470 Parr Street

Property Overview: 470 Parr Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home in the Inkster-Faraday neighbourhood presents a practical and value-conscious opportunity. Built in 1929, its key characteristic is its solid, above-average living space (1,136 sq ft) compared to similar homes on its street and in the immediate area. The home features a renovated basement and an attached garage. Its assessed value is notably modest relative to the Winnipeg city-wide average, which is a defining feature.

The primary appeal lies in its positioning as a comfortable, established home in a neighbourhood of peers. It offers more interior space than many comparable properties nearby, providing good utility for its price point. The renovated basement adds modern functionality to the classic layout. It suits first-time buyers seeking a character home with move-in-ready updates, or investors looking for a stable, affordable rental property in a consistent area. A thoughtful perspective is that this property represents the "steady middle" of the Winnipeg market—it’s not a luxury offering nor a fixer-upper, but a functional home that has been maintained, reflecting a sensible, grounded choice for pragmatic buyers.

Section 2: Frequently Asked Questions

1. How does the assessed value compare to likely selling prices?
The home last sold in August 2024 for an estimated $235k-$265k, while its current assessed value is $200k. This suggests the market price may trend above the assessment, a common occurrence in active areas. Buyers should use recent sale prices as a more current guide.

2. What does the "above average" living area ranking mean for this home?
Within its specific group of similar homes on Parr Street and in Inkster-Faraday, this house offers more living space than about 75% of them. This is a relative strength, meaning you likely get more interior room here than from many other homes in the immediate area at a similar price point.

3. Is the age of the home (1929) a concern?
The age is typical for the neighbourhood. While it implies potential for older building materials and systems, the home's average ranking for its year built on the street and in the area indicates it is in line with the expected condition and update timeline for this community. A thorough inspection is always recommended.

4. How does the lot size impact the property?
The land area is around 3,000 sq ft, which is standard for the area but below the city-wide average. This means smaller outdoor maintenance and a more neighbourhood-centric, rather than private, yard space. It aligns with the community's established, compact character.

5. Who might this property not suit?
It may not suit buyers seeking a very modern, open-concept layout (given its 1929 construction), those desiring a large private yard, or anyone whose priority is a home with city-leading appreciation potential. Its value is in its practicality and space within its local context.