Deal of the Week: The Elusive Renovated Three-Bedroom For Under $400K

• August 31, 2010
• 4 Comments

by Mark Wellborn

Deal of the Week is back with a three-bedroom home in the Petworth/Park View section of the city. Like many homes in this area, this house has been fully renovated, but remains affordable relative to most properties of this size in the District. The main level has new wood floors, a renovated kitchen, a living room and a small office area. The three bedrooms and two full bath are located on the second level. The basement, while unfinished, already has plumbing, so all that would be needed is the construction of a second entrance to make it a rentable in-law suite. The home also has a small back patio and garden area. More details and photos below. For the full listing, click here.

• Address: 4016 3rd Street NW (map)
• Price: $399,000
• Bedrooms: Three
• Bathrooms: Three
• Square Footage: Approximately 1,600

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.45 percent.

• Loan Amount: $319,200
• Principal and Interest: $1,608
• Property Taxes: $296/month
• Total Monthly Payments: $1,904

Living Room

Dining Room

Bedroom

Patio

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_the_elusive_renovated_three_bedroom_for_under/2433

4 Comments

1. Chris said at 2:28 pm on Wednesday September 1, 2010:

   Not much of a bargain here folks.  First, what kind of renovation doesn’t include hardwood floors?  Second, and more importantly, the proposed 2011 tax value for this house is approx. $332K, or about $68K under the list price.

1. Mike said at 4:34 pm on Wednesday September 1, 2010:

   It is fairly common for the tax assessment to be lower than the sales price, would you want to be paying more taxes than the actual sale of the property?  As property values begin to slowly increase taxes will certainly catch up.

   You should be more concerned about how the home performs rather than if hardwood floors are throughout!

1. Geoff said at 8:55 am on Thursday September 2, 2010:

   Agree with Mike. Do not base a home’s value on the tax assessment. As any homeowner knows, those assessments can be very misleading.

1. SL said at 8:49 am on Friday September 3, 2010:

   I think this house is a great deal. Renovated houses in this area usually sell for at least $450K and sometimes over $500K. The lower price probably takes into account some things people might want to change (carpet, for me - the chain link fence and the landscaping). It’s a great deal - usually for that price there would be a lot more to update. I also really like that it has a bay front, which is a little unusual for Petworth.

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