GDoN Revisited by Hipchickindc


In real life, hipchickindc is licensed as a real estate broker in the District of Columbia and Virginia, and as a real estate salesperson in Maryland. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.

Featured Property: 428 Taylor St NW

Original List Price: $240,000.

List Price at Contract: $197,900.

List Date: 01/06/2009

Days on Market: 87

Settled Sales Price: $225,000.

Settlement Date: 05/19/2009

Seller Subsidy: $5000.

Bank Owned?: Yes

Type Of Financing: FHA 203(k)

9 Comment

  • Once rebuilt, what will be the estimated value of house?

  • Wow. Good deal. I wish the 203(k) limits had been higher when I bought, I would have done something a little different.

  • I agree, sounds like they got a good deal on a house within a 10 minute walk of the metro. It has great potential to increase in value in the long term. I would love to be able to restore one of the original kitchens – love the old giant cast iron sinks!

  • 200K for a 3 bedroom house that has salvageable floors (and hopefully walls) is a great deal in that neighborhood! Assuming your client doesn’t want to gut it, these houses can easily be updated nicely for 100K, or a lot less if they are doing a lot of the work themselves.

  • By the way hipchick… any chance of us seeing some interior photos before work begins? Did you or your client take any you’d be willing to share?

  • Jamie, he literally left settlement and went over to tear the place apart, so I didn’t even get photos. I’m starting to try and bring my camera with me more so I can take progress pics of more rehabs (and ‘before’ pics). I took pics today of two other ‘in progress’ full guts that are small condo projects and will post them on my flickr pages shortly.

  • It’s always cool to see progress on these rehabs. Hope you post more pics and updates on this…

  • If he is willing to share, the owner probably has a boat-load of photos from his HUD inspector. I am in the process of doing a 203k myself, and I already have a thumb drive full of photos from my inspector.

  • We had to reroute plumbing in kitchen from inside to outside wall, therefore must move sink, dishwasher, and cabinets and countertops that go with them. We don’t have money for new cabinets, but realize we may need new countertops. How do we detatch cabinets and move them without tearing them up? They’re cheap, stock cabinets put in by investors who flipped house before we bought it. Unsure if screwed and/or glued in. Thanks.

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