Property Overview: 642 Cathedral Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1944, featuring a renovated basement and a detached garage. With 768 sqft of living space, it is notably smaller than most homes in the city, offering a low-maintenance footprint. Its primary appeal lies in its financial accessibility and efficient use of space. The assessed value of $23.5k is above average for the Inkster-Faraday neighbourhood, suggesting it represents a solid value proposition within that local market. The lot size of 4,538 sqft is generous for the area, providing valuable outdoor space that the home itself does not.
This property would suit first-time buyers or investors seeking an entry point into the market with minimal property tax overhead. It’s also a practical fit for those who prioritize a large yard over a large house, or for someone looking for a straightforward, renovate-as-you-go project where the major basement work is already completed. A less obvious perspective is that its smaller size and mature neighbourhood setting might appeal to those consciously seeking a simpler, less consumptive lifestyle without venturing far from city amenities.
Frequently Asked Questions
1. Why is the assessed value so much lower than typical city-wide averages?
The assessed value reflects the local market conditions in the Inkster-Faraday neighbourhood and the home's smaller size. It is actually above average for this specific area, indicating it is a comparatively valued property here.
2. What does "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. This would require clarification with the seller or a viewing to understand the finish quality, layout, and whether it includes a separate entrance or legal suite potential.
3. How does the smaller living area impact livability?
The 768 sqft layout requires efficient use of space. It likely means fewer or smaller rooms, emphasizing function over spaciousness. The renovated basement effectively adds usable square footage, which is a key compensating factor.
4. Is the detached garage in good condition?
The listing notes a detached garage but does not detail its condition, size, or features (e.g., power, insulation). This is an important point to verify, as it affects storage and utility.
5. What are the typical maintenance considerations for a home of this age?
Built in 1944, the home’s major systems (roof, plumbing, electrical, foundation) may have been updated over time. A thorough inspection is recommended to understand the condition and age of these critical components, beyond the noted basement renovation.