The Draw of the Flaw

"You have more to negotiate with when you purchase one of these properties that have obvious issues. . . . In this case, we negotiated as if no one else would want to buy this property," Dodd said.

It was made easier because the seller was motivated to sell and was concerned that the trains would derail any chance of a quick deal.

Arlene Koby, an agent with the Bethesda office of Weichert Realtors, said that a seller trying to move a house with negative characteristics generally has to offer it at a lower price.

The question, then, is a simple one: What trade-offs will a buyer make?

"When I talk with buyers, I ask if they are willing to live on a main road and then explain to them that they would get more house for the money, usually," Koby said.

The Only Affordable Way

Purchasing a home with a defect may move buyers into a neighborhood that they otherwise couldn't afford.

Robyn Porter, an agent with the Bethesda office of Long & Foster Real Estate, sees an example of this every day.

She lives near a group of houses that sit directly under power transmission lines in Potomac. Some people have health concerns about such lines; others just consider them an eyesore. But buyers often are willing to live with that to get their children into the local schools, widely thought of as among the best in the region. Perhaps these people couldn't afford the neighborhood otherwise, Porter said.

"Undesired location is a term that everyone is familiar with. But the undesirable portion is in the eyes of the beholder," Porter said. "There are so many different reasons why people buy homes. Some of it is just to get in the market, and they may have to make some sacrifices to do this."

Problems may come, though, when these buyers decide to sell. Porter believes there is a buyer for every property. But it may take longer to find that person if the house is under a power line. And buyers-turned-sellers need to remember that they purchased their location-challenged home originally for a lower price. They need to price the home lower again when it's their turn to sell.

Porter said that there is no guarantee any home will appreciate at the same rate as its neighbors but that houses with incurable defects in general do not necessarily lag the rest of the market.

"Power lines will be a challenge. Railroad tracks will be a challenge. But sellers have to remember why they purchased the house originally," Porter said. "They are not the only people who will have that drive. It just needs to be communicated."