According to records at the Recorder of Deeds, 1408 Morse Street NE sold last week for $210k. Neighbors note that it’s been vacant for over 5 years, with nearly all the windows knocked out after a fire in 2007. You can even see the roof of the front porch sagging, and it looks like it needs a lot of work.
According to DC government records, the property accumulated a significant tax burden since 2012, when DCRA added the property to its list of blighted properties. With a tax rate of $10 per $100 of assessed value (10%), it’s a measure the government uses to encourage owners of blighted property to either repair or sell the property.
We obtained a copy of the property’s most recent tax bill through DC’s Office of Tax and Revenue. As you can see, the property owes about $250 for the first half of 2012, before the blighted designation. For the second half, the property owes more than $10,000 in property tax. That’s quite a difference, and quite an incentive to either dispose of the property or repair it:
In addition, the property accumulated some violation from uncut grass/weeds, but those fines pale in comparison to the $10k tax bill:
So, it appears that the home has been sold to a developer, and we’ll likely see some construction in there soon (DCRA issued an interior demolition permit on the 14th). Most renovations are less than 6 months start to finish, and are now fetching more than $500,000.
So, what do you think- is this buy for $210k a bargain or hoodwink? Bonus photos of the home below: