Property Overview
This one-storey home at 512 Parr Street is a compact, no-frills property in Winnipeg's Inkster-Faraday neighbourhood. Its key characteristic is its exceptionally modest scale, with a living area of just 483 square feet, placing it among the smallest homes in the city. It sits on a standard city lot and features a detached garage and an unfinished basement. Built in 1943, it is notably older than the Winnipeg average but is actually one of the newer homes on its own street. The municipal assessed value is very low at $13,300, reflecting its size and condition.
The appeal here is purely functional and economic. It represents one of the most accessible entry points into homeownership in Winnipeg, with correspondingly low property taxes. Its small footprint means minimal upkeep and utility costs. This property would suit a highly budget-conscious buyer, such as a first-time purchaser seeking absolute minimum overhead, or an investor looking for a straightforward rental property with a low entry cost. It’s not a home for someone needing space; it’s a pragmatic solution for securing an asset at the bottom of the market.
Frequently Asked Questions
What is the actual sold price history?
The available public data shows a sale in July 2017 for an estimated range of $10,500 to $13,500. For the precise sale price, you can request the exact history via email from the listing source.
Is the house livable in its current state?
The listing notes the basement is "not renovated." The main floor living area is very small at under 500 square feet. Buyers should budget for potential updates and be prepared for a compact living arrangement, likely viewing it as a functional starting point.
How can the assessed value be so much lower than the city average?
The assessed value of $13,300 is based on the property's specific attributes—its very small size, age, and condition. It's not directly comparable to the average Winnipeg home assessed near $390,000, which reflects typical larger, modernized houses.
What are the typical buyers for a property like this?
The most likely buyers are investors seeking a low-cost rental property or first-time buyers prioritizing minimal mortgage payments and property taxes over space. Its scale makes it less suitable for families.
Is the land size a redevelopment opportunity?
The lot is a standard city size (just over 3,000 sq ft). While the existing structure is small, the lot's value is primarily for the existing home. Major redevelopment potential in this established neighbourhood would be subject to zoning and the cost of demolishing the current house.