385 Parr Street

Property Overview: 385 Parr Street, Winnipeg

Key Characteristics & Appeal

This is a compact, one-storey home built in 1911, offering a straightforward entry point into the Winnipeg market. With 700 sqft of living space and an unrenovated basement, it presents a classic "blank canvas" scenario. The assessed value is notably low, reflecting its modest size and condition, but also indicating a potentially very affordable property tax burden. Its appeal lies in its simplicity and opportunity: it’s a home for a hands-on buyer, an investor looking for a rental property with low carrying costs, or someone seeking minimal square footage and expenses. The lot, while smaller than area averages, provides outdoor space typical of older neighbourhoods.

A less obvious perspective is its position within a streetscape of very similar homes, offering neighbourhood consistency. The data shows it is consistently below average in size and value for its street, area, and city—this isn't a standout property in terms of specs, but rather a pragmatic choice for specific goals. It would suit a first-time buyer comfortable with a project, an investor focused on cash flow over luxury, or someone looking to downsize their physical and financial footprint significantly.

Frequently Asked Questions

1. What does "below average" in the rankings actually mean for a buyer?
It means this home is smaller, older, and has a lower assessed value than most comparable properties in each category. This translates to a likely lower purchase price and annual taxes, but also indicates it may require updates.

2. The assessed value seems extremely low compared to the city-wide average. Why?
The city-wide average includes all property types and sizes. This home's assessment reflects its specific characteristics: very small square footage, age, and an unrenovated state. It is assessed for tax purposes, not market value, but often correlates.

3. What is the potential here for renovation or expansion?
The existing footprint is small, and the basement is noted as unrenovated. There may be potential to develop the basement for additional living space (subject to permits and codes) or to update the main floor. The lot size may limit significant horizontal expansion.

4. How reliable are the sold price ranges shown?
The ranges are based on public data. The listing notes that exact sold prices are available upon request via email, as they are verified manually and not always fully disclosed in public records.

5. The home is over 110 years old. What should I be most concerned about?
While charm is a factor, key considerations for a home of this age include the condition of the foundation, plumbing and electrical systems (which may be original or outdated), insulation, and the roof. A thorough inspection is essential.