Good Deal or Not? “3-unit 3.5 blks to METRO” edition

This row house is located at 507 Florida Ave, NW:

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The flier says:

“Gorgeous 3-unit 3.5 blks to METRO, Steps to Howard Univ. . Features hdwd flrs, ss appliances, pkg. Bsmt efficiency, sec. 8 tenant-occupied 1-bdrm unit on main lvl, 2-bdrm w/ vaulted ceiling on upper lvl. Bank-Owned. Sold As-Is.”

You can find more info and photos here.

I know this is another one already under contract but since I walk by it all the time I was eager to get a look inside. I was surprised that it was split into 3 separate units. Nevertheless, some of the photos look much nicer than I anticipated. What do you guys think – was $425,700 reasonable or do you think it was bid way higher than this price?

11 Comment

  • Price seems about right, but can we talk about the misuse of the word “Gorgeous”? This unit may be many things – convenient, relatively affordable, in an up-and-coming neighborhood – but it’s not gorgeous.

  • Good price. Sec. 8 tenant is a drawback. I probably wouldn’t mess with it for that reason. Off street parking is a huge plus.

    • What’s the drawback? At least some of the funds are guaranteed?

      I’m genuinely interested since I’ve heard anecdotally from people who prefer section 8 renters because the rent is guaranteed to be paid.

  • The problem is that if the section 8 renter becomes ineligible for the program (due to various factors and not uncommon) they are dropped from the program and the rent is no longer paid – with only 30 days notice given to the landlord. Landlord is then solely responsible for evicting the non-paying tenant – which can take up to a year.

    This I know from personal experience and a still-painful loss of $5,000.00 in rent.

    Also, Section 8 tenants are generally very hard on a property. You might rent to a mom and two kids, but then her grown daughter & boyfriend and their 3 kids start staying there and her brother and his friends hang out there all day. . . you see where it’s going.

    Sorry but true. I’ve had good section 8 tenants too – but you can never tell what you get. Even if 70% are good, that leaves a huge chance for major problems.

  • Section 8 Vouchers make up the difference between 30% of their income and market rate rents. HUD establishes mkt rents based on AMI, which is pretty high in DC.

  • that’s too much to live on FLA ave if you ask me.

  • formstone. gross.

  • Not a bad looking house but you couldn’t pay me to live on that section of Florida Ave. Way too much traffic and noise.

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