area is a standout feature on this street, where the average is 882 sqft. This means the home likely offers more interior space than many direct neighbors, which is a positive for its price point.
3. What does the "Below Average" city-wide ranking for size mean?
Compared to the Winnipeg average of 1,342 sqft, this home is smaller. This highlights its character as a more compact, classic post-war home rather than a larger, modern property, which is typical for its neighborhood and era.
4. Is there any sales history available for this property?
No sales history is publicly shown for this listing. The site notes that exact historical figures can be requested manually via email from their data team.
5. What are the possible trade-offs for the lower price?
The lower assessed value likely correlates with the home’s age (80 years) and potentially the need for updates or maintenance. Buyers should budget for potential renovations. The lot is also smaller than many in Winnipeg, which may limit expansion but reduces yard upkeep.