Good Deal or Not? “4 levels 5 bedrooms Victorian” edition

2310 1st Street Northwest

This house is located at 2310 1st Street, NW:

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The listing says:

“Location!! 4 levels 5 bedrooms Victorian w/ original hardwood floors and staircases (front and back). High ceilings and arched entryways. 2 Fireplaces one in Master Bedroom. Needs updating but livable. Mold in unfinished basement. Careful going down basement steps. Convenient to Metro, Howard U. and U Street. Sold AS- IS. Please submit offers by 6/17/13 5PM.”

You can see more photos here.

This 5 bed/1 full/2 half baths is going for $650,000.

35 Comment

  • this listing price is a good deal. but it won’t go for listing.

    • Hard to say. We know the kitchen is outdated and there’s the mold issue, but there might be other things wrong with it too. It does look like a good buy though.

  • this can be cut into 2 huge condos that will both sell for over $500K. I’m guessing it will end up going for $800K.

  • I doubt an owner-occupier will get the chance to buy it. This is going straight to an investment company for cash which will flip it into 2 or 3 condos. The woodwork on this looks to be in very good shape.

    This is a big house, so I bet it goes for $700K. They’ll spend $250-300K renovating. They’ll probably sell the units for a total of $1.2 million, netting $200K profit (20% return) in probably one year from close to offer date on the new places. Not bad.

    • 200K on 1.2mil isn’t quite 20% and you’re not counting the 72K spent in realtor fees at 6% for 1.2mil + other selling fees. If they net over 100K they’ll be doing good. Still not a bad days work.

  • Love the woodwork and the fireplaces. It’ll sell for quite a lot – way more than the list price, I’m sure.

  • I really love it – yes, totally worth it, issues notwithstanding. The whole mold silliness is WAY overrated. I’d be more concerned about verifying the mold wasn’t the result of basement flooding. That would give me pause.

    • jeez…look at the original detail work! Aside from that kitchen, it’s ORIGINAL and in good shape. Totally worth a redo.

  • justinbc

    Why are they leading off the listing with location rather than size? This is like 5 blocks away from the few things in Bloomingdale, which I’m sure they’ll call this too. And although it’s “convenient to U St” there’s really nothing on that end of U St…

    I really hope whatever investor buys this place doesn’t totally gut the nice old school charm it has for the same boring flip style as every other condo split.

    • 5 whole blocks!

    • maybe you haven’t heard that bloomingdale is a hot real estate market.

      • Oh he thinks he knows everything….don’t waste your time.

      • justinbc

        Yes, I’m well aware of that, but this is a good bit north of where the actual development in Bloomingdale is occurring. I actually considered buying a house in Bloomingdale, but something 5 blocks away from the 1st and RI development stretch is significantly different than something 2 blocks, in terms of the neighborhood feel. We walked the whole area to be sure, and that’s what eventually drove us away from it.

        • Not everybody wants to be right on top of the development, near is close enough. Not everybody wants to have to step over vomit on the sidewalk in front of his/her house, a couple of blocks buffer is good.

        • justinbc – being a Bloomingdale resident living 2 blocks closer to RI from this listing on 1st, I find there’s very little “neighborhood feel” difference between where I’m located and where this house is located. All the homes on these blocks are similar – 3-5 story rowhouses with some being condo conversions and others not. Sure, there’s a mini-market here and there, but from Big Bear all the way to Bryant, the “neighborhood feel” along 1st is pretty consistent except for the restaurants and shops at RI.

          Remember, Bloomingdale only runs maybe 10-12 blocks total north to south om 1st so 5 blocks may be a large chunck of Bloomingdale size-wise in relation to the total length, but it really isn’t that long of a walk (5-7 minutes max); it takes 15 min max to walk the entire length of Bloomingdale on 1st.

        • bullet, dodged.

    • distance from this place to 1st and RIA is .3 miles.

  • devoe

    Considering that a shell w/o that kind of woodwork and character on 1st between Randolph Pl. and S St (1728 1st Street) just sold for $732k, I can’t imagine this will go for less than $750k.

  • So much potential but it needs a lot of work. It will go for more than they are asking.

  • Another great house that will probably be chopped into condos and the character ripped out all in the name of an open floor plan. Shame.

  • Most buyers won’t be able to get financing on it with the mold issue. So it will definitely go to an all cash buyer or someone that can get a commercial loan.

    Good deal for that location. But as others said, it won’t go anywhere near that price.

    • justinbc

      It almost certainly prohibits FHA from granting you a loan for it, so any buyer using a lender rather than cash would likely have to use a conventional loan.

  • 1724 1st NW just went under contract at 180K over list and that place didn’t have the potential this one does. I bet this sells between 850K and 900K.

  • Five bedrooms and only one shower? Yikes.

  • I think it really depends how bad the mold situation is. I’ve heard some horror stories over the years. Are they sure it’s only in basement and not in walls and ducts?

  • I live a block away. If i had the money i’d buy this and turn it into two condos and make 500K on it. Are you kidding? Just the property will be worth that …even if you need to gut rehab it. My house gained 150K in value in 4 years. And after the streecars and McMillan are finished…. looking at the same prices as Logan or Dupont.

  • Great deal!

Comments are closed.