Good Deal or Not? Super Fixer Upper Edition


I’m super curious to know what you guys think about this fixer upper located at 1207 Kenyon Street, NW. This is one of the first total fixer uppers I’ve been able to find. The flier says:

“In “hot” Columbia Heights. Less than 2 blocks from Metro/Kenyon Square & Tivoli w/ movies restaurants, shopping, gallerys, Giant, Target, Best Buy etc. Use your creative senses to bring this old beauty to life. Hi ceilings and large pic windows, hardwood floors, molding, exposed brick, and HUGE! Have permits that are valid until June 2009 for demo and front yard. Have preliminary plans available.”

More details can be found here.

I don’t know how much a gut renovation costs but the “bones” of this home certainly seems nice and of course the location is killer. But given the needed rehab is $569,000 a good deal or not?

15 Comment

  • If it’s really a complete gut job then it seems a little high. But that’s not clear from the listing. If the floors and walls are OK then it’s not that bad a deal. A full gut for a 4 level house is probably on the order of 250-300K, but a rehab might be only 100-150K or so depending on what needs doing.

    I’m not sure I agree that the location is killer. It’s a little too close to Wonderland = noise at night.

  • Without seeing interior pictures, I’d say it’s worth $400,000. Tops.

  • Where is there a movie theater in Columbia Heights? Am I missing something?

  • Methinks that the agent who wrote the description assumes that the Tivoli Theater is a movie theater.

    It is not.

  • I saw two guys being escorted off this property by the police last year. One was dressed like a vampire.

    It’s a lovely building from the outside, and its proximity to the Wonderland to me is a plus, but I agree w/ Anonymous – $400k is the figure I’d come up w/.

  • I thought it was overpriced for a place needing total renovation, but then I re-read that its 6 bedrooms and 4.5 bathrooms. I wonder if the place is already set up to have 2 separate living spaces? If it could be converted to two condos, or even a house with a very large ground floor/basement rental it’s probably not a terrible deal. Don’t houses that are totally renovated typically have fewer bathrooms? I’m thinking this one is too difficult to judge without more info.

  • 400K would be a steal. I looked at a 3 level, 4 bedroom house on Randolph Street a month or so ago that was a fixer upper. It wasn’t necessarily a gut job but needed a lot of work.

    It was listed at 325K and they got four offers at asking price in a week (including mine.. I lost). This house is much bigger and in a much more desirable location.

  • Exactly. 400K would be an absolutely steal, pretty much no matter what the insides are like.

  • Please don’t turn this into 2 condos. Eh, actually, nevermind. I guess an increase in density will bring more businesses to service the increase in people and I support that more than I support keeping these buildings in one piece. But I do think its a shame when these buildings get split up into condos.

  • “But I do think its a shame when these buildings get split up into condos.”

    I don’t. Who needs 6 bedrooms and 4.5 bathrooms these days?

  • I can’t believe that place is still at that price…it’s been that for pretty much the entire year. It’d be nice to be able to keep these original buildings as one unit, but you’d be looking at around $1M for most places around there…not too many takers in CH for that kinda money.

  • hysterical — advertising the great permits for demo and front yard. CAVEAT EMPTOR: it is likely being taxed at the vacant property rate, and DEMO permits aren’t going to bring that one down any

  • I question what the agent considers a bedroom or a bathroom, especially since they didn’t have the sense to find out that there are no movie theaters in CH. I recall once seeing a brick shell advertised as 5 bedroom and 3 bath, there was nothing inside the four walls but grass on the ground.

  • There’s a reason why the current investor is not proceeding with the project. They obviously ran through the numbers and they will get a better return – or minimize losses – by selling as is.

    It says 6 bedrooms and 4.5 baths because that’s probably what their design plans are.

  • Just wanted to clear up a few previous innacuracies:

    This property has only been on the market for 66 days- not for over a year.

    It is not being taxed as vacant- it is still residential.

    It’s now lowered to $569K.

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