Deal of the Week: Investors, Proceed With Caution

• April 9th 2012

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

For those investors who may be interested in this installment of Deal of the Week, UrbanTurf’s advice is proceed with caution.

The listing is a Bloomingdale row home on 1st Street NW, which is part of an estate sale and needs to be completely rehabbed. In fact, the warning above comes from the listing description which notes that interested parties should bring a flashlight and “watch your steps!!!!” an indication that the interior is not very safe for people to walk around in. What’s more is that only cash offers are being entertained, a stipulation that basically limits the buyer pool just to investors.

Despite the warnings and restrictions above, the sizable property and its location make it a good deal for the right buyer, and based on the demand for properties like this in the District, we suspect a bidding war will likely ensue. To give a sense of the home’s return-on-investment potential, a five-bedroom property a little farther north on 1st Street sold for about $680,000 late last summer.

More details below.

• Full Listing: 2034 1st Street NW (map)
• Price: $325,000
• Bedrooms: Five
• Bathrooms: Three
• Year Built: 1906
• Listing Agent: Juan Umanzor, Long & Foster

Update: The listing description said that offers would be presented on April 12, but it appears that there is already a sale pending on this home.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/deal_of_the_week_investors_proceed_with_caution/5392.