GDoN? “Two-car driveway and one-car garage” edition

Front View -

This house is located at 3725 18th Street, Northeast. The listing says:

“AS-IS estate sale! Home needs some improvements, but great potential. Two-car driveway and one-car garage. Newer windows, including a bay window in the living room. Newer, good quality carpet. Short sale – third party approval required.”

View of Kitchen from Family Room -

You can see more photos here.

This 3 bed/1 bath is going for $325,000.

10 Comment

  • It’s a fixer upper for sure, but just by virtue of being a row home in DC under $400k, it is the very definition of a good deal.

    • I think it depends on your tolerance for a few things. First, a place in that condition that’s a short sale and estate sale is also likely to have some serious structural issues that have built up over the years. Second, once you probably spend $200k+ to fix it up, you’ll live right next door to the Taft Rec Center and the park at Otis, which seems to have a steady stream of drug activity. Quite a few shots fired incidents near Taft in the past few months, too. The park itself is really nice, but the guys slinging five feet past the End Of School Zone signs aren’t exactly a neighborhood amenity.

  • HaileUnlikely

    Decent deal if structurally sound. Its being a short sale makes things a lot more complicated, though, as one could miss out on other good deals while being tied up in ultimately-unsuccessful negotiations on this one.

  • maxwell smart

    ‘Home needs some improvements’ is the understatement of the year. Entire place needs to be gutted, IMO.

    • HaileUnlikely

      I see no serious reason why that would be necessary. Obviously, if one were to have the resources to gut this, they could start over and make it completely their own for probably about $100K or so and have an end result that would be awesome. However, if it is structurally sound, one might be able to make it pretty decent on their own, working with what’s there, for not too much money, without completely gutting it. I’d obviously want to see this in person before making an offer, but based solely on the pics, this appears to be in substantially better shape than the house I bought a few years ago, and I was to fix it up pretty decently for barely over $30K, with over half of that spent on things that do not appear to be needed here.

  • You know it’s bad when newish carpet is one of your top selling points…

  • WaPo just ran an article on a couple who purchased a fixer upper in Michigan Park. They got it for $350k and then rolled the reno into the mortgage. Yes, yes I know…you’re up against a lot of competition with developers in the game for these type of listings.

    • brookland_rez

      That’s exactly what I did. I paid $239k in 2009 for a fixer upper in Brookland, spent ~$50k to fix it up, refinanced a year later and appraised at $370. I was able to roll back into the mortgage what I had not paid off on the reno and due to the increased appraisal, I was able go with a conventional loan and drop the PMI and come out with a lower mortgage payment than I had originally.

      • brookland_rez

        Keep in mind that was in the wake of the financial crisis so there was practically no competition.

  • Rowhouse like 4 doors sold in estate sale last winter for ~$360 and then flipped for $680.

    Think you could do a reasonable gut and still have a decent margin on this place…

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