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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?[/quote]

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560[/quote]

wow. but with the basement and carriage house, you could rent 2 units for at least 4k/month. [/quote]

I guess. But do people who have that sort of money to spend want to deal with the hassle of being a landlord for two separate properties. Or do such people want to live in such close proximity to others when they're already sharing walls in a rowhouse? I can see how a rentable basement in a $1.2 million Capitol Hill rowhouse would be a bonus, but a $2 million one?

Unless someone buys it and rents out all three units, purely as a landlord. Maybe I could see that. But seeing as how they've already done one "price improvement," I'm thinking they're being a bit optimistic with the asking price.[/quote]

I don't think it works as an investment property any way you cut it. The unit over the garage would be a difficult longterm rental -- it's basically a hotel room with a kitchenette, plus the entrance is in the garage, so not great privacy. It would work as an AirBnB, but those are a lot of work if you really want to make money off of them. Practically, that space would work best as a home office for someone who works remote full time and needs the separation from kids/nanny/other spouse.

And renting all three would be a nightmare, too, because it's not set up as an apartment building. Very different spaces needing different kinds of tenants. The main house would be hard to get long-term tenants in because it's huge and would be expensive. So you're looking at families who are in DC on a short term basis and thus not looking to buy -- diplomats, politicians, White House staffers, etc. Not the sort of folks who are going to be excited to be sharing yard space and their garage with the kind of people who rent basement apartments or carriage house studios.

I think you have to be able to justify the price for a SFH. And it's not even that charming -- finishes are nice but the flip itself is soulless. This would be a different story if this were one of the grand dames on East Capitol street. People will pay a markup for something with intact, preserved period details. This has none. [/quote]

All good points. Seems as if they over-renovated this place and now need to ask so much for it that it's limiting the market of possible buyers.

Plus, you're gonna have months of noisy flipping going on in the $1 million trash heap across the street.[/quote]

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