Deal of the Week: A Capitol Hill Renovation Project

• May 9th 2011

by Mark Wellborn

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As home buyers go, there are usually three kinds:

1. Those that want to move into something in turn-key condition.
2. Those that buy a home with the plan to renovate and update it over the course of a few years.
3. Those that want a complete fixer-upper.

This three-bedroom Victorian in Capitol Hill falls into the second category and based on the 35 groups that stopped by the open house on Sunday, it won’t last long.

Built over a century ago, the interior spreads out over about 2,400 square feet — 1,800 square feet on the main and upper floors and over 500 square feet on the lower level. The oak floors, glass doors, sidelights and handrails are all still intact from when the home was originally built. While the home is being sold as is, the roof, water lines, windows and heating systems have been replaced recently or are in good shape.

As far as price, the house next door — same size/shape/layout but renovated — sold for $805,000 last year, so at just south of $560,000, we think this looks like a bargain.

More details and photos below.

• Full Listing: 623 F Street NE (map)
• Price: $559,999
• Bedrooms: Three
• Bathrooms: 1.5
• Square Footage: 2,386
• Listing Agent: Joel Nelson, Keller Williams Capital Properties

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.8 percent.

• Loan Amount: $447,999
• Principal and Interest: $2,350
• Property Taxes: $396/month
• Total Monthly Payments: $2,746

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/deal_of_the_week_a_capitol_hill_renovation_project/3459.