Property Overview: 337 Albany Street, Deer Lodge, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1928, presenting a straightforward opportunity in Winnipeg's Deer Lodge neighbourhood. Its key characteristic is its modest scale, with 648 sqft of living space, which is notably smaller than most area homes. The basement exists but is unrenovated, and the property does not include a garage or pool.

The appeal lies primarily in its position as an accessible entry point into the market. With a historically low assessed value and previous sale prices, it represents one of the more affordable detached property options in the city. The lot size of 3,749 sqft is fairly typical for the immediate street and offers potential for outdoor space or future expansion, subject to approvals. It would suit a first-time buyer comfortable with a "blank canvas," an investor looking for a rental property with a lower acquisition cost, or someone seeking to minimize their footprint and property complexity. Its size and vintage also make it a candidate for a careful preservation or thoughtful modernization project, rather than a full-scale renovation.

Section 2: Frequently Asked Questions

1. Is this a "tear-down" property?
Not necessarily. While the living area is small and the basement is unrenovated, the home is functional. Its value is split between the structure and the land. A buyer could choose to live in and gradually improve it, or explore redevelopment options, keeping in mind the neighbourhood's character and zoning.

2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's specific attributes: its very small size, age, and lack of recent major updates compared to the typical Winnipeg home. It's more aligned with values on its own street and in Deer Lodge, where it still ranks below average for the area.

3. What are the major considerations for living in a home of this size?
Efficient use of space is essential. Storage solutions and multi-functional rooms will be key. The unrenovated basement offers storage or future space but requires consideration for moisture control and insulation.

4. How does the lack of a garage affect daily life and value?
On-street parking is the likely reality. This means dealing with winter parking bans and a lack of secured storage for vehicles or tools. This is a common feature on the street but is a practical compromise for the affordability.

5. The home sold in 2020 and 2016. Does that indicate anything?
The previous sales, at relatively low price points, show it has served as an affordable entry in the market for other buyers. The increase between 2016 and 2020 suggests market movement, but it remains a notably low-priced detached property, highlighting its consistent role as a budget-conscious option.