Property Overview: 387 Conway Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home in Deer Lodge, built in 1949, presents a practical opportunity with a few distinct advantages. Its key characteristic is a generous, above-average lot size of over 5,600 sqft for the immediate area, offering valuable outdoor space and potential. The living area of 1,067 sqft is modest and slightly below average for the street, but the basement has been renovated, adding functional space. Notably, the home’s assessed value is significantly below average at $27.7k, which, while requiring context regarding property tax implications, indicates a very accessible entry point into the market.

The appeal lies in its position as a ground-level opportunity. It suits a first-time buyer, an investor, or a hands-on owner looking for a home with a sizable yard in a mature neighborhood without a premium price tag. The renovated basement adds immediate utility. A less obvious perspective is that its older construction date (1949) is actually above average for the Deer Lodge area, suggesting it sits among well-established, character homes. This isn’t a move-in-ready showcase, but a solid foundation for someone comfortable with gradual updates who values space over sheer square footage indoors.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
Assessed value for property tax purposes is not the same as market value. A low assessment can result from various factors, including the home's modest size, its specific market area, and the timing of the assessment. It typically translates to lower annual property taxes, which is a positive for ongoing affordability.

2. What does the "below average" living area mean for daily living?
At 1,067 sqft, the main living spaces are compact. This floorplan would suit individuals, couples, or a small family comfortably. The renovated basement effectively expands the usable space, providing crucial room for a family room, home office, or additional storage.

3. How significant is the lot size?
Very. The lot is over 5,600 sqft, which is larger than most on the street and in the Deer Lodge area. This is a standout feature, offering ample space for gardening, recreation, pets, or future additions like a shed or deck—a rarity in this price segment.

4. The home sold recently in November 2023. What should I consider?
The recent sale indicates the market has very recently established a price. A buyer should investigate why it was sold after such a short period and review any disclosures from that sale. It also provides a clear, current benchmark for value.

5. Are there any obvious drawbacks from the data?
The data points to two main considerations: the home lacks a garage, which is common for the era but means parking and storage will require planning. Also, while the below-average assessment aids with taxes, it can sometimes reflect a need for modernization or major systems updates not visible in the data, underscoring the importance of a thorough inspection.