Are these H St. NE / Capitol Hill houses priced appropriately?

[Anonymous]

Anonymous wrote:I think this one was discussed as the "I can see Chick Fil A from my house" discount... Sells for 10% over list and then promptly listed for rent. Odd. Investors are buying row houses to rent out? I thought the math on that was cramped...

https://www.zillow.com/homedetails/1439-G-St-NE-Washington-DC-20002/424583_zpid/?

And at that rate, I can't see them making too much money. Just the mortgage is 3K/mo (if 20% down), insurance another 100, taxes another 500. Add in opp cost of capital/maintenance, they are underwater from day 1. Something seems off. Last minute job relocation?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think this one was discussed as the "I can see Chick Fil A from my house" discount... Sells for 10% over list and then promptly listed for rent. Odd. Investors are buying row houses to rent out? I thought the math on that was cramped...

https://www.zillow.com/homedetails/1439-G-St-NE-Washington-DC-20002/424583_zpid/?

And at that rate, I can't see them making too much money. Just the mortgage is 3K/mo (if 20% down), insurance another 100, taxes another 500. Add in opp cost of capital/maintenance, they are underwater from day 1. Something seems off. Last minute job relocation?

It’s an investor just looking to park excess money.

[Anonymous]

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Anonymous wrote:$900k - 4br/3.5ba: This house is huge and under a million.
https://www.redfin.com/DC/Washington/1123-K-St-NE-20002/home/9907783

"Everything was New in 2005!" Do you think the listing agent knows that 2005 was 16 years ago? The interior looks...fine. Not awful, I suppose, but...well, like something remodeled as a rental 16 years ago.

The house to the right, though, looks like it's in really poor repair. Do you suppose that will affect the sale price of this house?

Heh. I guess they couldn't write "Everything is coming to the end of its life cycle! Enjoy replacing all of it in a few years!"

The house needs a lot of work, but it's livable as is and probably priced too high to interest a flipper. A chance for an actual family to make it their own.

it looks fine? I’m not seeing “a lot of work.”

I haven't seen the house in person so can't speak to any actual issues that would come up in an inspection, but just based on pictures, most people would want to do a bunch of upgrades. Developers take advantage of this and charge a premium for gray paint and white cabinets from Home Depot. By buying a house pre-flip, a family could choose the finishes they actually want.

Also yes, the house next door could be problematic. Their pest issues will be your rodent and roach issues. Their mold and deterioration issues could very well become yours as well. Eventually someone will buy and renovate, and their construction issues will be your construction issues.

This is still on the market almost three weeks later, which is almost surprising for a 2,696 sq ft house in H Street/Near Northeast. I'm guessing that the house next door is the biggest problem; the interior is dated, but I don't see anything someone couldn't live with to get that much space for less than $1M in the current market.

The home is now pending, I’m still surprised it took so long as it’s a fairly quiet block for K Street and is a nice looking home.

Now this home I am SHOCKED is pending after just a few days:
https://www.redfin.com/DC/Washington/1012-8th-St-NE-20002/home/9900949
I peaked inside the other day when I was on a walk and the interior looks beautiful, but $1.6 million for H Street corridor?? Not to mention it’s on 8th too!

[Anonymous]

Now this home I am SHOCKED is pending after just a few days:
https://www.redfin.com/DC/Washington/1012-8th-St-NE-20002/home/9900949
I peaked inside the other day when I was on a walk and the interior looks beautiful, but $1.6 million for H Street corridor?? Not to mention it’s on 8th too!

Well we'll see what it actually sold for. They might have gotten an all-cash offer for under asking and decided to just go with the sure thing.

$1.6m does sound high for the neighborhood but it's a big house with a yard (5 bedrooms!). Unclear if the basement could be rented or not based on photos, but maybe that's an income unit? I do think that stretch of 8th isn't as noisy or busy as the strip between H and K, which I personally think is the worst part. It's a bit more "neighborhoody" once you get north of K, but still far enough off of Florida Ave. I'd still rather be on another street, but I think you mitigate some of the negatives of 8th in this specific location, especially since they've closed off that bit of West Virginia that used to cut across the corner of the block (and turned it into a kind of cute little kids play area, with a bike share).

[Anonymous]

Anonymous wrote:
$825k - 2br/1.5ba: I like these one-way streets, but what do you think about houses that open directly onto the sidewalk?
https://www.redfin.com/DC/Washington/646-Acker-Pl-NE-20002/home/9898847

This one closed yesterday for $931,000!

$106k over asking and for only two bedrooms with no parking and no setback from the sidewalk. WOW.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
$825k - 2br/1.5ba: I like these one-way streets, but what do you think about houses that open directly onto the sidewalk?
https://www.redfin.com/DC/Washington/646-Acker-Pl-NE-20002/home/9898847

This one closed yesterday for $931,000!

$106k over asking and for only two bedrooms with no parking and no setback from the sidewalk. WOW.

I never realized some of these houses set along the ground still had basements, so it makes a little bit sense, but still that’s a lot of money

[Anonymous]

Anonymous wrote:

Anonymous wrote:
$825k - 2br/1.5ba: I like these one-way streets, but what do you think about houses that open directly onto the sidewalk?
https://www.redfin.com/DC/Washington/646-Acker-Pl-NE-20002/home/9898847

This one closed yesterday for $931,000!

$106k over asking and for only two bedrooms with no parking and no setback from the sidewalk. WOW.

$931,000 for 1,280 sf. And it closed in two weeks, so it was probably a cash sale.

