Deal of the Week: Another Capitol Hill Renovation Project

• October 4, 2011
• 3 Comments

by Mark Wellborn

430 10th Street NE

As home buyers go, there are usually three kinds:

1. Those that want to move into something in turn-key condition.
2. Those that buy a home with the plan to renovate and update it over the course of a few years.
3. Those that want a complete fixer-upper.

This three-bedroom row house in Capitol Hill falls into the third category. However even though it hit the market yesterday and is in pretty rough condition, it is already garnering a lot of attention.

Built about 100 years ago, the three-bedroom home is owned by six siblings, four of whom currently live in the property. The listing is in disrepair, with water damage and a variety of other issues that the eventual owner will need to handle. Estimates put the renovation budget in the $150,000 range, and the buyer will not be able to live in the home while those renovations are being done.

However, that has not dampened interest. There was an offer made within an hour of the home hitting the market, and three others expressing interest shortly after that. For home buyers on the hunt for a project, the listing notes recommend that offers include a construction loan; buyers have until next Monday before offers will be reviewed.

More details below.

• Full Listing: 430 10th Street NE (map)
• Price: $419,000
• Bedrooms: Three
• Bathrooms: One
• Square Footage: 1,302
• Listing Agent: Cameron Shosh, Prudential Carruthers

The seller prefers cash offers or construction loans, but here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.1 percent.

• Loan Amount: $335,200
• Principal and Interest: $1,620
• Property Taxes: $385/month
• Total Monthly Payments: $2,005

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_another_capitol_hill_renovation_project/4280

3 Comments

1. ben said at 11:11 am on Tuesday October 4, 2011:

   So is this the type of home that a 203k loan would be perfect for?

1. wdc said at 3:12 pm on Tuesday October 4, 2011:

   H Street area properties are flying.  Both the fixer uppers and the recently fixed ups.  South of H on the Hill seems to be especially hot right now, which makes sense.

1. Jordan said at 3:45 pm on Tuesday October 4, 2011:

   @wdc, do you have any data to support that or is it more of just a general feeling based on what you see selling on redfin, franklymls etc?

   Thanks,

   jordan

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