Property Overview: 403 Conway Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home in Deer Lodge presents a classic Winnipeg opportunity. Built in 1949, its key characteristic is a generous 5,610 sqft lot, which is notably larger than many in the immediate area and offers significant outdoor space or future potential. The living area of 1,194 sqft is typical for the neighborhood. The home has a basement, but it is not renovated, and there is no garage or pool.

Its primary appeal lies in its value proposition and lot size. The home recently sold for $280k, a price point that was competitive compared to city-wide averages. The very low assessed value, while a statistical outlier on its street, suggests a property with room for modernization, making it a candidate for equity growth through updates. It would suit a practical buyer looking for a solid starter home or a long-term holder comfortable with a property that may require gradual investment. It’s particularly suited for someone who values a larger yard in a well-established neighborhood over move-in-ready finishes.

A less obvious perspective is that its "above average" year built for the area means it’s actually newer than many neighboring homes, potentially implying slightly more modern construction fundamentals for its era. The data indicates it’s a property that benchmarks as average in size but stands out for its land, positioning it as a grounded project with a tangible asset—the lot—at its core.

Section 2: Frequently Asked Questions

Q: How does the assessed value compare to the sale price?
A: The assessed value is significantly lower than the recent sale price. This is not uncommon, as assessed values for taxation purposes often lag behind market values, especially for homes that have not been recently renovated or in areas seeing price movement.

Q: What does "basement, not renovated" typically mean?
A: This indicates the basement is functional but retains its original or older finishes and systems. Buyers should budget for potential updates and include a thorough inspection to assess the condition of foundational elements, plumbing, and electrical systems in this space.

Q: Is the lack of a garage a major drawback in this area?
A: Many older homes in Deer Lodge do not have garages. The large lot does provide space for adding a garage or a substantial driveway, subject to local zoning and permit regulations, which could be a future improvement.

Q: The home ranks very low for assessed value on its street. Is this a concern?
A: It primarily reflects that the home is likely less updated than its immediate neighbors. It doesn’t indicate a problem with the property itself, but rather highlights its potential as a value-add opportunity compared to others on the block.

Q: What are the implications of the larger-than-average lot size?
A: Beyond more private outdoor space, it offers greater flexibility for landscaping, gardening, adding structures like a shed or garage, and potentially better natural light and spacing from neighbors. It is a long-term asset that contributes to the property's value.