Property Overview: 737 Alverstone Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1910, offering 775 square feet of living space on a standard city lot. Its key characteristics are its modest scale and its position as an entry-point property in the established Daniel McIntyre neighbourhood. The home has a detached garage and an unrenovated basement.
The primary appeal lies in its affordability and location. With a historically low assessed value, it presents a clear opportunity for first-time buyers or investors seeking a foothold in the city. The lot size is typical for the area, offering potential for future expansion or outdoor space. It suits buyers comfortable with a home that is smaller and older than the city average, and who see value in a straightforward project. This isn't a move-in-ready showcase; its appeal is for the practical buyer who prioritizes location and lot over square footage, viewing the basement and any updates as a canvas for future investment.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" property?
Not necessarily. While the living area is below average, the 1910 structure and standard lot could suit a careful renovation or an addition. Its value is likely anchored in the land and location as much as the existing structure.
2. How does the low assessed value relate to the sale price?
The assessed value for taxation is significantly lower than the home's likely market value, as shown by its 2021 sale at $190,000. This disparity is common and means property taxes may be relatively low, but buyers should base their offer on recent comparable sales, not the assessment.
3. What does "unrenovated basement" imply?
It typically means the basement is in original or functional condition, lacking modern finishes. It may be suited for laundry and storage, but not as living space without significant investment. Buyers should budget for potential moisture-proofing or foundational updates common in century-old homes.
4. Who are the typical neighbours?
The nearby comparable homes vary from similar small, older houses to slightly larger builds. This suggests a mixed, ungentrified streetscape where values are driven more by location than uniformity, appealing to a diverse community.
5. What is the long-term potential here?
The potential is in the lot and the neighbourhood. For a buyer willing to invest, the property could be expanded or modernized over time. As a holding, it offers affordable access to a central Winnipeg community, with value tied to the area's overall trajectory rather than the home's current specs.