Good Deal or Not? “Large bay windows” edition

1523 1st Street Northwest

This house is located at 1523 1st Street, Northwest:

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The listing says:

“Beautiful Victorian corner lot filled with windows and great architecture. Large bay windows on the front and side. In need of renovation, but perfect for the home buyer with a vision or an investor. English Basement already has a front and side entrance for basement apartment or in-law suite. Near Big Bear Cafe, the Bloomingdale Farmer’s Market, public transport, dining and entertainment.”

You can see more photos here.

This 3 bed/2 bath is going for $515,000.

15 Comment

  • Bates is still a bit stabby/shooty, but this will nevertheless go above asking (although, just).

  • Wow, the interior looks like some sort of horror movie, but if you can get past that I’d say it’s at least as good of a deal as yesterday’s $1.2M condo. Seems like with a couple of hundred thou of renovation this place could be pretty nice. That said, I know nothing about this neighborhood, so perhaps it’s too transitional to justify a $700K-$800K house when all is said and done.


    Did this really sell in the $100’s 6 years ago? Any idea how that’s possible? Estate transfer?

    • andy

      bubble market was bottoming out, the area wasn’t as hot as the stuff on the other side of N. Capitol.

    • Yep, in late 2007 mortgages were very hard to come by and even the DC market was in a trough. And this area was not considered safe or even transitional. Amazing what happens in 6 years, eh?

  • this neighborhood is bound to become nicer and nicer. the abandoned schools nearby have been rfp’d and in the next few years should become utilized again. the new dunbar is looking nice. north capitol is still a decade away from being nice. this is an easy walk to the metro. more and more houses are getting fixed up, but relative to adjacent neighborhoods, much more slowly.
    i don’t think this is a good deal, but i do think truxton/bates is bound to become a hot real estate market.

    i think it’s a great time to buy there, but not as this price.

  • The price is probably about right given its condition. It’ll certainly attract the all-cash offers from developers, but it’s possible that a regular home buyer might be able to make a bid for it. Either way, it’s going to take more than 1 trip to Home Depot to get that one sorted!

  • That’s a “let’s flip into condos!” price. If you were buying for a SFH, you’d need at least another $225-2500K to renovate this whole thing. That area is still way too sketchy to support a $800K price tag for a row house, IMO.

  • As someone currently on the market for something similar, I would not pay a cent over 400k for this building. There is a finished building down the street going for 798K. As pointed out this unit needs major repairs, and seller clearly has taken the value of the building renovated, minus the renovated costs. Anyone who pays 515 for this building is not going to see that money come back.

  • I assume some flipper will buy it put a few bucks and some cans of paint in it and sell if for almost double (esp if it is turned into a multi-condo building).

  • Good bones this one. Not a flip– this would be good for someone who wants to buy and wait it out in that neighborhood. Could do some great reno work here.

  • I live on the unit block of Bates and was wondering what became of the very nice folks who used to hang out on the back porch of this house. Even it’s dilapidated state, it’s a gorgeous house, and given that it’s got a basement unit, it’ll be a very good deal to someone willing to sink in the cash to fix it up. It’s probably too much to hope that it ends up owner-occupied. Bates is a lively, friendly street, and I love living there.

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