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?

9 thoughts on “So what’s wrong with 481 Ridge St?”

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

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

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

  3. 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…

  4. 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.

  5. 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.

  6. 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.

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