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Fearless Investors: DC Gov to Auction of 30+ Houses Next Week

  • January 23, 2009

by Will Smith

Fearless Investors: DC Gov to Auction of 30+ Houses Next Week

The DC government will hold an auction next week to unload more than 30 residential properties around the city. However, to call some of these properties fixer-uppers would be generous; many of them appear to be completely uninhabitable, boarded-up shell houses. On the other hand, a few of them have the potential to be restored into beautiful row houses.

In addition to the condition of the properties themselves, the obvious risk in taking on any of these as investment projects is the location. They are spread across Ledroit Park, Shaw, Columbia Heights, Anacostia, Deanwood, Trinidad, H Street NE, and Old City 1 and 2. Potential bidders would be wise to do their homework as to the level of crime in these areas. They should probably also visit the properties in person to get a feel for the neighborhood. Without having visited any of the properties ourselves, our guess is that the Ledroit Park properties will be the most popular, both because of location and because they are the most attractive. (Make sure to read our real estate profiles of Ledroit Park, Columbia Heights, and Shaw.)

Clearly none of these are for the faint of heart, but for that very reason they could represent phenomenal investment opportunities. Of course, that all depends on what they actually sell for. But given how conservative buyers are right now, and the shape and location of some of these properties, there will likely be some great deals to be had for those with the cash and the will to make it happen.

The auction happens a week from today on Friday January 30 at 2pm. It will be held at 441 4th St., NW. Full details about the auction are available here, including a list of the properties and a PowerPoint presentation that outlines the buying process and requirements for bidders.

Following is a sampling of some of the better-looking properties:

And here are some of the, um, less desirable ones:

See other articles related to: dclofts

This article originally published at http://dc.urbanturf.com/articles/blog/fearless_investors_dc_gov_to_auction_of_30_houses_next_week/470

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