Good Deal or Not? “renovated Federal” Edition

This home is located at 1307 Florida Ave, NW:

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The flier says:

“Awesome renovated Federal with great open floorplan – gourmet kit w/ granite & stainless steel, gleaming hdwd floors, high ceilings, 2 great master suites with jacuzzi baths, vaulted ceilings, southern exposure, cac, and parking right at your back door! Bonus – separate metered lower level studio currently rented at $1150/mo. – she’d like to stay. Walk to it all!!!!!!!!!”

You can find more info and photos here.

This 3 bed/3.5 bath is going for $789,000 – does that sound reasonable given the location and rental unit?

39 Comment

  • Main house is small.
    Apartment misrepresented. It is a studio, not a one bedroom.
    May be worth the price.

    • Sorry about the comment about studio/one bedroom.
      Labeled pictures misrepresented this concept. They should have said basement bedroom (or sleeping area) instead of labeling the same room both bedroom and living in separate pics.

  • I say good Deal at list – 100k

  • Good location, nice interior & kitchen, next to no backyard, busy street. It’ll sell.

  • Either have the shutters or don’t…that just looks ridiculous.

  • Overpriced. God, how overpriced it is. Is it ever!!!

    • houseintherear

      Hope you’re being sarcastic and this won’t turn into one of *those* arguments.

      Sounds perfectly priced to me. Especially with the basement apartment (and a present tenant included).

  • Kind of a crappy location, no back yard or parking, and not very big. Sure, it’ll sell for that amount (sarcasm).

  • It is only a two bedroom upstairs. They are big bedrooms though.

  • Wow! Way overpriced. I’d say $500k tops. $450k for the hideous house itself and $50k for the apartment. I have no idea how it could ever go over 599! Yikes!

    • 50k for an apartment that rents for $1150 a month? uhh, riiight.

      in case you haven’t noticed, a 2 bedroom condo in this neighborhood goes for 400-500k. keep dreaming if you think a townhouse with a rental unit (and no condo fees) will go for the same price.

  • Overpriced. I’d pay no more than $500k.

  • 500k tops? An almost uninhabitable house with no parking and a smaller yard one-block over on Fla sold for nearly 505. It needed a kitchen, major bathroom work and may have had a foundation problem. This will get well over 500.

    That said, the 600s – 800s are an odd price range in DC. Too much for first time buyers and too little for those who actually have money.

  • I wonder if they have view of the city

  • It’s absolutely worth the price. My wife and I have been looking for some time in DC (finally settled on the Parker Flats on 2nd and V) — obviously this house would have been waaaaay out of our price range, but we visited a fair amount of open houses like this just for fun, and the price is about right compared to other properties for sale in NW DC. We currently live close, on Vermont & Florida, and the location is amazing. The rental unit is a huge perk.

    I’m not saying it SHOULD be as expensive as it is, but that it IS competitive for the location. Just take a look at the Floridian condos nearby that are going for well over $400k for a tiny 2-bed, 1-bath unit.

  • If the rental unit is producing 1150/mo — and I don’t see any reason why it wouldn’t stay at that rate or go for more in that location — figure that covers 130k in principal. That leaves the upstairs at about 650k for the ostensible owner/occupier. That’s probably a little much for that place, given the space, but it’s not terribly off, and it’s in a very attractive area for a lot of buyers. I’m going to guess they close this thing around 750k.

    In any regard, 500k is not a figure based in reality.

  • anonymouse_dianne

    It’s assessed at $548,000 — which is closer to being right than almost $800K. Assessments in DC are all going down, not up.

  • GDoN posts are polarizing. I’d be interested to see folks identify themselves as DC homeowner, DC renter, or MD/VA resident when they assert ‘their’ price. From where I sit the most reasoned, rational price assertions are the DC homeowners, or at least folks that have spent some time looking.

    I think this will go near asking price, location and rental income will make for a quick sale.

    Me: DC homeowner, FWIW.

    • Someone will pay the asking for this. If not asking price, 50k below is the lowest I see it going.

    • The flaw there is that homeowners more often than not are going to involuntarily think that a higher price for a home is more realistic, due to a desire for their own property values to increase at the same time.

  • The sellers/RE agent should be spanked for photographing the house in that state. It looks like a mess.

    • I’m guessing the place is currently rented–I don’t think a landlord could force tenants to de-clutter, but you’re right it looks much worse than owner-occupied places that are cleaned up to go on the market or vacant places that are professionally staged!

  • Is having 2 master suites a good thing? Are families not a substantial part of the potential market there? I would think that 1 master and 2 other BRs would be WAY more desirable to most buyers. But maybe I’m projecting.

    Also, I do think that PoPvillians forget/neglect/don’t know about the directional markup. Prices escalate rapidly as you head south and west from Petworth. 1307 Fla is a pretty sweet location these days.

    • saf

      All the flippers seem to be gutting out the top floors and putting in 2 master suites. I don’t get it either.

      • A lot of these little houses (I’ve been looking to buy)claim 3 bedrooms but 2 are barely big enough for a twin bed, so making 2 “masters” does make sense.

    • I had the same thought. Our 3rd bedroom is 7.5×10, so it’s pretty tiny, but it’s working great as the baby’s room right now. And we managed to get a full-sized crib, a changing table, and a rocker/recliner in there. Previously, we had a twin bed with room for a small dresser. If/when we have a second, space will get tight but will still be manageable; if we only had 2 bedrooms, we’d probably have to move.

      Converting it into 2BRs does seem kind of short-sighted, especially at that price. Maybe I’m wrong, but I’d think that many people buying a $700k+ house are at the married, child-having phase of life.

  • I just kind of hate the look of the houses on this block, the exterior that is. But it is a good location (though very busy street) so I’m sure it will go around asking price. Not my cup of tea, though.

  • The house seriously looks a fright… And how does the 2nd bedroom classify as a master suite?? The bed BARELY fits in the room. Not impressed with the size for the price.

    +1 to the PP about professionally staging!

  • According to tax records, the current owners paid 645K in 2005 (i.e., at the height of the market). Assuming they made no improvements since (and I don’t know if they have), I can’t see the house being worth more than 700K, and probably closer to 650K. It’s a very nice condo alternative, especially with the rental income and lack of condo fees.

    • Since 2005, however, that particular area has seen a ton of development — Busboys and Poets, Marvin, Yes!, Eatonville, CVS, and about 4 lux condo developments, to name a few that are within 2-3 blocks. I don’t disagree with the numbers not lining up, but there’s an argument to be made that some appreciation is merited, particularly if there were any renovations done in the interim.

  • That’s a Federal-style? Really?

  • i think it’s worth about 650 to 700. i feel the seller will lower the price in the coming weeks.

  • I think it is worth about $100k less. But certainly a great neighborhood!

  • That is a very small house for 800k. With an Ikea kitchen as icing on the cake? No way.

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