Property Overview: 1033 Alfred Avenue, Winnipeg

Key Characteristics & Buyer Appeal

This is a compact, one-storey home built in 1914, situated on a standard city lot in the Burrows Central neighbourhood. Its key characteristic is its value proposition: with a notably low assessed value and recent sale price, it represents one of the most accessible entry points into Winnipeg’s housing market. The home’s living space of 700 sq ft is modest, and the basement is unrenovated. There is no garage or pool.

The primary appeal lies in its potential as a land-value opportunity or a minimalist living project. For the price, a buyer acquires a structurally sound, century-old home on a full-sized lot in an established community. It suits very specific buyers: first-time purchasers seeking the lowest possible financial barrier to entry, investors looking for a rental property with a minimal initial outlay, or individuals interested in a long-term, sweat-equity project. A less obvious perspective is its potential for those prioritizing financial flexibility—the low carrying costs could free up income for other investments or lifestyle choices, making it a strategic purchase rather than merely a compromise.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city average?
The assessed value reflects the home’s age, modest size, and condition relative to the broader market. It is in line with similar smaller, older homes in the immediate area, indicating the valuation is based on its current state rather than its potential.

2. What does "below average" for land area mean for this lot?
While the lot is smaller than many across Winnipeg, at 2,504 sq ft it is a standard city lot for its neighbourhood. The "below average" ranking reflects comparisons to newer suburban areas with larger lots, not a functional deficiency for the area.

3. Is the unrenovated basement finished, and does it have any issues?
The listing specifies the basement is "not renovated," which typically means it is unfinished (likely concrete floors and exposed walls). A professional inspection is essential to check for any moisture, foundation, or wiring concerns common in homes of this age.

4. How does the recent sale price compare to the assessed value?
The home sold for $8.30k in September 2022, which was below its then assessed value of $10.50k. This can indicate a motivated seller at the time and reinforces the property's position at the most affordable end of the market.

5. What are the immediate costs or projects a new owner should anticipate?
Beyond personalizing the living space, owners should budget for ongoing maintenance of a 110-year-old structure. Priorities would include ensuring the roof, wiring, and plumbing are sound and functional. The unrenovated basement presents a future opportunity but is not an immediate necessity.