Good Deal or Not? “Cutest house on The Hill” Edition

240 Parker St NE 04-27-09 063, originally uploaded by hipchickindc.

Ed. Note: Full disclosure – this property is being shown by PoP regular contributor, hipchickindc.

This home is located at 240 Parker Street, NE:

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The flier says:

“Cutest house on The Hill! Exposed brick, wood burning fireplace, Miele convection oven, TWO outdoor spaces (patio & upstairs deck), whirlpool tub, washer/dryer, recent double pane Pella wood windows. Possible parking (alley access). 1 block to Landmark Lofts, easy access to Metro/Union Station, H St Corridor, Capitol.”

More info and photos found here.

As H Street, NE becomes more popular I’ll be curious to see how the real estate prices are affected. If this home goes for asking then I’d say they’re doing pretty well. It can be yours for $450,000. Sound reasonable? And here’s another question that I have – do most people who buy in that area work on the Hill in some capacity? But more importantly – what do you think of the house?

69 Comment

  • It’s a cute house alright, but I don’t know about $450,000 on that street in this market.

  • As a Hill resident… I find it a stretch to call that house “on the Hill.” North of H the Hill? No way. That said, it seems pretty reasonable, even though it’s pretty tiny. I’m really bad at the guesstimation of real estate prices, but judging by what some of my neighbors have sold their places for in the last month, if it were really on the Hill, it’d be another 100K, even in this market.

  • Tiny PLace + Sketchy Neighborhood = No Go.

  • Some people (ie real estate agents) like to call anything south of Fl Ave. NE “The Hill”. Pretty soon these same people (ie real estate agents) will be calling anything close to the east side of the Anacostia “Hill East East”.

    Then again, Logan Circle used to be “Dupont East”. Personally, I’d now rather have a Logan address than Dupont proper.

  • Now who is supposed to fit in this DOLL HOUSE!

  • Parker Street was featured in The Post in November. Unfortunately, it was a story about all the prostitution in the alley that runs behind the street:

    Seems a bit small to be asking for that price in that neighborhood (which is close to Capitol Hill, but not really Capitol Hill).

  • Bad deal. The house is teeny-tiny, the street it’s on is devoid of trees (it reminds me of many of the ghetto rows in East Baltimore, frankly), and on top of that it’s a short block from the tracks. If this house was six to eight blocks south (and maybe a block or two east or west), then it might pass as a nice place for a post- or pre-kids couple. As is, no thanks.

  • That neighborhood isn’t very sketchy. It’s one block (across/south of H) from a beautiful and very safe neighborhood, and is adjacent to the Senate Square development. The area north of H has changed tremendously over the last few years.

  • I really like the house and the street is fantastic. I have enjoyed a few block parties there and the entire street is really devoted to promoting the area and bringing it around. If I worked near there (SEC or something) I would think it was a good deal – small or no. Right in the middle of 2 Metro stops and the Harris Teeter buzz ought to be enough to push it over the top.

  • As the Prince mentioned above, I am the listing agent.

    Per what SG just said, our company represents Jim Abdo and the Landmark Lofts condos 1 block from this property. Former Mayor Tony Williams, who did not own property during the time he was mayor, bought in the Landmark Lofts because of his investment and belief in H Street. Sheila Johnson purchased the amazing chapel unit.

  • @anon 1:21 — after looking up both places on the DC crime mapping website, this area has less than half the crime than the area surrounding the Columbia Heights metro. Now you may also think CH is a sketchy neighborhood too, but this neighborhood (I’m surprised they didn’t claim it to be in the Atlas District) seems relatively safe in comparison.

  • Sorry to interrupt and sorry to complain, but that new thing that the Solea ad does when you hit the back button is kind of annoying.

  • forgetting that its not really capitol hill. Its also in a weird dead mans land. can’t walk to much in 5-10 min other than a couple of liquor stores and i think a gas station. The only close grocery is Murray’s which isn’t really much to speak of. Its cute, but i think a little expensive.

  • I immediately regretted whining about the ad and hijacking the thread…twice. Please ignore me and continue discussion of the doll house.
    ::retreats into dark corner::

  • clearbluewater, according to, this property has a score of 86/100. It’s within a short walk of Union Station, independent coffee shops, and eventually all the NOMA development.

