745 Pritchard Avenue – Property Summary

Key Characteristics and Buyer Profile

This 1,160-square-foot home, built in 1904, sits on a 3,547-square-foot lot in the William Whyte neighborhood of Winnipeg. Its standout feature is land size: within the neighborhood, the lot ranks in the top 24%, offering more outdoor space than most nearby properties. The living area is slightly above the street average (1,048 sqft) but below the citywide average (1,342 sqft), placing it in a middle tier for interior space.

The property's assessed value is $120,000, which is well below the street average of $182,200 and far below the citywide average of $390,100. This low valuation—ranking in the bottom 1% citywide—reflects the age of the home (ranked in the bottom 7% on the street and bottom 1% citywide) and likely the need for updates or repairs.

The appeal here is value relative to land. Buyers get a larger-than-average lot in an older, established neighborhood without the premium attached to newer or more renovated homes in the same area. This property would suit someone comfortable taking on renovation work—whether as a fixer-upper, a long-term hold for sweat equity, or a rental at an entry-level price point. It is less suited for buyers seeking move-in-ready condition, modern finishes, or a property that will appraise close to area averages without significant investment.

Frequently Asked Questions

1. Why is the assessed value so low compared to surrounding homes?
The home was built in 1904, and its age is a primary factor. Older homes often have lower assessed values due to depreciation, older systems, and deferred maintenance. The assessment also reflects recent sale data and condition, so this property likely has less updated interior space than the street average.

2. Is the land area more valuable than the house itself?
In this case, yes. The lot ranks above average within the neighborhood (top 24%), while the living area is around average. For buyers focused on land—whether for expansion, gardening, or future redevelopment—the property offers more potential than the house alone suggests. However, the house's condition will affect financing and insurance options.

3. How does this property compare to other 1900s homes in William Whyte?
The neighborhood's average year built is 1927, so this home is older than most nearby. But older homes are common in this area; the top 10% of neighborhood properties by age are similarly vintage. The main difference is that this one ranks lower in assessed value, which could mean it has had fewer upgrades than comparable century homes.

4. What are the risks of buying a house built in 1904?
Typical risks include outdated electrical, plumbing, and insulation; potential lead paint or asbestos; foundation settling; and higher ongoing maintenance costs. A thorough inspection is essential. On the upside, century homes in this price range often allow for more renovation flexibility than newer, pricier properties where margins are tighter.

5. Could the assessed value increase significantly after renovations?
Potentially, but not automatically. Assessed value is based on market conditions and comparable sales. Updating kitchens, bathrooms, and mechanical systems would likely raise the value, but the ceiling is limited by the street and neighborhood averages unless you also expand the living area. Renovations must be cost-effective relative to the $120,000 base.