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This house is for sale for $110,000
02/14/2017 8:39 AM by John M
A month ago, it came to light that the house at 3216 P Street was facing imminent demolition… There is a chance now, though, for it to be saved, as is back on the market for $110,000.
Interested? Contact Matt Jarreau at (804)306-9019 or mattj@htrsi.com.
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3216 P Street (2014)
thats way to much for a demo-flip house!! Makes it real hard for average paying people to afford the neighborhood.
let me guess, asking price a year from now after renovation: $400k
Location, location? That price seems high.
Sometimes demolition is the right thing to do. That thing looks like it could fall down on its own.
That price is ridiculous.
Probably closer to 500k… or it gets demolished and becomes a luxury apartment complex.
They no longer want average people in the neighborhood.
Still too much for a demo-flip. Whoever does flip it (likely a contractor) is then going to ask a really steep price for something that doesn’t come close to the immediate area. I guess like many areas trying to improve, someone has to start first.
$110k? It looks like a double lot, but c’mon now. That’s just stupid.
I am glad that the owner reconsidered, especially with the history.
This is not the 1980s when you could pick up old houses like this for $1. The market has changed and $110k is not bad for its size and the property. If you invest $200k you still end up with a $310k house that can easily sell for $400k or more. A tidy profit for a flipper.
How long ago was the stucco removed? How good are the bones?
I think that sounds a bit steep for a rehab, especially considering it’s a wood frame house, but it looks like a fairly large home. if it can be rehabbed for 200k or less the typical mortgage, taxes, and insurance shouldn’t be much more than 2,000 per month. If it had at least four bedrooms and at least three baths, that sounds about right. Not saying it’s affordable, but doesn’t seem outlandish either.
@11 Lee, sounds like we are on the same wavelength since the average large home in CH goes for $400k, and that is one without a real yard.
A real flipping business will have the resources to buy building materials cheap and do some work themselves to keep costs down and profits high. The house looks square so the foundation is probably sound.
where are all the people from the other thread saying it must be saved? time to put your money where your mouth is.
@ 11 and 12.
Guys, comes on, this house is about 2000 sq ft. 200k to get it where it needs to be? Maybe, with builders grade finishes, maybe? Also, maybe if there is no major surprises like major foundation issues, black mold, termites, asbestos or failed sewer line. It would be cheaper to tear it down and rebuild. You can talk about historical integrity, but there really is much of that left.
Eric, this isn’t an average home near one of the parks or broad…..there is no way its going to sell for anywhere near the 400k range, especially being as deep as it is on P street.
I went buy and looked at this property and its about to fall over. Look at the comps on Chimborazo, there are several for sale of the sale size under 300k. The market isn’t as near as strong as it was 2 summers ago.
The ONLY thing this has going for it is the lot size.
If some of the local flippers that frequent this page thought it would be worth it, they would have already acquired it, i’m sure.
… there is definitely a difference between ‘piece of history’ and ‘pile of junk’, I think. 100k for that is kind of, sort of ridiculous.
Have you seen homes like this in DC? The prices are astronomical. This is what they want for Richmond/Church Hill. They are trying to prepare for the fast track train, because someone coming from D.C., making D.C. money, is only going to view a brand new home that size for $400k, as a steal.
I’d pay 20,000 for the land
I don’t disagree, but i think that type of investment is still a few years out .
I’ll give you 15k
Protip: Even if you have absolutely zero knowledge of a house, if you build it with a square foundation, it will remain sound forever.
Which is of more value and less of a headache? Restoring what is there to maintain the historical integrity or build a new carbon copy of it and have people scream “false historicism”?
And it will stay on the market!! Someone must be new to the Real estate game..
@Shannon Eacho – not suggesting there’s any money in flipping it. But as long as its under 350k for the purchase and renovation, and has a decent amount of square footage, it could make a good home for someone who wants to renovate it with a 203k loan and live there. If it qualifies for rehab tax credits,the owner can get 25% of their renovation cost back if they live there and 45% back if they rent it out. 110k may be a little steep, but overall it seems workable for someone that plans to buy and hold for five years or longer.
The price is insane. This house was for sale by a wholesaler for $45k just months ago and sat at that price for some time. Church Hill is and has been in a real estate price bubble for sometime now…just make sure you have a chair when the music stops people.
@23 Lee, good points.
Another question would be…. how many farm houses are still left in the Church Hill area? Is this one of or the last example and will we allow to loose it if so?
Fixer-upper
Is this a joke? I’d give them like $20k tops
Too much, looks all dry rotted
Too pricey for a contractor with the overhead that comes with it, but for an individual home owner who is willing to do some of the work themselves and then live in it for at least 2 years before selling it is at a good price. Will sit until a homeowner comes along to do the work unfortunately.
That’s a big price for a house that needs at least 200K in renovations… The old real estate addage holds true here…Location, location, location. The all in costs won’t work on P Street.