Property Overview & Key Characteristics
This two-storey home in Varsity View offers a straightforward, no-frills opportunity in a well-established neighbourhood. Built in 1978, its key characteristics include a modest 1,088 sqft of living space, a full but unfinished basement, and a decently sized lot of nearly 3,000 sqft. There is no garage or swimming pool.
Its primary appeal lies in its location within a mature, central community and its value as a functional starter home or investment property. The data suggests it's one of the more affordable options in the area, with an assessed value significantly lower than many neighbouring homes. While its overall size and condition rank in the lower percentiles locally, the house itself is notably newer than many others on its street, which could indicate better foundational construction compared to older homes in the vicinity.
This property would best suit first-time buyers comfortable with a project, whether that's finishing the basement or updating the existing space over time. It's also a practical candidate for an investor looking for a rental in a high-demand area near the university, given the neighbourhood's consistent tenant pool.
Frequently Asked Questions
1. What do the ranking percentages actually mean?
They show how this property compares to others in the immediate area. For example, ranking in the "top 90%" city-wide for lot size means its lot is larger than 90% of Winnipeg properties, which is a strong point. Conversely, ranking in the "top 98%" for assessed value means it's assessed higher than 98% of homes on its street, indicating it may be one of the more expensive properties on the block relative to its current state.
2. Is the unfinished basement a drawback or an opportunity?
It depends on the buyer's goals. It's a drawback for those seeking immediate, move-in-ready finished space. However, it represents a clear opportunity to add significant value and customize the additional square footage to suit specific needs, without paying a premium for someone else's finished work.
3. How significant is the lack of a garage?
In a neighbourhood like Varsity View with on-street parking, this is common. Buyers should realistically assess their need for protected vehicle storage versus the convenience of a central location. The lot size does offer potential for adding a garage or carport in the future, subject to municipal approvals.
4. The house is newer than most on the street. Why is that important?
A 1978 build, while not new, may benefit from more modern construction standards, wiring, and plumbing compared to pre-1950s homes common in central neighbourhoods. This can mean fewer immediate concerns with major systems and potentially lower insurance costs.
5. Who might this property not suit?
It's likely not a fit for buyers seeking a turn-key home with modern amenities, ample storage, or dedicated parking. Families needing more than two bedrooms or generous living space on the main floors may find it too compact without the investment to finish the basement.