Good Deal or Not?


Here’s a beauty in Adams Morgan located at 2920 18th Street. The flier says:

“Beautiful semi-detatched row house, 3 blocks on either side from Adams Morgan shops/restaurants and the National Zoo/Rock Creek Park. Wood floors, crown molding. 3 BR plus legal income-earning 1 BR in-law suite, lovely back deck, eat-in kitchen, full dining room, spacious living room, attic, parking. Master BR has sun porch and spa shower.”

Great photos and more details can be found here.

$786,000 – good deal or not? Also, if you can rent out the 1 bedroom in-law suite does that alter the calculation of how much you can afford?

8 Comment

  • If I were paying that much, I’d want to be much closer to some kind of public transportation. And why do DC real estate listings never state the interior square footage? It’s such an important figure.

    That said, it’s a very pretty house. Love the shower. The off-street parking is also a bonus. $789k feels a little high for the isolated location, but I bet they’ll get it.

  • Seems reasonable to me. Except I wish they would show pics of the rental unit as well… I have one and it was a big factor in my purchase decision. Mortgage co.’s definitely take potential rental income into account when determining your loans… its a great deal for me. Plus, I like that someone is usually at the house when I’m traveling.

  • That house is actually pretty close to mass transit. It’s probably 10 minutes to the Columbia Heights station, 15 to Woodley Park, and then just up to Calvert for the 90s and Columbia Rd. for the 42.

    I also wouldn’t call being located right near several large apartment buildings (including one inhabited by the CM for Ward One) as being isolated and although it’s a bit off the beaten path, that’s what would make it great for an Adams Morgan house…all the good stuff, way less of the pizza crusts/pizza plates, and usual weekend jackassery.

    Would that I could, I would totally buy it.

  • Without saying one way or the other if it’s a good deal, it absolutely makes a difference if you have a rental unit in a house. If it’s a legit 1BR (i.e., separate bedroom, bath, kitchen, and living room with some closet space), you’ve got to figure someone will pay you $1000/mo in rent if you’re in a desirable location like this. It also will make some portion of the home’s purchase price tax deductible as a business expense, so you’ll have a reasonable tax saving every year. $1000 mo is about what the mortgage payment would be on a $165k loan at 6.25%. So the way I look at it, whoever buys this place is getting a 3BR house for $620k and is assuming the risk that they can consistently have the in-law suite rented out at 1000/mo.

  • If you look on Craigslist, it seems like basement apartments that aren’t super nicely redone in Petworth are going for about $1,000, so I would imagine the rental price would be higher in Adams Morgan. If it’s renovated, maybe $1,500?

    I’m actually curious to know what people think the Petworth rental market is like these days, both for main houses and separate basement apartments (with the caveat the of course location makes a huge difference).

  • Jackassery? hahahahahahahahahahahha what a great noun!!!!

  • Basement rent at place east of georgia by a block and south of new hampshire by 7blks is $1000.

  • Yeah $1000 for a 1 bedroom would be a find, even a basement. I would think $1500 would be closer to market price. As a renter, I’ve looked around. 1200 to 1300 for a studio if its basement, 1500 would be a bit of a steal too, for a 1 bedroom, come to think of it.

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