Property Overview: 740 Setter Street, Heritage Park, Winnipeg

Key Characteristics & Appeal

This is a practical, two-storey home built in 1965, offering a renovated basement and an attached garage. With 1,296 sqft of living space on a 5,297 sqft lot, its size is modest but functional, sitting around the city-wide average. The home’s standout characteristic is its value proposition. Its assessed value is notably below average for its immediate street and the Heritage Park neighbourhood, which can signal an accessible entry point into the area. This is balanced by a living area that is reasonably proportionate for a smaller household.

Its appeal lies in its position as a potential "value play" in a mature neighbourhood. The renovated basement adds functional space, and the lot size, while not large, provides typical outdoor room for a city home. It would suit first-time buyers or downsizers looking for a straightforward, no-frills property in a well-established community without a premium price tag. It’s a home for those who prioritize practicality and location over size or modern features, and who see potential in a property that is assessed conservatively relative to its surroundings.

Frequently Asked Questions

1. Why is the assessed value so much lower than neighbouring homes on Setter Street?
The assessed value ranks at the very bottom of the 35 homes on the street. This can be due to a variety of factors, including the home's smaller size, older year of construction relative to street averages, or specific features of the property. It's a key point to investigate, as it often relates to the home's condition, updates needed, or its specific lot characteristics.

2. How does the living space feel for a family?
At 1,296 sqft, it is below the average for similar homes on its street. It would be most comfortable for a smaller family, a couple, or an individual. The renovated basement does provide additional flexible space to offset the main floor square footage.

3. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope or quality. It's essential to clarify what work was done, whether it includes legal egress windows, and if the space is finished to a living standard or is more of a functional utility/rec room.

4. Is the 1965 build date a concern?
The home is older than most on its street. While this isn't unusual for Winnipeg, it means prospective buyers should pay particular attention to the condition of major aging components like the roof, windows, plumbing, and electrical systems during an inspection.

5. How does the last sold price (2019) relate to today's value?
The home sold for between $285,000 and $315,000 in late 2019. Market conditions have shifted since then, so this historical price is a reference point, not a current valuation. The assessed value provides a more recent, though not market-based, figure for consideration.