Property Overview
This one-and-three-quarter storey home on Albany Street in Deer Lodge presents a unique, no-frills opportunity. Built in 1912, its 912 sqft of living space sits on a 2,500 sqft lot. The home has a basement, but it is not renovated, and there is no garage or pool. Its most defining characteristic is its exceptionally low municipal assessed value, which is among the lowest percentile in the immediate area, neighborhood, and city.
The appeal lies in its potential as an entry point into the Winnipeg market or as a value-driven investment property. It suits a specific buyer: someone looking for an affordable project home, an investor comfortable with a hands-on renovation or holding a property with very low carrying costs, or a buyer prioritizing land location over the condition of the existing structure. A thoughtful perspective is that such a low assessment, while indicating needed updates, can also represent a significant buffer against property tax increases relative to neighboring homes. Its smaller lot and vintage charm may also appeal to those seeking a lower-maintenance footprint in an established neighborhood.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value is based on the property's current state. The age of the home (1912), the unrenovated condition, and the smaller living area and lot size compared to area averages all contribute to this valuation. It reflects the significant work needed to bring it up to modern standards.
2. What does "One & 3/4 Storey" mean for this home?
This style typically means the second floor has sloped ceilings following the roof line, with full-height walls only in the center of the rooms. It offers functional upstairs space but with a more cozy, character-filled feel than a full two-storey home.
3. Is this a good option for a first-time buyer?
It could be, but with important caveats. The initial price is very accessible, making ownership possible. However, buyers must be prepared for immediate maintenance, potential renovations, and should budget thoroughly for updates to systems, insulation, and finishes that come with a 114-year-old home.
4. What are the implications of the unrenovated basement?
An unrenovated basement in a home of this age likely means foundational systems (wiring, plumbing, heating) are visible and may need evaluation or updating. It also presents a blank canvas for future development, but any renovation would need to start from a very basic state and consider moisture management.
5. How does the recent sale price compare to the assessed value?
The home sold for $19,700 in September 2024, which is higher than its $14,800 assessed value. This is common, as the market sale price reflects what a buyer was willing to pay, while the assessment is an administrative valuation for taxation purposes. The sale confirms the property's value as a project with potential, exceeding its tax-assessment baseline.