Deal of the Week: The U Street Corridor Fixer-Upper

• December 7th 2011

by UrbanTurf Staff

This installment of Deal of the Week is for a buyer (or investor) that wants a complete fixer-upper.

Built back in 1892, the three-bedroom home on 13th Street just south of Florida Avenue NW still has some of its original details — pocket doors, ornate mantels and stained glass — but the listing agent told UrbanTurf that the eventual buyer will likely want to extensively renovate the home while maintaining these aspects.

Those renovations will include a re-do of the kitchen and the basement, which has 70s-era pine paneling and a small bar, but is moldy and needs to be ripped out. The heat, water and most of the electric in the house are in working order fine, so it could be a property that someone buys and lives in while renovating. Renovation estimates range from $20,000 to make it minimally habitable and somewhere between $100,000 and $200,000 to make it really shine.

However, the home’s drawbacks have not dampened interest. Shortly after it hit the market on Monday, an investor suggested an immediate all cash offer and another was registered; buyers have until next Thursday at 5pm to submit offers.

More details below.

• Full Listing: 2221 13th Street NW (map)
• Price: $449,900
• Bedrooms: Three
• Bathrooms: Two
• Square Footage: 1,608
• Listing Agent: Aaron Hirsch, Fairfax Realty

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.1 percent.

• Loan Amount: $359,920
• Principal and Interest: $1,739
• Property Taxes: $393/month
• Total Monthly Payments: $2,132

This article originally published at https://dc.urbanturf.com/articles/blog/deal_of_the_week_the_u_street_corridor_fixer_upper/4719.