Property Overview: 431 Parr Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1924, offers a practical footprint with 1,275 square feet of living space. Its appeal lies in its solid, no-frills foundation within the Inkster-Faraday neighbourhood. The home features a detached garage and an unrenovated basement, presenting a straightforward opportunity.
Statistically, the property stands out locally. Its living area is notably above average for both Parr Street and the wider Inkster-Faraday area, meaning you get more interior space than many neighbouring homes. However, its assessed value is modest and aligns with local averages, suggesting a potentially efficient value-for-space proposition in its immediate context. The lot is a standard city size for the area.
This home would suit a pragmatic buyer—perhaps a first-time homeowner, an investor, or a hands-on individual—who sees potential in a character home's structure and space without paying a premium for modern finishes. It’s for someone who values a larger interior footprint in a established neighbourhood and is prepared to undertake updates over time. The unrenovated basement is a blank canvas for future expansion or utility.
Frequently Asked Questions
1. Is the assessed value the same as the market price?
No. The assessed value (listed as $20,500) is for municipal tax purposes. The market price is determined by current buyer demand and recent sales of comparable homes, which can be significantly different.
2. What does "above average" for living area mean here?
It means that compared to other homes directly on Parr Street and in the Inkster-Faraday neighbourhood, this house has more interior space than most. This is a relative strength within this specific market.
3. The home sold in 2010 for between $14.5k and $17.5k. Why is that price so low?
Historical sold prices, especially from over a decade ago, reflect the market conditions at that time and are not indicative of current value. They are useful for understanding price trends but should not be used to estimate today's worth.
4. What are the implications of an unrenovated basement?
This typically means the basement is in original or functional condition, but not modernized. It offers utility and storage space but may require addressing insulation, flooring, or moisture management for finished living space. It represents both a cost consideration and an opportunity for customization.
5. How does this home compare city-wide?
While its living space is strong locally, it is around the city-wide average. Its assessed value and lot size are below the Winnipeg average, which is influenced by newer suburbs with larger lots and higher valuations. This highlights that the home's value proposition is very specific to its established inner-city neighbourhood.