Good Deal or Not? Dual Staircase Edition (Reader Request)
19 November 2009 1:00 PM | By Prince Of Petworth in Columbia Heights, Good Deal or Not?, Neighborhoods - Columbia Heights, Real Estate - Columbia HeightsThis home is located at 3621 New Hampshire Ave, NW:
The flier says:
“ALL OFFERS DUE TUESDAY 11/24 BY 12:00! STURDY, SUNFILLED, HUGE TOWNHOME WITH 3 BEDROOMS, DUAL STAIRCASE, POSSIBLE INLAW SUITE IN BASEMENT! ORIGINAL DETAILS, WOODWORK, POCKET DOORS! PARKING, HUGE YARD AND SO MUCH MORE, HOUSE NEEDS TLC!!!”
More info and photos found here.
Well, it definitely needs some TLC but I think this is a pretty solid location. Given the work needed do you think $228,000 sounds reasonable?
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19 November 2009 1:28 PM | WDC Said:
I like that it needs a total overhaul, and is priced accordingly. I’d say, good deal for someone who doesn’t need to move the weekend after closing. Assuming no major structural defects, that is.
19 November 2009 1:41 PM | Anonymous Said:
So similar in look and condition to my house a few blocks away when I bought it in 1980.
It could be a joy for some couple to fix this up OR it could be a nightmare.
My experience was nightmare followed by joy, but much much later.
Price is probably OK.
19 November 2009 1:45 PM | JohnnyReb Said:
To whomever buys this house: PLEASE don’t take out the wonderful moldings! For you flippers, not everyone wants a “modern” open plan without any of the original detailing…
19 November 2009 1:50 PM | Anonymous Said:
Sold in May 2009 for $286,685. Oddly enough, their listing shows taxable value at $512,510, which can’t possibly be correct.
Would benefit from immediate removal of awnings. Many neighbors removed theirs and look how nice it looks
19 November 2009 2:05 PM | Joseph Said:
I think that’s the first time I’ve seen the word “sturdy” used to advertise residential real estate.
19 November 2009 2:32 PM | Anne Said:
Sturdy’s good. used to be “good bones”
19 November 2009 2:34 PM | Anonymous Said:
I’d say great deal, but I know some flipper is going to buy it and trash it.
19 November 2009 3:06 PM | Jimmy D Said:
Even given all the work it appears to need, i say the price is suspiciously low. Especially that close to metro and all the happenings around it. I’m guessing that there is work needed that goes beyond the surface.
Also, is this a forclosure or something? Why the rigid offer window?
19 November 2009 3:15 PM | Jamal Tyrone Ali Said:
There is water damage all over the home. Price is low because it wont get approved for FHA loans.
19 November 2009 3:31 PM | Jamie Said:
Predict it will sell for at least 250. Unless the floors are completely unsalvageable because of the water damage someone noted, it’s an easy renovation. Good deal.
The math is really very simple. House on 700 block of upshur street listed at 584K was under contract in a week. Now you know what the upper end of the market is in Petworth. If you can save the floors and walls in any house this size, the most you’ll spend renovating it nicely is $100K, probably less. That’s a lot of margin for error.
No brainer.
19 November 2009 4:26 PM | anon Said:
I’d buy it. BTW: Open House on Sunday
19 November 2009 4:42 PM | Anonymous Said:
Jamie, I am a very good contractor and trust me when I tell you , not in a million years could you renovate ANY house in Petworth for 100K (not a gut job anyway). it is 100K just in materials alone, not including labor (unless it is a piece of crap flip job, which I would NEVER do to anyone).
Expect to spend 150-175K to get the kind of house people really want.
Just one extremely conscientious contractors opinion mind you
19 November 2009 5:11 PM | Anonymous Said:
@anon 4:42
Amen! $100K seems like a lot of money, but it’s not when you’re talking about new roof, new systems, K&B. Let’s not even get started on labor. If you want a really sh*@!# gut job flip, put only $100K into this and hope you can rip some unsuspecting 1st time buyer off in 6 mo. That just sounds like bad karma and so 2005 to me.
19 November 2009 5:20 PM | Anonymous Said:
I don’t believe it cannot be done for $100K or even less.
What I mean is that if the owner made it livable, i.e. HVAC, plumbing, building made sound (e.g. roof) the rest could be done over time and perhaps by the homeowner.
Also if the owner does not insist on making this place look like the inside of a new condo.
It’s called sweat equity.
19 November 2009 5:23 PM | Bloodhound Said:
You could step inside blindfolded and smell the combination of mold and even less pleasant odors in that house and realize it’s a major, major renovation.
19 November 2009 6:36 PM | RCP Said:
Anon 5:20: That’s the kind of thinking that can get some people in trouble when they’re home-buying. There’s this sort of romantic notion of fixing up an old house over time with sweat equity. The truth is, the kind of repairs these ancient homes need is almost always well beyond the capacity of your average homeowner to tackle. Things like replacing broken windows, mold remediation, major plumbing electrical, etc. Taking on a project like this without a really clear understanding of the scope winds a lot of people up in foreclosure.
19 November 2009 7:28 PM | ShawContractor Said:
As another contractor who lived through 2002-2005, I guarantee you this is going to cost 200k minimum to rehab. There is serious water damage in this unit.
19 November 2009 8:25 PM | Anonymous Said:
Yes this was a foreclosure and is the same house that was evicted that PoP posted about a few months ago.
http://www.princeofpetworth.com/2009/09/a-very-sad-sight/
19 November 2009 9:28 PM | Anonymous Said:
Great. Let’s have more posts that present attainable opportunities like this.