Property Overview: 417 Smithfield Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1947, offering a renovated basement and a modest 652 sqft of living space. Its standout feature is its very low assessed value, which is significantly below citywide averages. The lot size is a respectable 4,747 sqft, providing ample outdoor space relative to the home's footprint.
The primary appeal lies in its position as an accessible entry point into the Winnipeg market. It suits buyers with a limited budget seeking a land-owning opportunity, or those looking for a straightforward, low-maintenance base that they can occupy while saving for future renovations or a larger purchase. The renovated basement adds functional living space, which is a key asset in a smaller home. A less obvious perspective is that a home of this size and vintage, on a good-sized lot, could appeal to those interested in a minimalist lifestyle or as a long-term hold in a neighborhood where the land itself may hold future value. It’s not a home for those needing ample indoor space, but rather for pragmatic first-time buyers, downsizers, or investors looking for a rental property with a low entry cost.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
Assessed value is not market value. This assessment reflects the property's specific characteristics—its smaller size, age, and location—within the city's valuation model. It typically indicates a more affordable tax base.
2. How does the living area compare to nearby homes?
At 652 sqft, the living area is below average for the immediate street, the Jefferson area, and Winnipeg overall. This confirms it's a compact home, with the usable space boosted by the renovated basement.
3. What does the sold price history tell us?
The home sold in July 2017 for an estimated range of $19.5k to $22.5k. This historical data points to its longstanding position as a highly affordable property, though current market value would be determined by present conditions.
4. Is the lot size a positive feature?
Yes. While the home is small, the lot is near the area average. This provides valuable outdoor space and potential for gardening, storage, or future expansion, subject to local zoning.
5. Who would this property not suit?
It would not suit buyers who need multiple bedrooms, generous indoor living space, or modern open-concept layouts. It also lacks a garage, which could be a drawback for some.