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(Was it a) Good Deal or Not? “picturesque block” edition

by Prince Of Petworth February 21, 2014 at 1:00 pm 14 Comments

407 Kentucky Avenue Southeast

This house is located at 407 Kentucky Avenue Southeast. (see map here.)

The listing says:

“Wonderful attached row house awaiting your upgrades. Super location on picturesque block. Two blocks to Metro, Safeway, Harris Teeter. Everything at your fingertips! Estate, As-Is sale.”

You can see more photos here.

This 3 bed/1 bath was going for $499,000 but is already under contract. What do you think it ended up going for?

  • JJ

    I think it would look great with some upgrading to the kitchen, bath and flooring. I love the fireplace in the bedroom.

  • That’s an awesome deal. You’d have to put in some serious dough for an upgraded bathroom and kitchen but it’s appears to be a livable place if you don’t have the money to make immediate changes.

    • Rich

      Both are just fun and more than merely “livable”. Moreover, the new owner can decide when and what they want rather than being stuck with stainless appliances (which seem to slowly being as passe as anything in harvest gold) and the current ugly shades of stone that are popular. The kitchen probably could be updated with new countertops and appliances without horrible expense.

  • That’s just outside the bounds of Capitol Hill, but to be so close and near a Metro I would say that was indeed a good deal if someone got it for list price.

  • KT331

    Wish there was more yard space and the back yard entrance/exit is directly across the street from Safeway — which is good or bad, depending on how you look at it.. I’d want to add another bathroom, which wouldn’t be cheap in addition the kitchen upgrade and current bathroom upgrade. But hard to get anything near that price in that neighborhood.

  • Anon

    That’s a very, very good deal. Houses the same size regularly go for 700-800K in that area, even further east, and this doesn’t need anywhere near that much work.

  • shawguy

    I say awesome deal. I would often actually prefer this type of house – perfectly functional, just aesthetically needing upgrades. That way I can do the renovation on my own schedule, as I can afford it, and I end up with something that’s exactly what I wanted. I can’t tell you how many properties I looked at when I bought my last place and found myself looking at a gut job renovation of a kitchen or a bathroom thinking “well, it’d be a shame to rip out all this new material, but I can’t handle cooking in a kitchen with a rainbow-pattern backsplash” or “If I actually had to shower in that bathroom with the blood red tile for more than one day I’d go psycho”. At least with this stuff I wouldn’t feel bad at all when it came time to tear it out. And that price for a 3 bedroom is not bad, even if it does have only one bathroom and street parking.

  • DC007

    Apparently there are already multiple offers and all cash. Most likely developers bidding on it.

  • ET

    Yes that is a good deal. There are some updates to be made (that is EPIC wall paper in the bathroom) but that could add equity for the new owner and they are livable in the mean time. Of course I wouldn’t be surprised if a developer with an all cash offer got to it first and plans a quick bathroom/kitchen flip for about $50,000 grand and plans to sell it for about $600,000.

    One of the houses a few doors down (and maybe right next door) sold in early 2000 for just over $200,000 when prices were on the rise. A recent flip job on Kentucky and C SE just sold for over $750,000

  • SF

    No way that thing went for list price. Mid 500s for sure, and still a good deal at that amount.

  • soozles

    It would be a shame if it fell into the hands of developers who will no doubt rip out the wall to create that ghastly generic open floor plan. But that will no doubt happen. But please, please, please keep the wallpaper in the bathroom! ; )

  • Anon

    No way it went for list price. I’m saying it sells for $575K.

  • YEM1980

    My guess is a developer got this for 550 cash. Refresh floors, gut second story, 3 beds, 2.5 baths, central air, laundry closet, fancy kitchen, maybe costs 80k in construction and transaction costs. 4 months to schedule permit and complete work, 8 weeks to market and close. Sell for 695 and clear 11% return on capital in 6 months. And that location may demand even more than 545/sqft for completely updated home.

  • Anonymous

    This is probably way too late in the day to get an answer, but does anybody know what that grotto-like thing set into the dining room wall is?


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