701 Selkirk Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a 1910-built home with 1,332 square feet of living space on a 3,010-square-foot lot. The standout feature is its assessed value: at $73,000, it ranks in the bottom 1% on its street and bottom 4% citywide. That’s significantly below both the local and city averages—meaning the structure itself carries very little market value, likely reflecting its age and condition.

The living area is a relative strength. At 1,332 square feet, it’s above average for the street (top 17%) and the neighborhood (top 27%), and right around the citywide average. So you’re getting a decent amount of interior space for a very low tax base.

The land is modest—below average on the street and citywide—but not unusually small for the neighborhood. The year built (1910) is older than most nearby homes and much older than the city average, which suggests original details or structural quirks are likely.

Appeal: The main draw is the spread between assessed value and living area. For someone willing to renovate or rebuild, this could represent a low entry point in an older neighborhood where comparable homes on the same street are assessed nearly three times higher. It’s not a turnkey property—it’s a value play.

Who it suits: Buyers with renovation experience or a clear plan for significant work. First-time buyers on a tight budget who are handy and patient. Investors looking for a low-cost redevelopment lot in an area with older housing stock. Not suitable for someone expecting a move-in-ready home with modern finishes.

Five Possible FAQs

1. How reliable is the assessed value as a price indicator?
Assessed value is a lagging indicator based on municipal valuations, not current market conditions. In Winnipeg, assessments often trail private sale prices. A $73,000 assessment suggests the city views the property as having minimal structural value, but final sale price will depend on local demand and the property’s specific condition at time of sale.

2. What are the implications of the 1910 build year?
Homes from that era often have knob-and-tube wiring, lead pipes, asbestos insulation, and outdated foundations. Insurance may be harder to get or more expensive. On the upside, the framing is typically old-growth lumber, and there may be original architectural features worth preserving. A thorough inspection is essential.

3. How does the land size compare to others in the area?
At 3,010 square feet, it’s smaller than the street average (3,730 sqft) and city average (6,570 sqft), but close to the neighborhood average (3,277 sqft). This means the lot is typical for William Whyte—not unusually tight, but not generous by city standards.

4. Why is the assessed value so low relative to living area?
Assessments weigh property condition, age, and market trends heavily. A 1910 home with likely deferred maintenance or functional obsolescence can have a low assessed value even if the floor plan is spacious. The living area number alone doesn’t reflect the property’s actual state.

5. Would this property be a good candidate for a tear-down and rebuild?
Possibly, if the lot is in a location you want and the zoning allows for your intended use. But the 3,010-square-foot lot is small compared to the city median for single-family homes, so your redevelopment options may be limited. Check local zoning and setback rules before assuming a full rebuild is feasible.