Wednesday, September 30, 2009

So what's wrong with 481 Ridge St?

Okay it's over in MVSQ-land but I've seen it listed and it is affordable, so what's wrong with 481 Ridge St NW? I mean it's listed for $199,900. Two blocks from the metro. Walking distance to Gallery Place-Chinablock, the Safeway, a bunch of stuff I like.
What is it riddled with termites? Dead bodies under the floorboards? What?

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10 Comments:

At 9/30/2009 3:18 PM, Anonymous not on ridge said...

It's probably not habitable, which means you can't get a conventional mortgage.

But still... hmm... it must need a TON of work.

 
At 9/30/2009 6:10 PM, Anonymous Morgan St said...

I've been wondering the same thing! Most shells in this price range are going much more quickly. Has anyone been inside?

 
At 9/30/2009 9:32 PM, Blogger Witold said...

Most shells are bigger and in better location. You can buy this for 200K, spend another 50K+ and you're still stuck in a tiny place sandwitched among public/low income housing... At least that's why I passed on it...

 
At 9/30/2009 10:14 PM, Blogger Mari said...

Not a fan of income diversity, eh?
Now I just walk by Ridge on occasion and it isn't like it is across the street from the more active parts of the Co-op. And private homes that rent to section 8 can always turn homeowner or market rate whenever the current owners decide to sell.
$50K sounds like a bargain and it is only a smidge smaller than my place, which put me back $100K to fix up.

 
At 10/01/2009 9:21 AM, Blogger RussellTee said...

I was interested in this property, but I would be using an FHA loan. I got the impression that it would not pass an FHA inspection

 
At 10/01/2009 9:36 AM, Blogger Lindy said...

My husband and I just used a FHA renovation loan to make our new house on 5th st. livable. A lot of people don't know about them, but they do exist and are attainable.

There is more oversight and such, but nothing I felt was unreasonable.

 
At 10/01/2009 11:32 AM, Blogger si said...

i have been inside. they originally listed it for 275k i think which was waaay too high. 199 is definitely more reasonable given the size & condition which is crappy. It had squatters for a while and they probably marked the territory before they were kicked out. its a gut job and probably needs a new roof as well. That said its manageable for a semi DIY person...but not quite livable in its current state. backyard is not bad at all. One cool thing, it has a steep pitched roof so there is the possibility to create interesting space on the upper floor, its open to the top. If anyone is interested in this house i have pics.

as far as location, the apts across 5th are not projects, ridge is a lovely street. the west neighbor is vacant but the city has forced some improvements on the lot. Its a great location, a block & a half from safeway, about 2 to the metro.

 
At 10/05/2009 12:32 PM, Blogger Cameron said...

This comment has been removed by a blog administrator.

 
At 10/05/2009 4:10 PM, Anonymous Anonymous said...

I agree with Si that Ridge is a great little street.
Mark

 
At 10/11/2009 2:03 PM, Blogger maistresse_rox said...

si, I would be interested in the pics of 481 ridge st if you still have them. Can you let me know how to get in touch with you?

 

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