519 St Catherine Street

Property Overview

This 1934 one-storey home in Archwood presents a compact, no-frills living opportunity. Its primary appeal lies in its value proposition and manageable scale. With a modest 400 sqft of living space, it is one of the smallest homes in the area, suggesting it is likely a classic "starter" bungalow or a potential tear-down candidate on a decently-sized lot (4,233 sqft). The detached garage and renovated basement add functional value. Its assessed value is below the neighbourhood average, indicating a lower property tax burden.

This property would suit a specific type of buyer: a first-time purchaser seeking an entry point into the market, an investor looking for a rental property with a low acquisition cost, or a builder/developer interested in the lot for future redevelopment. Its charm isn't in its size or modern amenities, but in its affordability and the potential it represents—either as a cozy, simplified home or a blank slate.

Key Questions & Considerations

1. Is this a livable home or a land purchase?
Given the very small living area, this is a crucial first question. Viewing the property is essential to determine if the layout is functional for your needs or if the real value is primarily in the land for a future rebuild.

2. What does "renovated basement" entail?
The nature and quality of the renovation are key. Is it a finished living space, a modernized utility area, or simply updated? This significantly impacts the home's usable space and value.

3. How does the recent sale price compare?
It sold for $26.5k in May 2022, slightly above the current $24.5k assessed value. Understanding why it sold at that time and any changes since can provide context for its current price.

4. What is the neighbourhood character?
Archwood is a mature area. The lot size is above average for the street, but the home itself is an outlier in size. Consider whether immediate neighbours are well-maintained smaller homes or larger, rebuilt properties, as this affects future potential and streetscape appeal.

5. What are the long-term possibilities?
With a lot size ranking in the top 30% for Winnipeg, there may be future potential to expand or rebuild (subject to zoning). A buyer should weigh the cost of living in/updating a very small home against the future possibility and cost of a more substantial project.