I do not understand the current market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
$825k - 2br/1.5ba: I like these one-way streets, but what do you think about houses that open directly onto the sidewalk?
https://www.redfin.com/DC/Washington/646-Acker-Pl-NE-20002/home/9898847

This one closed yesterday for $931,000!

$106k over asking and for only two bedrooms with no parking and no setback from the sidewalk. WOW.

I never realized some of these houses set along the ground still had basements, so it makes a little bit sense, but still that’s a lot of money

Acker is a particularly narrow street and a bit hard to park on. These houses are really right on the sidewalk (I don't think it's a heavily trafficked street however).

[Anonymous]

$685k for 2br/1.5ba and 912 sq ft:
First condo alternative of the week. No one is going to be jumping over the fence on that patio.
https://www.redfin.com/DC/Washington/1523-Independence-Ave-SE-20003/home/9918801

$739k for 2br/1ba and 832 sq ft:
Second condo alternative of the week. Smaller and more expensive, but much nicer condition and on a quiet minor street near Lincoln Park.
https://www.redfin.com/DC/Washington/1245-Walter-St-SE-20003/home/9911716

$798k for 3br/1.5ba and 1232 sq ft:
Nice bathtub and lots of storage space in this renovation.
https://www.redfin.com/DC/Washington/1425-Duncan-St-NE-20002/home/9916211

$850k for 3br/2.5ba and 1320 sq ft:
1980s townhouse with garage in an HOA. Didn't realize something like this existed so close to H St. Missing the charm of the Victorian rowhouses, but being in a gated enclave allows you to have all of the amenities of the neighborhood without all the daily nonsense.
https://www.redfin.com/DC/Washington/757-3rd-St-NE-20002/home/9892677

$850k for 3br/1.5ba and 1150 sq ft:
Deep backyard with lots of potential.
https://www.redfin.com/DC/Washington/1410-D-St-SE-20003/home/9917750

$875k for 3br/2ba and 1280 sq ft:
"Blank canvas" attached to an apartment building. Mutilated during a previous renovation.
https://www.redfin.com/DC/Washington/520-13th-St-NE-20002/home/166622514

$935k for 3br/1.5ba and 1370 sq ft:
Tasteful and just steps from Stanton Park, but only one full bath wouldn't really work for someone who could benefit from three bedrooms.
https://www.redfin.com/DC/Washington/424-5th-St-NE-20002/home/9895314

$950k for 2br/2.5ba and 1750 sq ft:
Gallons of gray paint but at least not a cookie cutter flip. I love the retro-style stove.
https://www.redfin.com/DC/Washington/1026-D-St-NE-20002/home/9906374

[Anonymous]

A few more condo alternatives:

$625k 2br/1ba 832 sq ft:
https://www.redfin.com/DC/Washington/17-16th-St-NE-20002/home/9919914

$725k 2br/2ba 1035 sq ft:
https://www.redfin.com/DC/Washington/307-17th-St-SE-20003/home/9920541

$849k 2br/1.5ba 1150 sq ft:
https://www.redfin.com/DC/Washington/911-G-St-SE-20003/home/9905742

[Anonymous]

Anonymous wrote:$875k for 3br/2ba and 1280 sq ft:
"Blank canvas" attached to an apartment building. Mutilated during a previous renovation.
https://www.redfin.com/DC/Washington/520-13th-St-NE-20002/home/166622514

At least the woodwork is intact—most of it, anyway; weird that a board is missing by the door. But pull the carpet and refinish the floors, get rid of that silly fireplace on the main floor, and...well, there are still those bathrooms to deal with. And that bedroom wall that needs repair over the radiator. Okay, "mutilated" is fair. I'm just amazed that the woodwork survived.

It's unusual to see a completely unfinished basement in Capitol Hill, too. From the pictures, that looks like about a 6' ceiling (assuming 7.5" stair risers), so you'd have to dig down to make that usable space. Still, with a little work (okay, a lot of work), that could be turned into a fairly nice 1,920-sf house.

[Anonymous]

Speaking of houses that don’t look like typical flips, here’s one that manages an old west saloon vibe. Currently set up as two 2BRs. “Renovated last in the late 70's/early 80's.”

$975k, 4BR/2.5BA, 1814 sf:
https://www.redfin.com/DC/Washington/921-N-Carolina-Ave-SE-20003/home/9904840

[Anonymous]

What do you all think of this one? Lots of space, but wow did not expect that price!?

https://www.redfin.com/DC/Washington/1427-K-St-SE-20003/home/9918233

[Anonymous]

Anonymous wrote:What do you all think of this one? Lots of space, but wow did not expect that price!?

https://www.redfin.com/DC/Washington/1427-K-St-SE-20003/home/9918233

Jan 2019, Sold for $400,000

They took a perfectly fine house / condo alternative suitable for a first-time buyer and turned it into a monstrosity. They didn't even try to make the pop-up/pop-out match the architectural style of the house. This type of stuff should be illegal. I would be embarrassed to own something like this.

[Anonymous]

Anonymous wrote:Speaking of houses that don’t look like typical flips, here’s one that manages an old west saloon vibe. Currently set up as two 2BRs. “Renovated last in the late 70's/early 80's.”

$975k, 4BR/2.5BA, 1814 sf:
https://www.redfin.com/DC/Washington/921-N-Carolina-Ave-SE-20003/home/9904840

This has investor special written all over it. Expect to see this back on the market in eight months as either one big house for $2.5M or two-three condos for $900k each.