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Deal of the Week: A Capitol Hill Renovation Project

by Mark Wellborn

Deal of the Week: A Capitol Hill Renovation Project: Figure 1
623 F 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 Victorian in Capitol Hill falls into the second category and based on the 35 groups that stopped by the open house on Sunday, it won’t last long.

Built over a century ago, the interior spreads out over about 2,400 square feet — 1,800 square feet on the main and upper floors and over 500 square feet on the lower level. The oak floors, glass doors, sidelights and handrails are all still intact from when the home was originally built. While the home is being sold as is, the roof, water lines, windows and heating systems have been replaced recently or are in good shape.

Deal of the Week: A Capitol Hill Renovation Project: Figure 2
Living Room

As far as price, the house next door — same size/shape/layout but renovated — sold for $805,000 last year, so at just south of $560,000, we think this looks like a bargain.

More details and photos below.

Deal of the Week: A Capitol Hill Renovation Project: Figure 3
Master Bedroom

Deal of the Week: A Capitol Hill Renovation Project: Figure 4
Dining Room

  • Full Listing: 623 F Street NE (map)
  • Price: $559,999
  • Bedrooms: Three
  • Bathrooms: 1.5
  • Square Footage: 2,386
  • Listing Agent: Joel Nelson, Keller Williams Capital Properties

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.8 percent.

  • Loan Amount: $447,999
  • Principal and Interest: $2,350
  • Property Taxes: $396/month
  • Total Monthly Payments: $2,746

See other articles related to: investment properties, deal of the week, dclofts, capitol hill

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_a_capitol_hill_renovation_project/3459

5 Comments

  1. cindy said at 3:09 am on Tuesday May 10, 2011:
    I also went to the open house and can't understand why anyone would need to "gut" this house. Sure, if you want central air you could do that. Someone will want to put in a new kitchen and eventually redo the bathrooms. A project down the road would also be to redo the basement. All that being said, if someone is willing to tough it for a bit, you could move right in tomorrow. House has great character. I'd buy it if I hadn't just bought a place..
  1. DC Buyer said at 3:10 pm on Tuesday May 10, 2011:
    I also attended the open house. Sure, you could live in the house now, but the kitchen is borderline non-functioning. The basement also felt like it might have water issues/mold. The master bedroom is huge, though! This will probably sell to an investor very soon.
  1. Curious said at 3:34 pm on Tuesday May 10, 2011:
    I went to the open house and think it's definitely a total gut job. It needs over $100K, probably closer to $150K worth of renovations. May actually be too expensive for most investors. There were holes in the ceilings, cracks in the walls, and the staircase was really uneven. Kitchen is not useable and most of the windows are in bad shape. You could get away with not redoing the floors, but with everything else that needs replacement (and you really must add at least one more bathroom to bring it close to the neighbor's value), I say better to gut and start over.
  1. Elbow said at 11:37 pm on Monday May 9, 2011:
    A week on the market tops.
  1. Mike said at 12:05 am on Tuesday May 10, 2011:
    Went to the open house last weekend. Needed a LOT of work and the bedrooms were small. This is probably more work than a weekend warrior type would want to take on. In my opinion it needs to be gutted.

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