Property Overview: 407 Mckenzie Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, century-old home (built 1914) in the Inkster-Faraday neighbourhood. At 880 sqft, its living space is typical for the immediate area but compact by wider city standards. The property sits on a smaller, 2,608 sqft lot and features a one-and-a-half storey layout with an unfinished basement and no garage. Its assessed value is notably low, positioning it well below city averages.
The primary appeal lies in its affordability and potential as an entry point into the market. It suits buyers with a limited budget, such as first-time homeowners or investors looking for a straightforward rental property. Its size and vintage also make it a candidate for a downsizer or someone seeking a minimal footprint. A thoughtful perspective is that its "below average" metrics across the city might represent a lower barrier to entry and a chance to build equity in a neighbourhood where the home is more in line with local norms. However, it requires a buyer comfortable with an older home that needs updates and without dedicated parking.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is for municipal tax purposes and is influenced by the home's age, size, condition, and local market. This home's compact size, older age, and neighbourhood pricing contribute to an assessment significantly below the Winnipeg average.
2. What does the sold price history indicate?
The home sold twice in 2021, with prices ranging from approximately $6.5k-$9.5k in February to $16.5k-$19.5k in July. This suggests a rapidly shifting market at that time. For meaningful comparison, you must research current sales of similar properties in Inkster-Faraday.
3. What should I consider about a 1914-built home?
While charming, a home of this age will likely require careful attention to foundational integrity, plumbing, electrical systems, and insulation. An inspection is essential to understand the condition and anticipate maintenance or renovation costs.
4. Is the lack of a garage or finished basement a major drawback?
This depends on your needs. It limits storage and potential for additional living space without significant investment. For some buyers, the trade-off for a lower price is acceptable, but it's a key practical consideration for vehicle storage and utility.
5. How does this home fit within its neighbourhood?
Within Inkster-Faraday and on its own street, this home is much more typical—its living area and age are around the local average. It’s a home that fits the existing fabric of the area rather than standing out, which can be a stability positive.