Property Overview: 187 Overwater Cove

Key Characteristics & Appeal

This 1987-built, single-story home in Elmhurst sits on a large, approximately 6,700 sqft lot. With 1,590 sqft of living space, it offers a practical, single-level layout. The property includes a basement (unfinished, presenting potential for future customization) and an attached garage. Its key appeal lies in its established, spacious lot within a mature neighbourhood, combined with the convenience of one-floor living.

The home’s value proposition is grounded in its land size and location. It ranks highly within Winnipeg overall for lot size (top 20%) and living area (top 24%), suggesting it offers more space than many city properties. However, its assessment value ranks lower on its own street, which could indicate an opportunity for a buyer to add value relative to the immediate area. It would suit practical buyers looking for a solid bungalow with room to grow outdoors, or those planning a longer-term home where an unfinished basement can be tailored to their needs. It’s a property for someone who values space and potential over immediate turn-key finishes.

Frequently Asked Questions

1. What does the "ranking" data actually mean?
The rankings compare this home against others on its street, in Elmhurst, and across all Winnipeg for specific metrics (like size or age). For example, ranking in the "top 20%" in Winnipeg for lot size means 80% of city properties have smaller lots. It's a quick way to see this home's competitive standing.

2. The home ranks low on its street for assessed value. Is that a concern?
Not necessarily. This often means neighbouring homes have higher assessed values, which can be due to recent renovations, additions, or simply older assessments. It highlights the importance of viewing the property to understand its condition relative to the street and to see the value potential.

3. What are the implications of an unfinished basement?
It provides flexible storage and future living space (like a rec room, home gym, or additional bedrooms), but any development would be an additional project and cost. Ensure to check for basics like ceiling height, moisture, and access.

4. Is a 1987-built home considered older?
In Winnipeg's housing stock, a 1987 build is relatively middle-of-the-road. It ranks newer than 72% of homes city-wide. Key systems (roof, windows, furnace, plumbing) may be original or nearing their typical lifespans, so a thorough inspection is advised.

5. Who would this property not be suited for?
It may not suit buyers seeking a modern, fully updated home with no projects, or those who prefer a low-maintenance, small yard. The unfinished basement and the likely need for eventual updates to original components require a proactive or budget-conscious approach.