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Good Deal or Not? “NEEDS EXTENSIVE INTERIOR/EXTERIOR REHAB” edition
This house is located at 5301 13th St, NW:
The listing says:
“LARGE HOME IN A HIGHLY DESIRABLE LOCATION THAT NEEDS EXTENSIVE INTERIOR/EXTERIOR REHAB TO SHINE AGAIN. SOLD IN STRICTLY “AS IS”…NO EXCEPTIONS. REQUIRES CASH, REHAB LOAN, OR PVT FINANCING ONLY!!! EASY COMMUTE TO TO DOWNTOWN DC, MAJOR THOROUGHFARES, AND SHOPPING DISTRICTS. THIS ONE HAS TONS OF POTENTIAL. A LITTLE WORK WILL YIELD GREAT RETURNS!!”
More info and photos here.
This 3 bed/3 bath is going for $349,900.
Category: 16th St. heights, Real Estate
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Anon
3:39am
I live literally across the street in a two bedroom and total rent is over $1000 less a... 
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Obviously--the building is haunted.
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Absolutely not! What a joke!
It’s hard to tell, but I think this house may be a great deal, depending on if it’s liveable in its current state. That makes a difference for a fixer-upper person who wants to spread the work out over time as their money allows. Ugly as hell inside, but it’s a large end unit in a nice area that will one day be a lovely home, I’m thinkin’. It’s got a nice yard and great front porch. Hopefully it doesn’t get converted to condos or an open floorplan, cheap flip.
In the listing “REQUIRES CASH, REHAB LOAN, OR PVT FINANCING ONLY!!!”
that most likely means it’s not livable since FHA or conventional loans won’t pass if the house isn’t deemed livable.
It’s a good looking house from the outside, and a great lot. I used to admire it as I passed on my commute to work. but you can tell even from the outside it’s been neglected for years.
I say 300 is a good price, but wouldn’t be shocked if they get listing price.
Actually you can obtain a full FHA 203K loan to renovate a house that isn’t deemed livable. This is different from a “streamline” 203K loan that a lot of people get for smaller renovations.
Thanks. Didn’t know that.
This will narrow the field of those who can purchase this: “REQUIRES CASH, REHAB LOAN, OR PVT FINANCING ONLY!!! ”
It’s a nice yard, but i think it’s a bit high for the amount of work that will have to be done. $300k is more like it.
Admittedly, I’m a sucker for these old dumpy places, but I just think its size and the fact that it has windows on three sides mean it will go for this or even a little more. It’s got a full basement and what looks like an attic with a lot of head room. And a fireplace. And a garage.
Flippers, COME ON DOWN! You’re the next contestant on WHO WANTS TO FLIP A HOUSE IN 16TH ST HTS?
I run up this hill all the time. It is a very residential area that is not walkable to metro (arguably petworth metro but you are talking at least a mile). Plus, 13th is actually a fairly busy street, although the multitude of stop signs keep the speeds down. The question you have to ask is, if I put 250k into this house (learning from a project I am working on now that 100k does not go very far for a nice reno), are you going to sell it for 600k? It is doable but would be at the high end of this area.
I think a pro can do it for less. They have their own low-wage work crews.
Probably so. I am paying a contractor so therefore paying the retail price.
Even though I am paying retail though, I am getting good deals on appliances, cabinets, and windows and doors and you are still talking big bucks for quality stuff notwithstanding if you have a low cost crew to install it.
Just curious – what do you consider a “fair wage” for work crews?
At minimum $15/hr, and higher if the labor was skilled – i.e. finish work, drywall installers. I am watching a rehab job right now on my block and all of the workers are hispanic, barely speaking english, and I do wonder what they are getting paid for what I know is backbreaking work.
This one (4 blocks north) with similar square footage that has been rehabbed (quintissential home depot flip style) has been on for 60 days in the mid 4′s.
http://www.redfin.com/DC/Washington/5715-13th-St-NW-20011/home/10035984
It isn’t similar size at all. It is half the size of this one (1,400 sq/ft vs 2800 sq/ft).
You are right. Was looking quickly and transposed lot size with square footage.
The place is currently under contract. Although we won’t know for awhile what it actually went for.
I am guessing something in the 320K range.
The adjacent livable and or renovated comps are selling for 190-210 sq/ft putting this in the 550K range after renovated.
The place doesn’t really look that bad. Even assuming all new electrcial/plumbing HVAC etc, some flipper could do a passable home depot special on this place for ~$120-130K leaving maybe 100K in proft when done.
usually you need to pay 5% commission, 5 points for hard money plus 12-15% rate, 1.45% of the sale price for tax, 1.1% of purchase price for recordation, 5-10k on architectural fees, 3k for permit, 2k for third party inspection, etc. So this is not a deal.
The MLS says “multiple offers received.” Let’s see what it actually goes for in my next sales report–
Update – there were six cash offers and went for over asking price, although I don’t know the exact amount. A friend of mine made an offer over asking, and did not get the house. So the price may be significantly over asking.