Good Deal or Not? “original charm” edition

1023 Otis Place Northwest

This house is located at 1023 Otis Place, Northwest:

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The listing says:

“Perfect opportunity to own this well maintained row house in the heart of Columbia Heights. Spacious home boast original charm. Needs updating. Separate living & dining room areas. Large bedrooms. Off street parking for 2 in the 2 car garage. 2 Metro stops – Columbia Heights & Petworth, Shops, and Restaurants nearby. Wood under carpet, condition unknown. Estate Property.”

You can see more photos here.

This 3 bed/1 bath is going for $455,000.

30 Comment

  • Nobody buy this! I want it! 😛

  • Priced for a bidding war.

  • The best part of this is the terrifying haunted shed in the backyard.

  • Awesome house. Ugly, liveable, cheap, convenient. First time homebuyers, snatch that puppy up now! You’ll have plenty of time to make it beautiful and in the style you like.

    • I did something like this for our house…. still in progress. I really hope that a first time buyer gets it, but I am afraid that it will be bought by a developer that has cash.

  • I bet a developer snatches it up with an all cash offer. Fix it up, make the basement rentable, sell it for $650 in a few months.

    • With a two-car garage, if they do a tasteful flip and don’t cut corners, they could break 700 easily IMO.

    • I have to agree with you. Anyone thinking this can be bought by first time buyers is living in a dream world. This one has developers written all over it and that means an all cash offer. Look forward to seeing this one back on the market near the end of the year to see what they did with it and how much they price it at.

      • Doesn’t DC have some kind of priority system where private buyers have a chance to purchase before developers?

        • What world has that type of regulation on the Market? As much as it sucks to be a buyer trying to compete with developers with cash, regulations like that would make the market less attractive to sellers.

          Basically it would limit the amount a seller could net in a sale. Frankly that is un-American.

        • No, you are thinking of a tenant’s right of first refusal. If your landlord is selling the property you live in you have the option of buying it first (at a price set by the seller, I’m actually not sure how that works)

        • Absolutely not. Developers snatch up everything in this town.

    • An unrenovated house a block over just sold for 630K. There’s no way this house goes for less than 750K post-flip.

    • In that location the way they’ve been raising prices even more the past 6 months they’ll put it up over 700K.

  • Yeah, with a nice renovation (assuming A/C and a basement apartment), this would go for over $800k right now.

  • gotryit

    On a related question, how much do you guys value the “original charm” aspect? We were very careful to refinish the original goodies (radiators, clawfoot tub, door hardware, hardwood floors, etc.) and what we did need to replace we did in the original style (like trim). Now that we’re getting ready to sell, I’m wondering: is it only us house nerds that care? Or do people actually pay more?

    • My fiance were just in this position. We were willing to pay more for a house that had the original wood floors, mantles, transoms, tin ceilings, etc. Sure, some things need to be fixed and we’re going to have to live with some imperfections for a while, but it beats having a house with no distinguishing features.

      • I’m in a somewhat similar situation but reversed. LOL!! My house is only 16 years old with no distinguishing trim or moldings. The only things it has going for it is location, location, location. I’m on a quiet side street in Columbia Heights between 14th and 15th. The house has two parking spaces (no garage), one that I rent out to a neighbor. It also has a legal unfinished basement that’s meant for an apartment (I just don’t have the money to do it). But the house itself was poorly constructed (I’ve had major plumbing and electrical problems). And I just paid several thousand dollars to have the first floor shored up. I had major problems with an uneven first floor due to joists that weren’t strong enough to hold up the floor; and my walls are paper thin. I’d love to add trim around the walls and moulding around the ceiling but it’s been difficult finding someone that I can trust. And again it doesn’t have any distinguishing architectual features – unless you call a bedroom bay window an architecual feature. I love the little house but it’s been a learning process. I’m just hoping that when I’m ready to sell that I can make money on it because my retirement is depending on it.

    • I’d place a high value on original features like radiators and plaster walls. Windows are also important – as close to original (double hung true divide wood) would be a bonus.

  • mtpgal

    I wonder how much value a two car garage adds? We have a two car garage and my husband and I debate this often. I think that, given that this is the city, most folks don’t need two parking spaces so it wouldn’t add a premium above a normal garage. The husband thinks folks will pay more for it.

    • Two car GARAGE is worth a fortune… to me at least. They are so hard to come by in this city and even harder to build on an existing lot.

    • Yeah, I think a two car garage is a huge plus, although it might depend where in the city you live.

  • Good deal– aka a normal buyer has no chance. I wonder how many earnest hopeful homebuyers will waste their time trying to get this thing.

    • You can count me as 1… submitted an offer today. My fiance and I are hopeful but recognize that there is a 99% chance we miss out. The only thing I can hope is that developers are afraid of what the impact the giant increase in mortgages rates will have on home values in DC… still waiting to shake out (PLEASE BE THE CASE).

  • I wonder how much the big jump in rates has impacted the housing market. I definitely think that housing prices will drop, but how much? My fiance and I were looking and we went from being comfortable paying $650K-$700K to basically paying no more than $535K. I am assuming that other people are in a similar situation and that will drive home prices down or at least curb the increase in home prices.

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