Property Summary: 517 Montrose Street, Central River Heights, Winnipeg

Section 1: Key Characteristics & Appeal

This is a modest, one-and-a-half storey home built in 1948 on a standard city lot in the established Central River Heights neighborhood. Its key characteristic is its value proposition. With a notably low assessed value compared to its immediate street and neighborhood, it presents an entry point into a desirable area. The home itself is compact at 1,194 sqft of living space, but it features a renovated basement, adding functional space. There is no garage.

The appeal lies in its location and potential. Central River Heights is a perennial favorite for its mature trees, walkability, and community amenities. This property suits a specific type of buyer: a first-time homebuyer or an investor looking for a foothold in a prime neighborhood where they can live in and gradually improve the property, or a land-value buyer considering future redevelopment. A less obvious perspective is that its smaller size and lower taxes could appeal to someone looking to right-size without leaving the area, offering a simpler, more manageable home in a familiar community.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than neighboring homes?
The assessed value is a municipal calculation for tax purposes, often based on historical data and specific models. A value significantly lower than nearby homes typically reflects the home's smaller size, older features, or the need for updates compared to renovated or larger properties on the street.

2. What does "renovated basement" mean?
The listing confirms the basement has been renovated, but the specific scope, quality, and permits should be verified. A professional inspection is essential to determine the finish quality, ensure it meets code, and check for any moisture issues common in older homes.

3. Is the land large enough to build a new home?
At just over 5,000 sqft, the lot is a standard size for the area. While it is likely buildable, you must consult with the City of Winnipeg's planning department to confirm specific zoning bylaws, setback requirements, and any potential restrictions for new construction or major additions.

4. How does the lack of a garage affect parking and storage?
Buyers should plan for on-street parking and consider the practicalities during Winnipeg winters. The renovated basement can offset some storage needs, but securing a home without a garage requires adapting routines and potentially budgeting for alternative storage solutions.

5. The home last sold in 2019 for $27,400. What does that indicate?
A sale price that low, close to the assessed value, often indicates a transaction that was not an arms-length sale on the open market (such as between family members). It does not reflect the current market value, which would be determined by recent sales of similar, arms-length properties in the area.