It’s Time To Play Good Deal or Not – Fantasy Edition

IMG_8550, originally uploaded by Prince of Petworth.

Thanks to a reader for sending in this link for the house for sale at 1309 Kenyon Street. I have walked by this house a million times and always stop to admire it and its incredible porch. I’ve always thought this was one of the nicest houses I’ve passed in Columbia Heights. Now what makes this the fantasy edition is that the price is $1,299,000.

The listing says “incredible spectacular one of a kind detached home beautifully renovated w original well preserved woodwrk main house has 5 bdrms 3 1 2 ba 3br 2 f bath legal apartment in lower level sunny rented 2500 month”.

So this is way out of my price range but just out of curiosity – a house this big, in such a great location – is it a good deal or not?

18 Comment

  • I’m going to go out on a limb and say yes, its priced about right. take a look at the house tour. its stunning.

  • As disgusting as that sounds, I have to agree…for the market, I think it’s about what the market will support. The real test is obviously how fast it sells at that price, if at all. But 5 BR is a lot.

  • considering that it sold for 1.1 million in 2005 and they’ve done renovations, if anything, that seems low

  • It’s a pretty nice house. I’d describe it as “restored” rather than “renovated” – there is lots of original woodwork and Victorian wallpaper choices. It might be a bit much for everyday living, but it’s dripping in history. It almost feels like a historic house museum inside, similar to the Heurich mansion.

  • blicious, 5 bathrooms, it has 9 bedrooms according to the listing! that is insane and all the bedrooms look to be really pretty big. This house is amazing. I mean it is beautiful. I would hate to dust the place but if I had the money to live there, I think dusting could easily become my favorite pasttime!

  • Beautiful! I’d buy it if I had the money and/or the interest in turning it into an upscale Guest House or Inn, as it seems like that would be possible without much further capital investment.

    I do feel like the 2500/month for the basement apartment is high, but I guess with three bedrooms, there aren’t many comparable units out there (that are basements), and that might be fair. How much of a 30 year fixed mortgage would 2500/month knock off? (taking the monthly payment from about 7500/month to 5000/month??) Any math people out there? Looking at it in those terms, if might seem more affordable. (If you have the time/energy to be a landlord.) Still too much for me, but if someone had a large down payment from some lucky past sale, rich old aunt who died etc, who knows.

    I’d also have to factor in the cost of a weekly cleaning service, as that is too much house for me to “keep”.

  • It sounds amazing. I agree, it seems to be underpriced, but maybe that’s all they thought they could get in this market. I don’t know what the inside looks like, but it sounds like a dream house for me…

  • considering that friends of mine paid $1 million for a nicely renovated rowhouse, but otherwise identical to a typical Petworth rowhouse, in Cleveland Park, I’d say if you’ve got the money this house would be the better deal. (Of course Cleveland Park is all about the neighborhood and I think it’s great esp if you have kids…but there’s a point when I feel like a million bucks should get you more!) This house is more.

  • Do you have the link to the house tour?

  • i live literally across the street from that house, and we eagerly visited an open house to check it out. WOW! is about all i can say. it’s crazy huge, and gorgeous inside (if a bit, ahem, “overdone”) we are guessing it’s been used as either a boarding house, B&B, or something of the sort. i couldn’t possibly imagine living there as just a single family. but it definitely seemed worth the price. great kitchen!

  • I used to rent a room in this house. It’s SUPER nice and the renovations are really good, but they also preserved a bunch of the original decoration and cool wallpaper. I loved it!

  • Ok so for anyone wanting the numbers they would look something like this.

    If you bought this home for 1,299,000 and you put 20% down which would be the minimum required, your loan amount would be 1,039,200. If you wanted a 30 year fix with today’s rates the principle and interest payment would be 7,807.00 you would still need to add $1,000 for escrows. If you subtract the rent for the basement the payment is $5,307.

    Does that help anyone think they can afford this?

  • Yep. Cannot afford it. Hmm. I think I new that even without the calculation. 🙂

  • Location helps too! 1 block from Col Heights shopping, two from the Metro… Yeah definitely worth the price tag.

  • While the house is stunning, without seeing in-person how large it is, I suspect a house at that location shouldn’t go for more than 1.1 million and 1.2 if there’s a bidding war, but for 1.3 million you can buy anything but the biggest houses in the best school district in the area. 1.3 is really too much by at least $100,000 if not $200k. Although the house is really stunning.

  • I would be concerned about “inheriting” tenants. Even if they have been great to the current owners for over a million dollars I would want to choose my tenants and then live with my own decision.

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