4 Petriw Bay

Property Overview

This one-storey home at 4 Petriw Bay in Winnipeg's Inkster Gardens neighbourhood presents a practical, entry-level opportunity. Its key appeal lies in its renovated basement and its position as a more affordable option within its immediate area. With 880 sqft of living space, it is notably compact, ranking below the neighbourhood and city averages for size. The lot is also smaller than most in the area. However, its assessed value is significantly lower than area averages, suggesting a potentially lower cost of entry. The home was built in 1978 and does not include a garage or pool.

This property would suit a first-time buyer or an investor looking for a straightforward, lower-maintenance home where the renovation work on the basement is already complete. Its value proposition is centered on affordability and move-in readiness in a mature neighbourhood, rather than square footage or lot size.

Frequently Asked Questions

1. Why is the assessed value so much lower than the neighbourhood average?
The assessed value is based on the property's specific attributes, including its smaller-than-average living area and lot size. This results in a valuation that is well below the Inkster Gardens average, which may translate to lower property taxes.

2. What does having a "renovated basement" typically mean for a home of this era?
For a 1978 home, a renovated basement often indicates updated living space, but it's wise to confirm the scope, permits, and the quality of the finish. It adds functional living area, which is a significant asset in a smaller main-floor footprint.

3. The home has no garage. What are the parking options?
The listing indicates no garage, so parking would be limited to driveway or on-street. Given the smaller lot size, the driveway space may be limited. Checking local street parking regulations would be advisable.

4. How does the last sold price (2019) relate to its current assessed value?
The home sold for an estimated $21.5k-$24.5k in early 2019. The current assessed value of $28.9k shows an increase since that sale, but it remains low relative to broader market averages, reflecting the property's specific characteristics.

5. The home ranks "around average" for its year built on its street. What does this imply?
On Petriw Bay itself, a 1978 build date is typical. This suggests the immediate streetscape consists of homes from a similar era, offering a consistent neighbourhood character. It is actually newer than many homes citywide.