Property Overview: 417 Kilbride Avenue, Winnipeg
Key Characteristics, Appeal & Ideal Buyer
This is a compact, one-storey home on a standard city lot in the Jefferson neighbourhood. Built in 1923, its key characteristic is its modest scale, with a living area of 616 sq ft, which is notably smaller than most homes on its street, in the area, and across Winnipeg. The detached garage and a land area just under 3,000 sq ft are practical features. Its appeal lies primarily in affordability and simplicity. With a low assessed value, it represents a rare entry point into homeownership or a minimal-commitment investment property. It would suit a very specific buyer: a first-time purchaser seeking the lowest possible price to build equity, an investor looking for a straightforward rental with manageable upkeep, or someone seeking a truly minimalist lifestyle without the burden of maintaining unused space. A less obvious perspective is that a home of this size and vintage, while requiring updates, offers a clear canvas for efficient, custom renovation without the overwhelming scope and cost of a larger property.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the home's very small size (616 sq ft) and its age. It is priced for its land and basic structure, not for extensive finished living space, placing it in the bottom tier of properties city-wide.
2. What should I budget for renovations or updates?
Given the home's age and smaller size, systems like plumbing, electrical, and insulation likely need evaluation. Budgets should prioritize essential updates for safety and efficiency, as cosmetic improvements in a space this compact can be cost-effective but may not significantly increase the value proportionally.
3. Is the lot subdividable or suitable for an addition?
The lot is approximately 2,976 sq ft, which is below average for the area. Local zoning bylaws would determine development potential. While an addition may be possible, the existing lot size may limit options compared to larger parcels nearby.
4. How does the recent sold price compare to the assessment?
The home sold in April 2022 for a price range significantly below its current assessed value. This large discrepancy suggests the assessment has been updated since that sale, possibly due to a city-wide reassessment, and the market value should be verified independently.
5. What is the neighbourhood like for a small, older home?
Jefferson is an established neighbourhood with a mix of home sizes and eras. This property sits among homes that are, on average, larger and sometimes newer. It appeals to those valuing location and affordability over size, and may attract neighbours interested in gradual community revitalization.