Good Deal or Not? Reader Request, Crazy Price Reduction Edition


This home is located at 4600 13th Street, NW:

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The flier says:

“Subject To A Potential Short Sale–One Bank. Professionally Negotiated. “Welcome To Your Potential Kingdom!”Space, Space and More Space!This lovely sun-filled with lots of charm & character has 6BRS. 3FBS. ,detached garage, english bsmt. w/ in-law suite plus so much more. Renovation work was started and it’s ready for your final touches. .. this is a great buy!Submit an Offer Today!”AS-IS Condition.”

More info and photos found here.

A reader writes:

“6 bedrooms, three full baths at the corner of 13th and Buchanan St, N.W. in 16th Street Heights for $349,900. This place is gigantic. Looks like lots of work to be done. Maybe too much. The link has lots of pictures and info. Apparently the renovation has already begun.”

The original asking price was $565,250. So for a house this size do you think $349,900 sounds reasonable given the state it’s in?

21 Comment

  • Those are some of the oddest pix I have ever seen on a real estate site…a towel rack, a showerhead, a wheelbarrow, a fusebox, and tacky furniture. However, I think this is an excellent deal!

  • Clearly this an amazing deal. Yeah yeah, it needs a lot of work. You’re either looking for a fixer upper diamond in the rough or you’re not, and if you are, this is perfect.

  • Last sale was for $665k it looks like they just keep dropping the price to get any offers on the place to submit to the bank. I don’t think there is any chance that the bank takes a $300k hit on the short sale. After the owners don’t make any payments for a while, they’ll foreclose and sell it then.

  • Wow, it’s huge — and generally looks to be in good condition. 6 bedrooms! Close to Domku! 6 bedrooms !!!

  • It looks like a group house…based on size even with renovations, I say it’s totally worth it unless there are actual structural issues, but you won’t know that if it’s “as is”

  • Its a good price, but I dont think its a slam dunk.

    #1, It looks as tough its a rooming house and it still as tenants which means it will not be easy to settle (TOPA).

    #2, It definitely needs some work.

    #3 how many people are looking for 6 bedroom homes in petworth? Its generally a 3-4 bedroom market. Even if you fix it up, you would have a tough time selling in any market.

    #4 If you are an investor looking to buy, it would still be hard to break even from a cash flow perspective.

    Still I think its a good deal, just not a slam dunk like everyone else

  • I second @RD. No way the bank accepts an offer of 349. This was a ploy to get people looking at the place and making offers. That would be beyond a ridiculous deal.

    A place that size would be a deal at 500k. The house looks to be in decent shape.

  • I looked at this house about a month ago. Renovations were started but if you’re not a cash buyer or have a hard-money lender it’s going to be hard to get financing.

    It doesn’t have a central heat source. There were a couple dozen space heaters running throughout the house to keep it warm. It looks like it was plumbed for radiant floor heating which will be nice, but all the pipes run into a manifold in a storage room under the front porch and there’s no boiler.

    Kinda sad. This could be a great house.

  • Who the hell is Style Genius behind this monstrosity. A well thought out design can go a long way! But otherwise a great deal, maybe the seller should contact the human breeding factory that gave birth to the Octuplits!!!

  • I have friends with 7 bedroom houses and trust me, that’s not at all strange.

    1 room is too small for a bedroom so it becomes a walk-in closet.
    1 room is the guest room for grandma
    1 room is the home office and family room w/ the TV
    1 room has all the children’s toys and art supplies
    3 rooms are actual bedrooms

    Anyone thinking a 6 bedroom will be hard to sell… well you don’t know what you’re talking about. 3 actual use bedrooms, one guest room, and the other two become family rooms.

    but if there isn’t central heat then this house is not up to what we’d consider real code, you know?

    This house is a diamond in the rough. the price cut may well be to allow someone to get the Under-$400k mortgage.

  • No central heat? Hmmmm, that would seem to portend a great many bad things. Is there central electricity?

  • The little panelboard doesn’t bode well, especially with space heaters! So this place needs an entire new electrical service and distribution.

  • I was unsure, but now that I see a picture of a showerhead, I’m sold! You can’t get showerheads just anywhere…oh wait, yes you can.

  • “but you won’t know that if it’s “as is””

    As-is does not mean that you can’t have an inspection done.

  • Christina, you crack me up.

  • I was thinking the same thing, AngryParakeet. My 1650 sq ft row house has twice the circuits of that 6 bedroom monster. Makes you wonder what the service is — 100 amps?

  • Part of the problem is that 350K is just a teaser. Let’s say you get it for 400K. You put in 175K, and you have a 575K house in a neighborhood where houses are about 350K. Yes, it’s bigger, but that only helps so much. And it’s nowhere near the metro.

    If you’re going to go this far out, you might as well go 7 blocks north/NE and pick up a fixerupper townhouse for 150K-ish.

  • My thinking on a place like this is that you fix it up for yourself (and your children, and their children, and so on), not to flip it. The renovations will likely take years. By the time it is all over, you might as well have simply worked a second job for the extra money.

    If I had a house this big in DC, I would never move out of it. Ever. Then I would proceed to have 12 children. And never worry about getting cramped. I would let my parents move in also – I mean, I’m going to need some help with those 12 kids.

  • I looked at this house today. I am seriously thinking about extending an offer – even though I’ve been told that a conventional loan just won’t work. Despite its challenges, I think that the house is a great deal. So, here’s my dilemma:

    I own a 3bd/2ba house w/ an unwarranted basement apartment, garage, deck and ample front, back and side yards. Its a corner unit that needs only cosmetic repairs. Its on Rock Creek Church Road just one block from the Petworth Metro Station/Donatelli Development.

    I want to swap my house for this house on 13th. But I’m wondering if closer to the Metro is better than a bigger property. What say ye all?

  • tmon- I’d say it’s six of one, half-dozen of the other. It’s a pretty sweet house with a ton of upside (esp. if on the outside), but the proximity to metro of your current house is hard to beat. Guess it depends on your current needs, how much you can sell your current house for, and if you want to “go long” on the area by trying to hit a home run with the big house (with a chance that the move with fizzle) or go with the safer invesment of your current house.

  • This house really isn’t that far from the Petworth metro. My friend and I walk from Jefferson all the time and it takes about 20 minutes, tops. Plus if the weather is yucky its a quick bus ride.

    I’d say its worth it. If you can actually get it for 400k.

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