Found it! A fixer-upper’s favorite project, an investor’s dream home, and the Cribline’s House Pick of the Week-all rolled into one! Consider investing into your future by purchasing this historic LeDroit Park home located at 233 Elm St. NW that needs some work but whose current listing price makes it well worth it.
Originally built in 1906, this three (3) bedroom, two (2) bathroom row house has not been updated except the furnace for radiator heat. It boasts nearly fifteen hundred (1,500) square feet of livable space and the first floor has been modified to create even more living space with a bathroom and kitchen in the rear, which opens directly to the backyard and patio. The upper level has all of the bedrooms as well as an extra bathroom. There is also a partially finished basement in the front of the house with an internal staircase. The basement is not currently separated. The Cribline sees a lot of investment potential here with a blank canvas.
It’s just on the market for $650,000. See how much this will cost per month in the Cribline math analysis below and also take a look at some of our additional estimates and suggestions below:
Cribline Math Analysis:
With 20 percent down on $650,000 of $130,000, the mortgage amount would be $520,000. At an estimated 4 percent interest rate fixed for 30 years the gross payment would be about $3,110 per month. After tax deductions, the net payment would be about $2,180 per month. The Cribline estimates that an investment of an additional $100,000 could turn this diamond in the rough into a gem. This would result in a potential increase of a $200,000 in the property’s value and would also make it much more appealing to potential long-term or short-term renters in the event the basement were turned into two different apartments. Let us know if you have additional questions or need the name of a great contractor!
An Investor’s Dream Home for Sure!