Property Overview
This one-storey home at 874 Selkirk Avenue in Winnipeg's Dufferin neighbourhood is a compact, character property built in 1909. With 854 sqft of living space and a 3,041 sqft lot, its size is below average for the city but more in line with the local area. It features a basement that is present but not renovated, and it does not have a garage or pool. The home’s assessed value is notably low at $16,900, which is above average for Dufferin but far below Winnipeg’s city-wide average, indicating its primary value lies in the land and location rather than the current structure. Recent sale history shows a significant price drop from $140k in 2019 to $16.7k in 2024.
Section 1: Key Characteristics & Appeal
Key Characteristics:
This is a modest, century-old home with a small footprint. The living space is compact, and the property has an unfinished basement. It sits on a standard-sized lot for the immediate area. The extremely low assessed value and recent sale price are its most defining financial features.
Where Its Appeal Lies:
The appeal is primarily grounded in opportunity and location. The price point is exceptionally accessible, making it a potential entry point into the market. For the right buyer, it represents a canvas—a chance to renovate, expand, or redevelop according to their vision, with the lot itself being the key asset. Its assessed value is strong within the Dufferin neighbourhood, suggesting it may be a comparatively solid holding in that context.
Suitable Buyer Profile:
This property would suit a practical, hands-on buyer. Ideal candidates include investors or renovators looking for a project with a very low entry cost, or someone seeking a minimal footprint with the potential to customize. It is less suited for those seeking a move-in-ready home or who require more space and modern amenities without undertaking significant work.
Section 2: Frequently Asked Questions
1. Why is the assessed value and recent sale price so low compared to the 2019 sale?
Such a significant drop typically reflects a major change in the property's condition or status. It often indicates that the home is now considered a land-value proposition, possibly deemed uninhabitable or in need of complete renovation, making the structure itself have negligible value.
2. Is this a good investment?
As an investment, it is high-potential but high-risk. The low cost minimizes initial capital outlay, but any future value is heavily dependent on the significant investment required for renovation or redevelopment, as well as market movements in the Dufferin area.
3. What should I consider before viewing?
Prospective viewers should prioritize a thorough professional inspection. Given the age and price point, focus on the structural integrity, foundation, roof, and essential systems (electrical, plumbing) to understand the true scope and cost of needed work.
4. How does the lot size compare, and what are the development possibilities?
The lot is slightly below average for the Dufferin area but standard for the street. You should consult with the City of Winnipeg’s zoning bylaws to understand what can be built or added, such as an extension, a new home, or a secondary suite, as this is where much of the property's potential lies.
5. What are the less obvious costs of owning a home at this price point?
While the purchase price is low, consider that insurance and financing can be more complex or costly for properties in this condition. Renovation costs will be substantial, and property taxes, while based on the low assessment, will still apply. Budgeting for these holding costs during a renovation period is crucial.