507 Oakwood Street SEWashington, DC 20032

Description

THIS IS A WONDERFUL FIXER-UPPER "BUY AND HOLD" INVESTMENT (*OPPORTUNITY ZONE*, see below) OR OWNER OCCUPANT PROPERTY ON A LOVELY TREE-LINED, HOMEOWNER BLOCK. PLEASE NOTE, PER DC, AS LONG AS THE NEW (BUY AND HOLD) BUYER IS NOT UNDER DC RENT CONTROL AT THE TIME OF PURCHASE, INVESTOR BUYER CAN INCREASE RENT UP TO MARKET RENT IMMEDIATELY UPON PURCHASE. Market Rent upon renovation is approximately $2400-$3000 for conventional tenant. Tenant is on a month-to-month lease. Property has 1 conventional tenant paying $1,800 per month, plus all utilities (gas, water and electric). GREAT rent payment history. Property Being Sold Strictly As-Is. TWO (2) LARGE BEDROOMS ON THE TOP FLOOR; ONE (1) DECENT-SIZED BEDROOM IN BASEMENT. BASED ON THE CURRENT CONFIGURATION AND WITH >1900SF OF INTERIOR SPACE. BUYER CAN EASILY ADD ADDITIONAL BEDROOMS AND A 1/2 BATH ON THE MAIN FLOOR, WHICH INCLUDES A BEAUTIFUL WOOD-BURNING FIREPLACE. PROPERTY ALREADY HAS A GOOD BASEMENT CEILING HEIGHT, APPROXIMATELY 7-FEET, NO NEED TO DIG DOWN FOR ADDED VALUE. ARV $425K, EST. (THE CONNECTED PROPERTY NEXT DOOR, SAME SF SOLD FOR $495K a few years ago) PROPERTY HAS GREAT POTENTIAL, BUT NEEDS WORK. DATED BATHROOMS AND KITCHEN. GREAT BONES. INVESTOR ALERT. INVESTOR SPECIAL. Buying and investing in a property in an *OPPORTUNITY ZONE can provide a great opportunity for capital gains tax deferral, reduction and abatement, ETC., possibly even better than the 1031 Exchange, they say... TOPA Process Completed. PHOTOS SHOW BEFORE TENANT MOVE-IN years ago (before 2018) AND RECENT CONDITION. Seller prefers KVS Title, which is very far along in the title clearance process and is offering a $250 closing credit to Buyer. BUYER FULLY RESPONSIBLE FOR THEIR OWN DUE DILIGENCE. #thisgemcouldbeyours!!!

Property Information

Property type

Residential

Sub-type

Townhouse

Structure type

House

Year built

1941

Living area

1,744 Sq Ft

Lot size

0.06 acres

Zoning

R-3

Days on market

202

MLS^® Listing#

DCDC2240840

Property Features

Exterior

Awning(s)

Appliances

Gas Water Heater · Washer · Dryer

Cooling

Central Air · Window Unit(s)

Heating

Natural Gas · Radiant

Fireplace

Masonry

Basement

Walk-Out Access · Unfinished · Daylight · Full

Pool

None

Parking

On Street · Paved

Laundry

Laundry Room · Lower Level

Patio

Porch · Deck

Fencing

Fenced · Wrought Iron · Chain Link

Lot features

Front Yard · Back Yard

Construction

Brick

Foundation

Slab

Security

Window Bars

Community

Sidewalks · Street Lights

Utilities

Natural Gas Available · Sewer Available · Electricity Available

Sewer

Public Sewer

Water source

Public

Rooms

Schools

District

DISTRICT OF COLUMBIA PUBLIC SCHOOLS

Financial Details

HOA

None

Annual taxes

$2,628Tax year 2023

Assessed value

$318,400

Parcel number

6001//0029

Directions

From 295, Take the Malcom X Avenue Exit, Turn left. Property is on the left. PROPERTY IS OFF OF MALCOLM X AVENUE, CONVENIENTLY LOCATED LESS THAN A MILE FROM THE MULTI-MILLION DOLLAR ST ELIZABETH'S REDEVELOPMENT; JUST BLOCKS FROM THE NEW MULTIMILLION DOLLAR HOMELAND SECURITY BUILDING; AND JUST A FEW BLOCKS FROM BOLLING AIR FORCE BASE (JBAB), NEAR I-295 AND A NEW BIKE TRAIL.