Property Overview
This one-storey home at 448 Munroe Avenue in Winnipeg's Chalmers neighbourhood presents a practical and well-situated opportunity. Built in 1953, it sits on a roughly average-sized lot for the street and area. The home's key updated feature is its renovated basement, adding valuable finished space to the 886 sqft main floor. It includes a detached garage. The property last sold in July 2020 for $290,000, and its current assessed value is notably above average for both the immediate street and the broader Chalmers area.
Key Characteristics & Appeal
The primary appeal of this property lies in its balance of a solid location, recent updates, and manageable scale. The renovated basement is a significant functional upgrade, effectively expanding the living space without the need for immediate investment. Its assessed value ranking suggests it is viewed favorably compared to many neighbouring properties, which can be a point of confidence.
This home would suit first-time buyers or downsizers looking for a move-in-ready property with foundational work already addressed. It’s also a sensible fit for an investor seeking a stable rental in an established neighbourhood. The lot size offers typical outdoor space for the area without demanding extensive upkeep. A less obvious perspective is that while the living area is modest city-wide, its above-average valuation in the local context highlights the premium placed on the specific street and the renovated condition, rather than sheer size.
Frequently Asked Questions
1. How does the property compare to others on the street?
The home ranks above average in assessed value on Munroe Avenue, indicating it is considered a higher-value property on the street. Its lot and living area are generally comparable to nearby homes.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. A buyer should inquire about the finish quality, permits, and the nature of the renovations (e.g., waterproofing, layout, materials used).
3. Is the price fair based on its last sale?
The home sold for $290,000 in July 2020. Market conditions have shifted since then, so the current asking price should be evaluated against recent comparable sales in Chalmers, not just its previous sale price.
4. What is the neighbourhood like?
Chalmers is an established neighbourhood in Winnipeg. The property's assessed value ranks in the top 9% for the area, suggesting it is in a desirable pocket. Prospective buyers should explore the specific block and nearby amenities to gauge fit.
5. What are the potential downsides of an older home like this?
While the basement is renovated, a home built in 1953 will have aging core components. A thorough inspection should focus on the roof, foundation, plumbing, electrical systems, and the detached garage's condition, which may require attention despite the interior updates.