Property Overview
472 Hampton Street is a compact, one-and-a-half storey home built in 1918, situated on a smaller lot in Winnipeg's King Edward neighbourhood. With 990 square feet of living space and an unrenovated basement, it presents as a straightforward, no-frills property. Its key appeal lies in its affordability and position as an entry-point into the housing market. The home last sold in mid-2023, and its assessed value is notably below averages for the street, neighbourhood, and city.
This property would suit first-time buyers or investors seeking a low-cost acquisition with minimal initial financial outlay. Its smaller scale also appeals to those looking to minimize maintenance and utility costs. A less obvious perspective is its potential as a "blank slate" for someone with renovation skills, as the existing condition allows for value to be added through updates. However, the very small lot size limits expansion possibilities, making it more suited to someone comfortable with its current footprint.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the home's age, smaller size, condition (including an unrenovated basement), and its particularly compact lot size relative to most city properties.
2. What does the ranking data for "Living Area" tell me?
It shows the home's size is fairly typical for the immediate area (ranking around average for Hampton Street and King Edward), but is below the average size of homes across the entire city.
3. Is the small lot size a major drawback?
It limits potential for additions like a large garage or significant extension, which affects long-term expansion potential. However, it also means less yard maintenance, which can be a positive for some buyers.
4. Who would this property not be suitable for?
It would likely not suit a growing family needing multiple bedrooms and more living space, or anyone wishing to build a sizable addition or garage on the property.
5. What should I consider about the 2023 sale price range?
The sale from June 2023 provides a recent market benchmark. Given the stable, below-average assessed value, it indicates this is a property that trades primarily on affordability rather than rapid appreciation.