223 3rd Street SE
As home bargains go, properties asking $750,000 usually do not qualify. But in the case of this Deal of the Week, we made an exception.
The four-bedroom house not far from the Capitol was built in the late 19th century, and has been owned by the same family since the 1940s. (It is now being sold by the family estate.) While the owners used most of the lower two levels to live on, the upper rooms were rented individually like a rooming house.
The wood floors, 8-foot doors, hanging light fixtures, and inlaid stone fireplace mantels have all been preserved over the years, and the brick masonry on the exterior is still in great shape. In the last five years, the water service pipes, the electric service, meter, breakers, and the boiler have also all been replaced.
Despite what has been preserved and added, the eventual owner will need to renovate the kitchen, bathrooms, floors, central air, and windows, according to those familar with the property, which could cost $200,000 to $250,000. However, even at those estimates, the total cost for the house and renovations comes out at or below $1 million, a very good price for a newly renovated home in this area.
And it appears that some buyers already recognize that: Three offers have been received since it hit the market late last week, and the estate will make a decision by the middle of this week.
More details below.
Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4 percent.
- Loan Amount: $600,000
- Principal and Interest: $2,864
- Property Taxes: $585/month
- Total Monthly Payments: $3,449
This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_a_good_bargain_at_750000/5244
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