Property Overview: 726 Waterloo Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home in Central River Heights sits on a generous, approximately 5,300 sqft lot, offering above-average outdoor space for the area. Built in 1954, it is notably newer than many neighbouring homes, which may suggest updated core systems. A key feature is its renovated basement, adding valuable finished living space. The home’s living area is modest at just under 1,200 sqft, indicating a more efficient, manageable footprint. It includes a detached garage.

The primary appeal lies in its location and lot size within a desirable neighbourhood, coupled with the move-in readiness signaled by the basement renovation. It suits first-time buyers seeking entry into a established area without the upkeep of a larger house, or downsizers looking for a single-level layout with a good-sized yard. The below-average assessed value relative to the street suggests a potential value opportunity, but the modest living space means its true worth is likely in the land and location rather than the home's current size.

Section 2: Frequently Asked Questions

1. Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify it as a legal secondary suite. Buyers should verify its compliance with local zoning and building codes with the city and their inspector.

2. How does the recent sale price compare to the assessed value?
The home sold for $37,500 in August 2021, which is significantly below its current assessed value of $41,200. This large gap indicates the assessed value is not a reliable indicator of current market value; recent neighbourhood sales are a better guide.

3. What does "below average" living area for the street mean practically?
While the home’s living area is smaller than most on Waterloo Street, it is average for the wider Central River Heights area. This suggests the street may have larger homes, but the property offers a more compact and likely efficient layout compared to its immediate neighbours.

4. What are the implications of the home being "newer" than others on the street?
A 1954 build date is newer than the street average of 1946. This can be positive, potentially meaning fewer issues with very aged plumbing, electrical, or foundations common in pre-war homes, though a full inspection is still essential.

5. Who might this property not suit?
Growing families needing multiple bedrooms or ample indoor living space may find the ~1,200 sqft main living area restrictive. Those prioritizing a large, modern interior or an attached garage in winter would likely need to budget for significant expansion or renovation.