Good Deal or Not? “1978 construction” edition

This home is located at 923 T St, NW:

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The flier says:

“C. 1978 construction bright, South facing two unit townehome with expansive front and back yard and two car covered and gated parking. Spacious Three bedroom, two and a half bath owners unit with deck leading to yard and parking. Below a separately metered one bedroom apartment currently vacant. The perfect location 1 block to metro and U street shops and restaurants on quiet tree lined Street”

You can find more info here and a virtual tour here.

Well, I’ve never seen circa 1978 construction highlighted in a listing before… Do you dig the look? Does $799,000 sound reasonable for this 4 bed/3.5 bath?

8 Comment

  • When did “1978 construction” become a selling point? Hmm… new enough to be completely devoid of historic charm and quality building materials, and old enough that you can expect that 30-year-old HVAC system, roof, windows, and so on to all need replacing sometime soon.

    I’m not sure what kind of money people usually get down there in Shaw-U-street-ish but that seems like in the ballpark. I would think they’d take a hit compared to the competition which is mostly gorgeous old rowhomes though.

  • I’d be curious if someone who could afford this property and needed a car would want to live on that intersection. You can get a better looking house in quieter parts of town with parking for a similar price.

  • Ditto. I haven’t been to that intersection much lately and I’m sure the area is improving as U Street and Shaw develop, but it’s hard for me to imagine having that kind of money to spend on a home and picking that area for it. Maybe if I was a rich Ethiopian?

  • I think the basement apartment could cover 250,000 to 300,000 of the mortgage (at 5%, that’s $1300-$1600 a month in rent). That’s assuming that the marks in the closet in the picture are just scuffs and not mold or water damage or something expensive to fix.

    So you’re left with a renovated 3br, 2.5 bath for around $500-550k. That sounds reasonable to me for the area. I’d go with good deal, for someone who doesn’t mind being a landlord.

    • Sure it works, but do you know that many people who have the cash to qualify for the loan and want to live there in that house vs. some other part of town?

      • fair point. The FHA jumbo conforming loan limit for DC for 2010 is $729,750. I wouldn’t be surprised if it went for that, which I think is a good deal (especially if the bathrooms are fixed up, but given that there’s no pictures, I bet they’re not).

  • Meh.

    What is that on the roof? Solar hot water?

  • I’m thinking the venn diagram of people who make $300k+ per year (or whatever it takes to float that mortgage), people who need 20 something dive bars and music within walking distance, and people who have no architectural preference is rather limited.

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