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Good Deal or Not? “Large Colonial Brick Home” edition (reader request)

by Prince Of Petworth April 22, 2013 at 1:00 pm 9 Comments

3503 15th Street Northeast

This house is located at 3503 15th Street, NE:


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The listing says:

“LARGE COLONIAL BRICK HOME SIX BLOCKS TO METRO. FEATURES SEVEN BEDROOMS, 4 BATHS. CUSTOM KITCHEN GRANITE AND NATURAL MAPLE CABINETS. FEATURES AS BI-FOLD FRENCH DOORS AND DOUBLE DECKER SIDE PORCHES. SELLER IS PROVIDING A HOME WARRANTY SINCE THE PROPERTY IS SOLD “AS IS”

You can see more photos here.

This 7 bed/4.5 bath is going for $729,750.

  • If I found a place I could afford in this part of NE (bordered by RI Ave, SD Ave, MI Ave and the tracks), I would snap it up. For families, especially, I think this will be the next hot neighborhood. The homes are very large, the lots are quite big and there is good transit access. 12th St. gets better and better and the new developments around CUA will add to the amenities.
    Though it probably needs some updating, I’d say good deal.

  • Anonymous

    Not sure I’d want to live way over on Bunker Hill, but I guess that’s where you gotta go if you want something this big for under a mil.

    • nloewen

      Way over? What is this house far from? It has two cool new restaurants within walking distance (Little Ricky’s and Menomale), it’ll soon have more (the rumors are a Busboys and Poets and another), it’s got a metro about 1/2 a mile, it’ll soon have a grocery store in the new development (rumors are a Harris Teeter), it’s easy to drive to places with RI and Michigan, and it’s got the bike trail right down to Union Station. I live in Brookland and bike to work over in Cleveland Park, so that’s not so far (5 miles). What more could oen want? (I know, good schools!)

  • Anonymous

    I visited this open house yesterday as I am a resident in the neighborhood and like to see what real estate in my ‘hood is going for. This house is overpriced. While beautiful with some original features from the 1920s (original flooring, well-maintained wood trim to name a few), each of the 7 bedrooms has a sink in it as this property is owned by the monastery and used to house up to 7 priests or aspiring priests in it at any given time. It’s a mish-mash of additions, rooms where you don’t think there should be rooms, and there’s no flow to the house at all. If you were looking to buy this, you should come with an architect who is ready to make an assessment of how many hundreds of thousands more you would put into it to get it ready for one family. It’s a spacious place, the lot is large, and you can’t beat the location – a 7 minute walk to the metro – but it needs more TLC than the pictures or ad indicates.

    • JJ

      I was wondering why there was a sink in the bedroom. The pictures really don’t present well at all. Looks like a decent amount of work would have to be put into it.

      • Anonymous

        what’s so bad about a sink in every room :)

  • Alan

    How much of a market is there for a 7 bedroom house? Are they trying to appeal to the Octomom demographic?

    • sbc

      at over 5000 square feet, I think they’re looking at the developer demographic. That could easily become four 2br 1ba condos of about 1000 sf each. And around there, I imagine you could sell each one for at least $425k.

      So spend $729k on the building, spend around a quarter-mil. renovating it (I’m not sure if that’s reasonable but even if it’s double that you’d be fine) and you make $700,000 in profit. It’s not quite that simple, since there are permitting issues, carrying costs while you work on the house, etc. but that seems like a fantastic deal for a developer.

      • jcm

        You’d need a zoning variance, and you’d be very unlikely to get it. It’s R-1B, which means single family only. You can’t even have a basement or garage apartment there.

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