Good Deal or Not? “Court must approve contract” edition

This home is located at 1326 Fairmont St, NW:

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The flier says:

“Great 3-unit Vict on lovely blk close to Metro, shops, restaurants. Owner’s unit = 3flrs. 1st flr = 1BR unit; bsmt = 1BR unit. All self-contained. Needs some masonry work on front and cosmetics inside but bones are wonderful. This property in bankruptcy estate; Court must approve contract.”

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

At first I was just looking forward to check out one of these great 3 level row houses. But this is certainly a bit more of a complicated situation. Do you think there is a good discount because of the bankruptcy issues? Given the situation does $939,500 sound right?

15 Comment

  • Price is too high considering the gun violence in the area. Maybe 700,000.

    • There are real estate investors out there who would literally shoot a guy to get this for $700k.

      • close to some pretty run down projects, but i live just down the road and haven’t heard about too much in the way of gun violence.

  • i wonder how you go bankrupt with two desireable rental units. hmph.

  • i wonder how you go bankrupt with two desirable rental units. hmph.

    • Apparently they were only get $18k/yr in rental income (from the listing). Seems like you’d want to get something more like $60-70k for a 3 unit place like this.

  • I think that the asking price is fair. 3 story rowhouses in this part of Columbia Heights are being carved up into 3 unit condominiums, and the 2 br/2 ba units are selling for around $600k (look on Fairmont b/w 11th and 13th).

  • this house is but ugly on the inside.

  • What the heck is on that 1/2 bath wall?

  • Is this one of those three-floor rowhouses with no bathroom on the ground floor? Because traveling upstairs every time I needed to go would be a deal-breaker.

  • Bankruptcy just means it will take a little longer for the sale to close. The court wants to make sure the house is not being given away. Beyond that, approval is usually easily obtained.

  • the inside is so strange! Parts look like they have been redone nicely (like the wood floors in the owners unit bedrooms), but then there are those hideous bathrooms and gross carpet in the master. God knows the shape of the basement rental. I think it is priced about right given the size of it and the fact that there are two rental units. If you fixed those up a little and charged market rate in rent then you’d have the cash to fix up the rest of it.

  • 940 sounds right to me. That gives a mortgage of ~4,500. You should be able to get $2500 out of the bottom two units. That makes the owners unit 2k, and very cheap for this area. Gun violence… Come on. Mind your business, call the police when needed, you will be fine.

  • It’s a ‘hood that won’t ever change completely because of the Section 8 housing. I have acquaintances who have lived there for many years…but have lived close to murders, vandalism, stolen cars, robberies (while walking to a neighbor’s house for dinner!), and burglaries. It hasn’t really improved. Can’t charge high rent to live with all those “perks.”

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