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Deal of the Week: Proceed With Caution

  • May 3rd 2011

by Mark Wellborn

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Deal of the Week: Proceed With Caution: Figure 1
1341 Irving Street NW. Image via Google Maps.

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

The listing is a Columbia Heights row home at 1341 Irving Street NW that is little more than a shell right now in need of a complete rehab. In fact, the warning above comes from the listing agent who told UrbanTurf that the bank-owned property is really being sold from the photos, as the interior is not very safe for people to walk around in.

The buyer will likely have to make an all-cash offer or go through a 203K loan as traditional financing is not an option. No offer will be accepted until the listing has been active for at least seven days, and between the 8th and 12th days, only owner occupant offers will be entertained. After that, all are welcome.

Deal of the Week: Proceed With Caution: Figure 2

Despite this laundry list of warnings and restrictions above, the sizable home and its location make it a good deal for the right buyer at just under $400,000, and based on the demand for properties like this in the District, we suspect that it will receive multiple offers and sell for above its list price. The agent said that his phone has already been ringing off the hook.

More details below.

  • Full Listing: 1341 Irving Street NW (map)
  • Price: $390,000
  • Bedrooms: N/A
  • Bathrooms: N/A
  • Square Footage: 2,761
  • Listing Agent: Thomas Williams, Long & Foster

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/deal_of_the_week_proceed_with_caution/3420.

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