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Million Dollar Fixer Upper?
Hahaha. Good eye from a reader who found this costly typo. 4824 7th Street, NW fixer upper for $1,165,000…
Category: Petworth, Real Estate
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Having bought a similar-age house in the neighborhood, fixer upper means needs all new windows, updating the electrical & adding lots of outlets, possibly installing plumbing for at least one shower, ripping out and replacing the kitchen, crumbling lead-paint covered plaster walls, probably redoing the bathrooms (because even that ageless subway & mosiac tile cracks eventually, and claw foot tubs can rust) and oh god don’t look at those water stains in the basement.
It doesn’t say on the listing but surely this is bank owned. Someone bought it for 375K in 2006. I can’t imagine anyone would be willing to let it go for a 210,000 loss (plus realtor fees) without going short sale or handing it over to the bank.
Our house needed a “little TLC” when we bought it and it had a brand new kitchen, updated bathrooms, new windows, new wiring…. etc. I can’t imagine what this place might need if it says needs TLC.
However, at 165K you can afford to put in 100K+ and would still be fairly under neighborhood prices for a completely renovated house.
If that house really just needs a little tlc that’s a great deal. I have noticed lately though that foreclosures are being listed absurdly low, most likely to generate interest and a bidding war. I doubt it will go for that cheap unless it’s a dump.
Good post.
Worthy of a good look and serious consideration for this single family Petworth home.
The $165,000 price is less than half the assessed value for taxation.
The listing price has been updated now. FranklyMLS confirms it is a foreclosure property. Likely the bank is expecting higher bids.