Deal of the Week: Petworth For Under $400,000

• July 17, 2012
• 6 Comments

by Shilpi Paul

729 Otis Place NW

This installment of Deal of the Week is in good condition, but its need for a little updating may explain the low price.

Despite the need for a few enhancements, the three-bedroom has a lot to offer: a location two blocks from the Petworth Metro, gleaming floors, original details, sizable rooms, and a backyard.

The low price reflects the home’s unmitigated aging. The kitchen and bathroom are outdated, and the house doesn’t have central A/C. However, the historic features, like the radiators and original clawfoot tub, are likely attractive to some buyers. As is the price considering that one would be hard pressed to find a three-bedroom in this area for under $400,000.

The agent tells us that the house has already received a lot of interest and that she expects to be looking at offers soon.

More details and photos below.

Living Room

Kitchen

Bedroom

Office

Backyard

• Address: 729 Otis Place NW (map)
• Price: $385,000
• Bedrooms: Three
• Bathrooms: One
• Square Footage: 1,528
• Price Per Square Foot: $252

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 3.7 percent.

• Loan Amount: $308,000
• Principal and Interest: $1,418
• Property Taxes: $241
• Total Monthly Payments: $1,659

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_petworth_wardman_that_needs_updating/5779

6 Comments

1. Pete said at 4:04 pm on Tuesday July 17, 2012:
   FYI - it's Otis Place, not street. And thats not Petworth, it's Park View

1. Shilpi Paul said at 4:34 pm on Tuesday July 17, 2012:
   Thanks, Pete. The address in our address link said "Place" but we have made the correction in the photo caption. Yes on the neighborhood as well. We now realize that the home is located about a block from the southern border of Petworth. Shilpi

1. xmal said at 4:38 pm on Tuesday July 17, 2012:
   Looks great! No granite countertop, no problem.

1. Tom A. said at 5:14 pm on Tuesday July 17, 2012:
   nice. how many offers so far? I smell a bidding war.

1. Ed Carp said at 8:10 pm on Tuesday July 17, 2012:
   22 offers

1. Lawdawg said at 8:30 pm on Tuesday July 17, 2012:
   I took a look at this place over the weekend. The hardwood floors throughout were really nice. I'm not an engineer, but this place seemed to have some structural issues. The entire back of the house (the upstairs office, downstairs kitchen, and the basement) had noticeable downward slants. In fact you could not completely open the door leading to the backyard without the bottom of the door catching on the concrete floor. I could probably open it a foot or two at most before it came to a dead stop. I believe this was caused when one of the previous owners closed in the back of the kitchen and the office area. Too much weight on the back foundation.