Property Overview & Key Characteristics
This one-storey home at 387 Albany Street in Deer Lodge is a compact, century-old property that presents a clear value-oriented opportunity. Its key appeal lies in its position as one of the most affordable entry points into the Winnipeg market. With a living area of 731 sqft on a 2,498 sqft lot, the home is significantly smaller than most in its neighbourhood and city-wide, which is directly reflected in its well-below-average assessed value. The basement exists but is noted as not renovated, and the property does not include a garage or pool.
This home would suit a specific type of buyer: first-time purchasers or investors seeking minimal upfront cost, or those who value location over square footage and see potential in a basic, unrenovated canvas. Its age (built in 1914) suggests potential character but also implies a need for careful inspection regarding updates and maintenance. A thoughtful perspective is that its smaller size and lot could mean lower utility costs and less upkeep, which, combined with the low tax assessment, points to a home with very modest carrying costs. It’s a practical choice for someone who views a home primarily as a financial foothold or who prefers a simpler, more manageable living space without the burden of a large mortgage.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on specific property characteristics. Here, it is low primarily due to the home's smaller size, age, and the unrenovated condition noted in the details, especially compared to much larger and newer averages city-wide.
2. What does "below average" in the rankings mean for a buyer?
In this context, it's a neutral metric comparing specific features. For example, the home ranks in the bottom portions for size, value, and land area compared to peers. This isn't inherently negative; it quantitatively confirms the property's status as a smaller, older, and more affordable option in the area.
3. Is the 2018 sale price relevant today?
It provides historical context, but market conditions have likely changed since. It's most useful to see that the home was transacted at a very accessible price point in the recent past, establishing a trend of affordability.
4. What should I consider about the "not renovated" basement?
This indicates the basement space is in original or functional condition but lacks modern finishes. It's crucial to investigate its state during a viewing: check for moisture, ceiling height, electrical service, and whether it's suited for storage, utilities, or potential future development (subject to permits and code).
5. The home is much smaller than others. What are the practical implications?
Daily life will be in a compact footprint, requiring efficient use of space. Storage may be limited, and room layouts are likely traditional. However, this also translates to less space to heat, clean, and maintain, which can be a benefit for those seeking simplicity and lower ongoing expenses.