GDoN? “Great investment potential” edition

DC8555499 - Exterior (Front)

This house is located at 324 Taylor Street, Northwest. The listing says:

“Great investment potential! Property subject to an estate sale in late April and TOPA. All BAFO are due NLT midnight February 18th.”

You can see more photos here.

This 3 bed/1.5 bath is going for $350,000.

16 Comment

  • This has developer flip written all over it. Final price ~430K, back on the market around 800K in a few months.

  • Renters and potential heirs? Ugh…

  • I hope we’re nearing peak-dumpster for this part of Petworth. There is a block of Randolph street that has 4 dumpsters right now. I’m happy to see long empty properties being developed (not sure if that’s the case with this house though since they reference TOPA), but living in the midst of it is kind of a mess.

    That said, I guess I’ll count my blessings because the last flip that was done on my block the developer was too cheap to even get a dumpster and simply piled a 6 ft pile of debris in the tiny front yard of the house (which then blew all over our block).

  • Great house, great deal. I hope one of y’all that is trying to get in the market will snatch this up and make it your own.

  • Even if this place needs major work done on it, it’s an excellent deal considering the location.

  • I haven’t visited this block in a while but without seeing the neighbor situation this still looks like a GREAT deal for someone who can jump on it…2008 prices. Liveable fixer upper, room for family, an easy walk to Metro, the new Safeway, Looking Glass, the 64 bus line…don’t wait.

  • But wait, I thought there is no affordable housing in D.C.?!?
    Somewhere along the way the notion of what affordable housing means became a home turned into granite and stainless steel everything, open floor plan w/ hardwoods thru out, recessed lighting and speakers in the ceiling, and sun drenched luxury baths, high end washer/dryer, etc.

    This is proof there are livable and affordable homes within DC. Sure it may require restoration but it’s otherwise in good shape. This is how our family saved up to buy a home…and how we’ve afforded to live in DC for years.

    The lack of affordable housing issue is mostly promoted by big business & developers…and customers unwilling to realize affordable doesn’t mean getting every luxury at closing.

    • Prince Of Petworth

      “Somewhere along the way the notion of what affordable housing means became a home turned into granite and stainless steel everything…”

      Are you fucking high? I don’t think you understand the affordable housing issue… Not to mention a house like this is rare as hell and we’ll revisit to see what it actually goes for. But then again you’re just trolling us so – there you go – enjoy your moment.

      • HAHAHAHAHAHAHA @ “Are you fucking high?”
        If you think this is going to go for 350k anon, you’re insane or haven’t paid a bit of attention to the DC market since you bought your house. My fiancee and I bought a livable fixer upper, but we paid well over 350k for it and got lucky because there were plenty of developer offers on our house. I see this selling for 450k cash and then it will be for sale again in a couple months for around 800k.

      • I read anon’s comment differently – though poorly worded, I think the point is that there are and have been houses on and off market that are snapped up by all-cash developers looking to resell with cookie-cutter features rather than by families who need financing but could lovingly (and uniquely) restore those same homes over many years.

        • I think you’re being overly generous, it’s pretty clear that anon is saying that anyone who thinks there are no affordable houses is a whiner who wants granite countertops and the latest finishes and wouldn’t be willing to buy a livable-but-rough-around-the-edges place like this, because here is this one house on the market!! But this house is such an anomaly in this market (and as others have said, is unlikely to be bought by a person who will actually live there), it doesn’t really support anon’s point.

    • Well, real estate markets tend to be efficient. So, when I see a house like this listed below what everyone looking thinks is market price, I assume that it may well need more than just paint, and ripping up old carpeting, and redoing the usable kitchen years down the line. Because plenty of people ARE willing to buy houses and do that stuff over time. But when you have to compete with developers who all offer all cash, and you are getting a mortgage, which means you can’t even compete AT ALL for houses like these in most cases, then these houses just ARE NOT AVAILABLE to people who need a mortgage – be they low income, middle income, or even high income.

      Also, when something is priced low, there are often one or many really expensive fixes that need to be done – be it joists eaten by termites, a leaking roof and water damage throughout, meaning walls and ceilings have to be replaced, or serious leaks in plumbing pipes that need to be replaced, or electrical that hasn’t been updated to modern standards and is actually unsafe, etc. Getting this stuff fixed can be really expensive, and much of it DOES affect livability until it is done, and so many people don’t have the funds to buy and do all that. Yes, one can borrow with a renovation loan, but one has to have a lot of time free to manage such a renovation – it is hard to do if you work long hours.

  • Assuming there’s nothing egregiously wrong with it that we can’t see, this is going to go for 450+. It looks exactly like our place did five years ago which we got for for 350.

  • There are still good deals out there below $500k. There is an all brick modern townhouse in Takoma for example that has been on the market for awhile, I think there used to be tenants, but they are gone now. With that being said, the houses below $500k are getting fewer and fewer, and I was happy to find something nice walking distance from the metro around $400k last year. This is a really good deal, and with some remodeling it would be a great house.

Comments are closed.