521 Alfred Avenue – Property Summary
Key Characteristics & Buyer Profile
This is a small, older home in Winnipeg’s William Whyte neighbourhood, built in 1907. It offers 748 square feet of living space on a 3,003-square-foot lot, with a city-assessed value of $54,000. Compared to other homes on its street, in its area, and across the city, the property ranks very low for both size and value—placing in the bottom 1% for assessed value citywide. The lot size is closer to average for the street and neighbourhood, but still well below typical Winnipeg lots.
The appeal here is price point and potential. For a buyer looking for the lowest-cost entry into homeownership in Winnipeg, this property represents a clear floor. It would suit someone who is comfortable with a small footprint, understands that the house will need work or updating, and is not looking for a turnkey home or a comparable investment to newer or larger properties nearby. The low assessed value may also appeal to investors or flippers who see opportunity in a structural shell on a standard urban lot. This is not a property for someone seeking space, modern finishes, or immediate resale value—it’s for a buyer with a long view, a tolerance for renovation, or a very tight budget.
Five Possible FAQs
1. Why is the assessed value so low compared to the city average?
The value reflects the home’s age, small size, and the condition assumptions used by the city assessor. At $54,000, it’s far below the citywide median of $390,100 for comparable homes. This usually indicates the property is considered outdated or in need of significant repair, and it has not kept up with the general rise in property values across Winnipeg.
2. How does the small living area affect daily use?
At 748 square feet, this is roughly the size of a one-bedroom apartment or a very small two-bedroom house. The layout likely feels compact. It may be comfortable for a single person or a couple, but families or anyone working from home would likely find the space tight. Storage and room separation can be challenges in older homes of this size.
3. Is the 1907 build date a concern?
It depends on what’s been maintained. Many homes from that era in this area have original foundations, knob-and-tube wiring, or outdated plumbing. On the positive side, older homes were often built with solid materials and good bones. A thorough inspection is essential—especially for the foundation, roof, and electrical system. Being around average for the neighbourhood is helpful, but the home still ranks in the bottom 21% on its street, meaning many nearby houses are newer or have been more recently updated.
4. What are the realistic renovation possibilities on this lot?
The 3,003-square-foot lot is modest by city standards—about 55% smaller than typical Winnipeg lots. This limits how much you can add or expand. An addition would be possible but would likely need to go up rather than out, or be carefully planned to stay within setback rules. The lot size is workable, but don’t expect a large yard, garage expansion, or subdivision.
5. Who typically buys a property like this?
Common buyers include first-time homebuyers who cannot afford anything else, investors looking for a low-cost rental or flip, or people who plan to live in it while slowly renovating. It may also appeal to someone who values older neighbourhood character over square footage or modern finishes. It is not a typical family home or a property that will compete with newer listings.