673 Alverstone Street

Property Overview

This is a compact, one-storey home on a standard city lot in the Daniel McIntyre neighbourhood. Built in 1907, it offers 639 square feet of living space with an unfinished basement. The home lacks a garage or pool. It sold most recently in August 2024 for $150,000, which is significantly higher than its assessed value of $17,400. Key metrics show it is smaller and older than most homes on its street, in the area, and across Winnipeg, positioning it as a modest, entry-level property.

Section 1: Key Characteristics & Appeal

The primary appeal of this home lies in its affordability and location. It represents a clear entry point into Winnipeg’s housing market, particularly for first-time buyers or investors seeking a straightforward rental property with lower upfront costs. Its small size and unfinished basement mean utility and maintenance costs are likely to be contained, which is a practical advantage.

Its charm is not in grandeur, but in potential and simplicity. The lot size is typical for the central neighbourhood, offering outdoor space without being burdensome. The home suits buyers comfortable with a "blank canvas" or those seeking a minimalist footprint. It would also appeal to an investor looking for a property with a low tax burden due to its official assessment, despite the market sale price indicating higher perceived value. The buyer should be prepared for the realities of an older, small home, possibly viewing the unfinished basement as future expansion space rather than a current drawback.

Section 2: Frequently Asked Questions

1. Why is the sale price so much higher than the assessed value?
Assessed value for property tax purposes often lags behind rapid market shifts. The sale price reflects what a buyer was willing to pay in the current market, likely driven by the home's affordability relative to other listings and its location.

2. What does the ranking data (e.g., "Top 98%") actually mean?
These rankings compare this home against others. For example, "Top 98%" for living area means 98% of comparable homes are larger. It quantifies that this is a notably compact property, which is a key factor in its pricing.

3. Is the unfinished basement a major drawback?
It depends on your needs. It provides essential utility space and storage but does not add finished living area. For some, it’s a cost-saving feature; for others, it’s a future project. It has not been renovated, so any updates would be the responsibility of the new owner.

4. Who would this property not suit?
It would not suit buyers needing multiple bedrooms, dedicated workspace, or significant storage. Families or those who work from home without a clear plan to renovate or expand may find the 639 sqft main floor too limiting.

5. How does its age (built in 1907) affect the purchase?
While it offers classic character, it necessitates a thorough inspection for foundational integrity, wiring, and plumbing. Its age is a factor in its lower assessment and is typical for the historic Daniel McIntyre area, but modernizing systems may be a consideration.