242 Conway Street

Property Overview

This one-and-three-quarter storey home on Conway Street in Deer Lodge presents a specific and practical opportunity. Its key appeal lies in being an affordable, no-frills entry point into the Winnipeg market with a renovated basement and a decent-sized lot. At 961 square feet, the living space is compact—ranking below average for the street and neighborhood—making it suitable for first-time buyers, downsizers, or investors seeking a straightforward rental property. The 1920 build date means it's one of the older homes in the area, which could appeal to those who appreciate classic character, though it implies a need for attention to aging components. The detached garage and a land area just over 5,500 sqft are practical assets. Notably, its assessed value is significantly lower than most comparable properties, which is its primary draw. This isn't a move-in-ready showcase home; it's a functional foundation. It suits a buyer comfortable with a smaller footprint, who sees potential in the renovated basement for extra living space, and who prioritizes financial accessibility over modern size or finishes.

Frequently Asked Questions

1. Is the price reflective of the condition?
Based on the data, the recently sold price and assessed value are consistently in the lowest tiers for the area. This typically indicates a home that is functional but may require updates or maintenance, especially given its age.

2. What does "one-and-three-quarter storey" mean for living space?
This style often features a main floor with a steeper staircase leading to upper rooms where the ceiling slopes with the roofline. The 961 sqft total includes these potentially cozier second-floor rooms, emphasizing efficient use of space rather than open, sprawling areas.

3. How does the renovated basement add value?
A finished basement in a smaller home effectively increases usable living area. It could serve as a family room, home office, or additional bedroom, making the compact main footprint more versatile.

4. The home is older than most on the street. What should I consider?
Its 1920 construction means it pre-dates many modern building standards. A thorough inspection is crucial to understand the state of major systems like wiring, plumbing, and the foundation, as updating these can be a significant factor in your total investment.

5. The lot size is average, but the house is small. Is there expansion potential?
The proportion of land to building footprint is favorable. For the right buyer, this presents a long-term opportunity—whether for adding a larger garage, creating extensive gardens, or even a future addition, subject to local zoning and bylaws.