Property Overview
552 Cherrier Street is a compact, one-storey home in Winnipeg's Dufresne neighbourhood. Built in 1910, it features 640 square feet of living space, an unrenovated basement, and sits on a 3,422 sqft lot. It has no garage or pool. The home's most defining characteristic is its exceptionally low municipal assessed value of $19,200, which is well below averages for the street, area, and city. It last sold in October 2020 for $15,800.
Key Characteristics & Appeal
This property’s primary appeal lies in its position as one of the most affordable entry points into homeownership in Winnipeg. Its assessed value and recent sale price are in the bottom tier citywide. The appeal is not in its size or condition—it is the smallest on its street and requires updates—but in its potential as a foundational asset. It suits a very specific buyer: someone with a tight budget, a hands-on DIY skillset, and a vision for incremental improvement. It could also serve as a strategic, low-cost holding property for an investor with renovation experience, given the lot size provides future flexibility uncommon at this price point. The low carrying costs free up capital for repairs and modernization. It’s a project for a pragmatic buyer who sees value in the land and structure, not a turn-key home.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's small size, age, and likely its current condition without recent major renovations. It is assessed based on its state as a modest, older property.
2. What does "basement, not renovated" typically imply?
This usually indicates a foundational, usable space that remains in a basic or original state. Buyers should anticipate needing to evaluate and potentially invest in updates for moisture control, insulation, electrical systems, or finishing to make it a comfortable living or storage area.
3. Who would this property be most suitable for?
It is best suited for a first-time buyer or investor with a limited budget and significant renovation skills. The low entry cost allows resources to be directed toward improvements, making it a long-term project rather than an immediate move-in-ready home.
4. How does the lot size compare, and why does it matter?
At 3,422 sqft, the lot is smaller than area averages but is a key asset. For a small home, it provides valuable outdoor space and, in the long term, could offer potential for expansion or landscaping projects that add utility and value.
5. The home last sold in 2020. What should I consider given this?
A sale four years ago at a price close to the current assessment suggests a stable, low-value property. It’s important to research what, if any, work has been done since that sale and to understand current market conditions for similar fixer-upper homes in the area.