The Weekly Foreclosure: A Two-Bedroom House Near Rosedale

• May 14th 2010

by Joe Marhamati

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The Weekly Foreclosure column highlights bank-owned properties around the DC area that we believe may appeal to UrbanTurf readers. In some cases, these properties are in need of major renovation, others may require moderate sweat equity, and some may need nothing more than a dustpan and a mop. A few properties will have information readily accessible for us to present, while others will require a pioneering spirit to venture in and see if we’ve truly spotted a gem.

This week, we look at a 1,248 square-foot two-bedroom, two-bath detached house on the border of Capitol Hill and Rosedale. (Full disclosure: the house is a former dwelling of a friend who rented a room there briefly.)

Built in 1909, the home was a schoolhouse when it was first constructed, and was later converted into a home. Having had the opportunity to tour it, the renovations are extensive and the home now has a gorgeous deck with semi-spacious back and side yards. Steps from The Argonaut and the soon-to-be completed Starburst Plaza, the house seems like a deal at $260,000 with an assessed value of over $315,000 and a Zillow estimated value of $414,500. The house is also just a few lots down from the Architect’s house previously highlighted on UrbanTurf, which sold for a shade under $500,000. It would make a great rental property or solid investment for a first-time buyer.

While the property listing is not easily accessible on most real estate sites, those with a RealtyTrac account can view it here. As with all foreclosures, sellers should do their due diligence. Consulting a real estate agent who has worked with bank-owned properties, always hiring a well-regarded home inspector, and thoroughly scouring the internet and public records for a history of the property are just a few recommended tactics.

1504 Gales Street NE (map)

• Price: $260,000
• Bedrooms: Two
• Bathrooms: Two
• Square Footage: 1,249
• Type: Detached House

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the_weekly_foreclosure_a_two_bedroom_house_near_rosedale/2072.