Property Overview: 507 Parr Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home in the Inkster-Faraday neighbourhood presents a practical and value-conscious opportunity. Built in 1927, its key appeal lies in its above-average positioning within its immediate local context. The 1,125 sqft living area is notably larger than many comparable homes on Parr Street, and the 4,010 sqft lot size is well above the street average, offering valuable outdoor space. A recently renovated basement and a detached garage add functional utility.

The home’s strongest suit is its value relative to its direct surroundings. Its assessed value ranks highly for the street and neighbourhood, suggesting it is a well-regarded property in the area, yet it remains significantly below the city-wide average for assessed value. This creates an interesting proposition: a home that stands out positively on its own block while being accessible to buyers priced out of the broader city market. It would suit a first-time homebuyer, an investor looking for a character property with rental potential (especially with a developed basement), or a practical buyer who prioritizes interior space and lot size over a newer build or high-end finishes. The recent sale history indicates a market that has been active, pointing to a stable, in-demand local niche.

Section 2: Frequently Asked Questions

1. Is the assessed value the same as the market value?
No. The assessed value of $22,200 is for municipal tax purposes. Market value (what a buyer would pay) is determined by recent sales, condition, and demand. The home last sold between $16.5k-$19.5k in 2023, so market value would be influenced by that recent transaction and any updates since.

2. What does the "above average" ranking for the street really mean?
It means that compared to 104 similar properties on Parr Street, this home scores in the top 29% for living area and top 13% for lot size. Essentially, on its own block, it offers more space than most. This is a key detail, as a home can be modest city-wide but a standout on its street.

3. What are the implications of a 99-year-old home?
While offering classic character, it necessitates a focus on maintenance. A thorough inspection is crucial to understand the condition of major aging components like the roof, foundation, plumbing, and electrical systems, which may need updating or will require a maintenance budget.

4. The city-wide rankings seem low. Is that a concern?
Not necessarily for the right buyer. The low city-wide rankings (e.g., Top 88% for assessed value) primarily reflect that this is an affordable, established neighbourhood compared to newer or more expensive areas city-wide. It confirms this is a value-oriented entry point into the Winnipeg market.

5. How does the renovated basement affect the property?
A renovated basement adds valuable finished living space, which can be used as a rec room, additional bedrooms, or a separate suite (subject to zoning and licensing). It significantly enhances the home's functionality and appeal, making the total usable space greater than the official living area square footage suggests.