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What $300K Buys You in the DC Area

by Mark Wellborn

In What X Buys You this week, UrbanTurf takes a look at properties on the market for around $300,000 to give readers an idea of what type of homes are available in this price point in the DC area.


Upper Level Mount Pleasant One-Bedroom Condo

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This Mount Pleasant one-bedroom is not very large (515 square feet), but a buyer putting 20 percent down can pay per month (including taxes and condo fees) what the going rate is currently for a monthly rental in the neighborhood. The unit is on an upper floor, has high ceilings and hardwood floors, and a renovated kitchen. The building is pet-friendly, but the listing price does not include parking or an in-unit washer/dryer.


1,110 Square-Foot One-Bedroom Plus Loft in Silver Spring

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For almost the same price as the Mount Pleasant unit above, this one-bedroom plus loft condo in Silver Spring offers over twice as much space. The listing has a large living area with a fireplace and a stairwell that leads to a loft that could be used as a second bedroom. The listing price includes off-street parking and an in-unit washer/dryer, and it is located just over the DC border in the Rock Creek Gardens complex that has a large pool.


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Four-Bedroom Petworth Fixer-Upper

Four-bedroom DC homes listed in the $300,000 range these days are either bank-owned properties or houses in need of a good deal of renovations. This Petworth home across from the Rock Creek Cemetery falls into the latter category, and is meant for a buyer that is not only looking for a new house, but also a project. While the price and size are certainly a bargain, the listing is being sold “as-is” so the buyer won’t get many concessions from the seller.

  • Full Listing: 4517 New Hampshire Avenue NW (map)
  • Price: $305,900
  • Bedrooms: Four
  • Bathrooms: 1.5
  • Year Built: 1925
  • Listing Agent: David Martin, David D. Martin Companies

See other articles related to: what x buys you, silver spring, petworth, mount pleasant, dclofts

This article originally published at https://dc.urbanturf.com/articles/blog/what_300k_buys_you_in_the_dc_area/3510

6 Comments

  1. Hugh said at 9:16 am on Wednesday May 18, 2011:

    Both the second and third properties make me wish I had money for an investment property.

  1. East H said at 9:31 am on Wednesday May 18, 2011:

    The Petworth house looks like more that a fixer upper—if the pictures they chose are at all representative, it looks like a total gut and rebuild, which wouldn’t make it much of a bargain at that price.

    The Silver Spring unit looks great.

  1. Hugh said at 9:40 am on Wednesday May 18, 2011:

    @ East H,

    I don’t think it will need to be completely gutted. It would be one thing if it was structurally unsound, but I imagine that $100,000 to 150,000 of work would make the interior quite nice.

  1. East H said at 9:56 am on Wednesday May 18, 2011:

    Well, there’s no way to really tell from the scant pictures—but the indications (rotting roof and porch roof, open debris and peeling plaster on the interior, a closeup of the burglar alarm (?)) indicate to me that it would need serious, serious work.

    Say it is $150,000. This puts it well into flipper-zone… not many individuals would be able to buy and then finance or coordinate a $150,000 renovation, so I say not a great deal, when a completely renovated 3 bedroom quite a bit nearer to the metro can be had for $450,000.

    If a flipper purchases it and puts the required $150K in, they would want at least $100K profit, which I think might be a stretch in that neighborhood. I doubt this property could garner $550K even as a complete rebuild.

  1. SL said at 10:36 am on Wednesday May 18, 2011:

    A fair going price for a Petworth rowhouse that’s in good shape but needs a lot of mainly cosmetic repairs is in the $350K to $380K, to be in walking distance of the metro. Many of my friends have bought houses like this and are working on them over time. Believe it or not, people are actually living for a few years in houses with formica countertops and 80s cabinets without dying :-0

    One like this needing major structural repairs is probably better left to the flippers. Even so, they might not be interested…the houses being flipped near me were all purchased for under $200K and are within 4 blocks of metro. I wouldn’t get near them as an individual homeowner for anything, though!

  1. Rayful Edmond said at 12:02 pm on Wednesday May 18, 2011:

    Say the flipper could sell the rehabbed Petworth home for $500k after shelling out $100k in repairs. This would mean he would have needed to buy the house for $250k.

    ARV * .70 - HC = Offer $

    $300k is only the listing price. It will go lower.

Comments are closed.

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