In that pricepoint, a conversion/rehab would be the most likely scenario. Unless you have experience in evaluating and pricing a property for conversion/renovation and knowledge on facilitating the process (including zoning and permitting), you can pay too much for a property that in the end may not meet your needs.
Properties that are great opportunities aren't always on the market, and a good realtor who knows the area gets 'heads up' about pre-listings, too. There are many advantages to working with a realtor and even seasonsed investors do so.
What happened with the properties you liked in April?
Call or email if you'd like to discuss further. I'm very familiar with Mt. Vernon Triangle, experienced in construction and multi-family. Good luck!
Sending letters is better than doing nothing, however it does not work. I tried your tactic early 2000 for a several clients for almost a year. I did not have anyone to response to my letters.I would not give up because we have a different market now.
Your best bet at this point is commercial section of Washington Post every Sunday.
Zaza Pasori | PenFed Realty
2722 Connecticut Ave NW # 72 Washington, DC 20008
T. 202-412-5221 F. 703-716-0017
Equal Housing Opportunity
I also suggest using a Realtor to help you with contacting owners and producing letters of interest. As an agent, I can provide both you and the seller comparative market analysis so everyone understands the market for the area the property is located. If the letter states a price that is attractive to the owner then you just may get a positive response. I would also be able to run a search based on your requirements so you can get an idea of what is currently on the market in DC in your price range. Working with an agent can get you leverage and access to properties. There are a lot of great properties in the market and now is the time to purchase, so go for it and see what's out there!
Contact me with any other questions you may have. I would be happy to assist you.
Zondre Morris, SFR
Best of luck to you!!
Lynn, in most markets, multi-family owners get solicitations all the time. Sometimes, they even get signed purchase offers sent to them.
On the other hand, it's certainly reasonable to try.