Good Deal or Not? “Investment Opportunity” Edition


This home is located at 2517 Ontario Road, NW:

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The flier says:

“Great investment opportunity in the heart of Adams Morgan 4 level, 4500+ SF, ton’s of original detail, pocket doors, formal dining room , HWF’s, 9+ ceilings, finished basement.”

More info and frustratingly no photos here.

Well, let’s assume it needs a lot of work because of the lack of photos. But if as they say there is lots of original detail that may be pretty sweet. But would you call something an investment property if it’s on the market for $739,000?

17 Comment

  • obviously a $2 million house at $739k is an investment opportunity, but from all we can determine there’s nothing to suggest the house should sell higher than $600-650k. the location is not terribly amazing, but it’s good.

    the only way to really know is to see the photos

  • Let’s assume it needs work because the listing says “fixer upper, needs work”.

    I don’t think it sounds like either a good deal or an investment opportunity. A labor of love maybe.

  • Yeah, I think this violates the “buy low” aspect of investing. Also: “ton’s of original detail” … when it’s obvious the realtor carelessly wrote/edited the listing, it makes me suspect that they also pulled a listing price out of a hat.

  • Okay I just realized that was kindof a stupid comment since the owner sets the asking price, not the realtor, but I think the principle still applies in that the realtor should provide input and discourage a stupid price. And when it shows that you won’t even take the time to proofread your listing, you’re probably not the type to do that.

  • Great location, but no way to gauge the deal absent pictures. Given the window AC units, tacky awnings, and some shingle issues up top, I’m guessing that it needs a lot of work and has been neglected for years. It probably could clear the mortgage payment if put into service as a group house, but not by enough to justify the initial outlay of 20% + closing costs you’d need to get the loan.

  • Anon: 1:47…you say “great location” and while I totally agree, I bet there are many, many people out there who would buy this place, fix it up and immediately start bitching about being two doors down from nonprofit housing (not Sec. 8 and not public) and right up the street from 17th & Euclid.

    Because that’s what folks seem to like to do…buy a place and do little to no research whatsoever on the location, move in, and then demand that the location conform to them and their needs…like the a*shats who bought “luxury” condos on The Lofts behind 18th St. and do nothing but bitch about the noise.

    Ahhhhhhhhh, I’m cranky today (more so than usual).

  • Finished, it’s probably +$850K, one block off Columbia Rd, with no parking. That’s a great area from which to do a non-car commute, but among families possessing the means to purchase and requiring 4500 sq ft, there are probably few who don’t own at least one car. Plus, I’m not wild about that area below Columbia and east of 18th. Isn’t it near where Brian Beutler got shot?

    I imagine this would be a better group house than family house.

  • I lived on this block for many years. The older woman who lived in this house was a DCPS teacher or principal and was completely off her rocker. Absolutely nuts. She would scream at people from her porch and get all psycho about people parking near her car [a black camaro or vette or something]. To make matters worse her drug-addict kids or grand kids would always be in and out of the place. Not sure if they were associated with the 17th & Euclid crew, but they were definitely frequent consumers of their ‘product’. My guess is she passed away and the addict-kids are responsible for the now-poor condition of the home. Sad.

  • Was there ever an arrest in the B. Beutler shooting? (why do I even bother to ask such a question…)

  • If anyone was arrested, I didn’t hear it. I love that area, especially the new Harris Teeter, but it seems a little too shooty for me.

  • She is still there alive and kicking. She wants to sell the house and move into another house either in Crestwood or Brookland. Her kids never seem to stop by anymore, so who knows where they went to.

    The house was originally her mother’s and she inherited it. I just don’t think the house was ever renovated since the 1950s. Also, it’s a little misleading. This house has been for sale for the past 1.5 years, not since January. The owner took it off the market for 4 months and put it back on in January. So, clearly, something is wrong.

  • In this age of deminishing real estate values, I think it is rather amusing that the agents would present anything as an investment, despite the deal.

  • Steve –

    Do you really think real estate prices will just keep dropping until they are giving away property like free calculators at the bank? I don’t think this property is a great deal, but there are some great investments out there now.

  • Wow, retractable cloth awnings… don’t see those much anymore.

  • Could you do a condo GDON? I’m looking for something in the Mt P/CoHe/Petworth area for less than $300K, or so. Preferably more than a studio. I’ve seen a lot right at 299K, and was wondering whether thats the new trendy pricetag.

  • No question it’s a convenient location, but nonetheless that immediate area around Ontario/17th & Euclid is the worst spot crime-wise in Adams Morgan. The question is simply what would this house be worth fixed up. $2 million? I doubt it. And more importantly what will it be worth in a year fixed up when you’re done with the renovation. I think this is a risky time to be buying expensive fixer uppers, there’s a lot more to lose than with a house at the low end of the market.

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