Property Overview: 349 Melrose Avenue W, Winnipeg

Section 1: Key Characteristics & Appeal

This home is a classic, compact bungalow built in 1915, offering a straightforward entry point into Winnipeg’s Melrose neighbourhood. Its key characteristic is its modest scale: at 784 sqft, the living area is smaller than most homes on the street, in the area, and across the city. This is reflected in its below-average assessed value, which is significantly lower than the city-wide average for comparable properties.

The appeal lies in its affordability and its typical, average-sized lot of just over 4,000 sqft. For the right buyer, the smaller interior presents a low-maintenance living space or a manageable renovation project. The home’s age suggests potential for character, but also necessitates a practical inspection for updates to systems like wiring and plumbing.

This property would best suit first-time buyers or investors seeking an affordable foothold in the area. It’s a practical choice for those comfortable with a cozy layout or who view the land as the primary asset. It may also appeal to a buyer looking for a home where strategic, phased renovations could add significant value over time, given the solid lot size and the lower initial price point.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on specific property characteristics. This home’s smaller square footage and older age place it in a different comparison group than the overall city average, which includes many larger, newer homes.

2. What does the "Sold 2021 CA$200k–250k" price range indicate?
This shows the property sold within that estimated range in 2021. It provides a recent market reference, but the current value would be influenced by market conditions and any changes made to the property since that sale.

3. As a 111-year-old home, what should I be most concerned about?
While charm is a factor, priority should be given to the condition of major systems. A thorough inspection is essential to evaluate the foundation, roof, electrical wiring, plumbing, and insulation, as updates may be needed to meet modern standards.

4. The lot size is average for the street but below average for the city. Is that a disadvantage?
Not necessarily. The lot is a standard size for its established neighbourhood. It provides adequate outdoor space without the extensive maintenance of a larger city lot, which can be a benefit for many buyers.

5. How useful are the provided rankings (e.g., "Top 77%")?
These rankings show how this property compares to others in specific groups. For example, being in the "Top 77%" for living area on its street means about 77% of comparable street homes are larger. They are helpful for understanding context, but your personal needs for space, budget, and lot size are more important.