Deal of the Week: Proceed With Caution

by Mark Wellborn

1341 Irving Street NW. Image via Google Maps.

For those interested in this installment of Deal of the Week, UrbanTurf’s advice is proceed with caution.

The listing is a Columbia Heights row home at 1341 Irving Street NW that is little more than a shell right now in need of a complete rehab. In fact, the warning above comes from the listing agent who told UrbanTurf that the bank-owned property is really being sold from the photos, as the interior is not very safe for people to walk around in.

The buyer will likely have to make an all-cash offer or go through a 203K loan as traditional financing is not an option. No offer will be accepted until the listing has been active for at least seven days, and between the 8th and 12th days, only owner occupant offers will be entertained. After that, all are welcome.


Despite this laundry list of warnings and restrictions above, the sizable home and its location make it a good deal for the right buyer at just under $400,000, and based on the demand for properties like this in the District, we suspect that it will receive multiple offers and sell for above its list price. The agent said that his phone has already been ringing off the hook.

More details below.

  • Full Listing: 1341 Irving Street NW (map)
  • Price: $390,000
  • Bedrooms: N/A
  • Bathrooms: N/A
  • Square Footage: 2,761
  • Listing Agent: Thomas Williams, Long & Foster

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_proceed_with_caution/3420


  1. Roy said at 9:26 am on Tuesday May 3, 2011:

    This is going to go fast.  I wish I could buy it.

  1. StringsAttached said at 5:58 pm on Tuesday May 3, 2011:

    This is overpriced for the amount of work needed. If you’re not going to keep any of the architectual period details of the home then the price is okay. To properly re-do that thing will probably cost another $300,000+. Notice I said properly.

  1. Jennifer McIvor said at 6:35 pm on Tuesday May 3, 2011:

    With a headline like that, perhaps a follow up story will be warranted on this property. Final sales price and maybe some photos from the new owner after the rehab. Whew, look at the private front yard and possible, rentable basement apartment. $$

  1. PleasantPlainer said at 6:42 pm on Tuesday May 3, 2011:

    Somehow that “If I had a million dollar$” song came into my head when looking at this listing…

  1. ColumbiaHeights Gal said at 3:49 pm on Friday May 6, 2011:

    I disagree with the poster that says it’s overpriced as at least 300k in work is needed. Since 2BR condos in the near vicinity are going for 650k or more and this is a house with double that space plus likely Eng. basement unit, it’s hard to say that one wouldn’t end up ahead once the work is done.

  1. StringsAttached said at 6:49 pm on Friday May 6, 2011:

    @ColumbiaHeights Gal

    I agree that it would be a great buy at the right price but once again, if its in such bad shape you REALLY have to be careful with properties like this. My question is “Would you offer/pay $390,000 for this property in its current condition?” Me…190k - 200k tops.

  1. StringsAttached said at 7:05 pm on Friday May 6, 2011:

    I would also like to remind everyone why real estate crashed in the first place…people paid prices for properties they thought they were getting rather than paying for the propery in front of them. At the end of the day, the true value of the property never changed, only the price an individual was willing to pay for it.

  1. John Settles said at 11:33 am on Saturday May 7, 2011:

    At 350k based upon what clients have recently paid for other properties it would be a good buy.  We offer both FHA 203k and a Conventional renovation product that would provide the money to purchase and rehab.  For a down payment of 20-32,500 someone could make this a 2-4 unit have instant equity and rental income to either subsidize the mortgage(2 unit option) or pay the mortgage(4 unit option).

  1. Yao said at 3:11 pm on Tuesday May 10, 2011:

    John Settles,

    Can you let me have your contact info? Interested in obtaining more reno loan from you. Thanks.


  1. John Settles said at 9:58 pm on Wednesday May 11, 2011:

    I can be reached at 202-216-5702 or at .(JavaScript must be enabled to view this email address).  My website has helpful information, http://www.jfsettles.com or you can e-mail me for a Renovation Lending Guide.

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