Deal of the Week: Shaw Row House for $409K

• May 11, 2010
• 9 Comments

by Mark Wellborn

413 Q Street NW

For this installment of Deal of the Week we find a property that caters to buyers who know a thing or two about home improvements, and are willing to be patient. This three-bedroom row house in Shaw is on the market because the owner could not find the money to finish renovating it. The listing agent told UrbanTurf that the house needs new finishes, but that the current owner put in new copper pipes, electrical wiring and duct work. The home is also a short sale and as any regular reader of UrbanTurf knows, the buying process for these properties can be long and frustrating (read more about short sales here). Despite its status, the home is listed well below market for a three-bedroom in this neighborhood, and if someone put $50,000 toward finishing the job, it could prove to be the Deal of the Year. Look back for interior photos later in the week. For the full listing, click here.

413 Q Street NW (map)

• Price: $409,000
• Bedrooms: Three
• Bathrooms: Three
• Year Built: 1900

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 5.1 percent.

• Loan Amount: $327,200
• Principal and Interest: $1,777
• Condo Fees/Taxes: $305/month
• Total Monthly Payments: $2,082

This article originally published at https://dc.urbanturf.com/articles/blog/deal_of_the_week_shaw_row_house_for_409k/2060

9 Comments

1. Arch said at 10:27 pm on Tuesday May 11, 2010:
   Certainly looks like a good deal, but you would have to have another place to live (and be willing to live there for awhile while the home is finished) and, like the article said, know what you are doing when it comes to renos.

1. Dave said at 1:18 am on Wednesday May 12, 2010:
   I saw this house during an open house a few weeks ago. Consider that it has a very small footprint with no extra lot space (e.g. no parking, no back porch). Inside, it seems that a lot of work would need to be done, and that there's not a lot of space.

1. SImonF said at 2:40 am on Wednesday May 12, 2010:
   If $50,000 is all that is required to make it livable (a reasonable sum for renovations), then this is a great deal.

1. SWester said at 4:15 am on Wednesday May 12, 2010:
   Before considering renovations, take your high-end estimate of the cost and time, and double it. If it's still worth it, then consider proceeding (with caution).

1. jag said at 7:44 am on Wednesday May 12, 2010:
   Wouldn't the property require a cash offer? If that's the case then obviously that drastically cuts into the "deal."

1. Idea said at 2:54 pm on Wednesday May 12, 2010:
   I think this row house has two units, so you could live in one and rent out the other which would help pay back the renovation costs.

1. ShawGuy said at 6:02 pm on Wednesday May 12, 2010:
   You will also have to deal with evicting the tenant who lives upstairs.

1. arxdei said at 12:28 am on Thursday May 13, 2010:
   Is there a problem with the tenant that you found out?

1. DifferentBuyer said at 11:00 am on Saturday May 29, 2010:
   Tenants are hostile, they blocked myself and my agent from even entering the unoccupied unit Definitely looks like it would need more than 50k to finish.