Property Overview
383 McKenzie Street is a compact, one-and-a-half storey home in Winnipeg's Inkster-Faraday neighbourhood. Built in 1929, it offers 980 sqft of living space with a renovated basement and a detached garage. The lot is modest at 2,499 sqft, which is smaller than most in the area and city. Historically, its sold prices and current assessed value are significantly below city-wide averages, positioning it as an accessible entry point into the market.
Key Characteristics & Appeal
This home’s primary appeal lies in its affordability and practicality within a mature neighbourhood. It suits first-time buyers, investors, or those seeking a minimalist footprint without a major renovation project, thanks to the updated basement. Its size and value are very typical for McKenzie Street and Inkster-Faraday, meaning it fits right into the local context without premium pricing.
A less obvious perspective is the potential it holds due to its "below average" metrics. The low assessed value and sale history suggest a property tax burden that is relatively light for Winnipeg. For the right buyer, the smaller lot could be seen as low-maintenance rather than a limitation. It represents a straightforward, no-frills ownership opportunity in a city where average home sizes and prices are considerably higher.
Frequently Asked Questions
1. Is this a good investment property?
Given its consistent below-average valuation and history of affordable sale prices, it could be a candidate for a rental investment, especially for an investor focused on cash flow over appreciation.
2. What does the "renovated basement" include?
The listing notes a renovated basement but does not specify the scope. A professional inspection is recommended to determine the finish quality, any moisture control measures, and whether it includes a legal suite or additional living space.
3. How does the small lot size impact use?
The lot is smaller than most in the area. This limits expansive outdoor projects but can mean less yard work. It's important to check local bylaws for any restrictions on additions, sheds, or parking.
4. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's modest size, age, and the market values within its specific neighbourhood and street, which are historically lower than the broader Winnipeg average.
5. What are the implications of the home's age?
Built in 1929, the structure is nearly a century old. While the basement has been renovated, potential buyers should budget for updates to older components like wiring, plumbing, or the roof, and ensure proper insulation and heating systems are in place.