Property Overview
This 1945-built, one-storey home on Despins Street in Central St. Boniface presents a specific and compelling opportunity. Its key appeal lies in its generous 4,493 sqft lot—a notably larger-than-average parcel for the neighbourhood—paired with a modest, renovated 672 sqft living space and a detached garage. The home last sold in October 2021 for $240,000, with a current assessed value significantly lower, which may indicate potential for equity growth or a favourable tax basis.
Key Characteristics & Ideal Buyer
The property’s defining characteristic is the land-to-building ratio. The lot size is above average for both the immediate street and the broader St. Boniface area, offering valuable outdoor space and future potential in a well-established central neighbourhood. However, the living area is quite compact, ranking at the lower end of the scale for comparable homes. This creates a unique profile: a renovated, manageable single-level home on a sizable lot with a detached garage.
Its appeal is strongest for a specific set of buyers. It would suit a minimalist, a first-time buyer seeking an entry point into a desirable neighbourhood without a massive footprint, or an investor looking for a land-value play with a rentable dwelling. The renovated basement adds functional space, making the smaller main floor more viable. It’s less suited for those requiring substantial immediate indoor living space without considering future expansion.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
Assessed values for tax purposes often lag behind market sale prices and are calculated using different criteria. The 2021 sale price is likely a stronger indicator of current market value.
2. What does the "renovated basement" include?
The listing notes the basement is renovated but does not specify the finishes or layout. This is a key detail to clarify with the seller or listing agent to understand its condition and usability.
3. Is there potential to expand the living space in the future?
The large lot size is a significant asset that could, subject to local zoning and permit approvals, allow for a home addition or a garden suite, addressing the compact main living area.
4. How does the smaller living area impact home insurance or financing?
Lenders and insurers consider the home's square footage. Its smaller size may affect replacement cost valuations for insurance and is a factor an appraiser will consider when determining value for a mortgage.
5. The home is older; have major systems (roof, wiring, plumbing) been updated?
Given the age of the home (built 1945), the renovation history beyond the basement is crucial. Inquiries should be made about the age and condition of the roof, foundation, and major mechanical systems to anticipate future maintenance.