  • That article about this house being in a major prostitution zone is enough proof that this area is sketchy. Thanks for posting the article CapHill.

  • Walk score doesn’t really sway me, it lists places that are closed or totally miscatagorized. Walk score considers CVS, Rite Aid and 7/11 as grocery stores. According to Walkscore there is an IMAX theater on 10th and Constitution NE. I sure missed that one. It lists a movie theater on 8th Street SE that has been a church for at least 15 years.

    Also, as a local I only go into Union Station for the metro and to leave town on amtrak, I don’t go to fight the tourists in the food court or eat in the overpriced restaurants, I’m not sure its a great selling point to a local.

    I personally wouldn’t spend 450k on a place to eventually be near development in this economy when I could buy somewhere else to be near already existing development but others may want to hedge their bets. To each his own.

  • What the hell is going on with that fireplace?

  • I think I’m with cbw33. This house reminded me of this previous GDoN off of U Street:

    It’s $30k more, but a location with already existing restaurants and bars to walk to. And it looks like it’s about the same size. It might be even smaller, though, and if it is that might change things, but otherwise I’d say it’s a way better buy.

  • I love these houses. Hell, i’m approved and have been looking for one for a while. This one is just too dear, though. I missed out one one that was close to identical on Wylie Street – much closer to the H st nightlife (both pros and cons, i’m aware of this) and that was only $240k. If the Parker St. one was $300k, chances are that I would have already been to take a look. But $450k should get you the same style house in an area with more amenities. (Actual ones, not webstie score ones)

  • @clearbluewater33

    There’s an IMAX theatre in the Smithsonian Museum of Natural History, although you are correct about the absense of a movie theatre on Barracks Row. The location isn’t too far from the new NOMA Safeway.

    The location isn’t really a problem. It’s just a stretch to call this Cap Hill. It’s very small, and it’s hard to tell if that’s a true 2nd bedroom from the photo or an alcove at the top of the stairway. The place looks nicely done, but it’s a lot to ask for so little space. Would have to see comps to judge price.

  • This house is about the size and price of ones we’ve looked at on 12 Place NW — I would take that location in a heartbeat over H St NE. I think it’s a cute house, but I’m not sure that the location warrants the price.

  • I used to work in the area and this house is on a quiet, one way street with an active community. It used to be a rougher part of town years ago, but because of the neighbors, it has really turned around. That article you referred to earlier illustrates what “used to be” the case, but because of community activism, the area is safer and the community action is what is actually being highlighted. Besides being only 10 minutes from Union Station, within a four block radius it has a great neighborhood coffee shop (Sidamo –, a Bikram yoga studio and the new Harris Teeter among other things. The front plantings were featured on Frozen Tropics once as I recall as well. I think it is a cute house, good location and reasonable price.

  • We live with our daughter around the corner and I know there are a couple of families on the block as well as another on 2nd. Also, the ANC commissioner lives around the block and is very active. I am proud to live in NE and I think this part of Capitol Hill is an affordable alternative to properties south of H. I think this house is adorable and we look forward to the block party welcoming the new neighbors!!

  • this is so not “the Hill”. Why the eff do realtors do that? That was one of my biggest pet peeves when looking for a house.

  • I used to work right by this house and agree that the erea is pretty sketchy. There is nothing going on in the immediate area. Once I stayed late at work and when I was leaving I saw a prostitute on K st. and a guy asking if he/she was a man or a woman. I thought that was funny. There are also a lot of drug addicts and alcoholics roaming the K st area.

    They finished that Senate Sq. building a while ago but until now only a couple of apartments have been rented out even though the rent is only $1200 for a 1 bedroom apt. with all the bells and whistles.

  • If you’re going to call it Capitol Hill you might as well call it Trinidad. It’s closer.

    it’s definitely a cute house, but the price needs to drop about 100k.

  • Wow, some people know what they are talking about and some apparently don’t but they keep on talking. The article in the paper was definitely about the community activism and how they now have successfully pushed the hookers back into NW where they originally came from. That being said the community is still working with police and city council members to try to change DC’s laws as they relate to this issue to make it easier for others in this city to fight drugs, prostitution and other illegal activities. As far as the walking score is concerned this neighborhoods score should be much higher, we are a 4 minute walk to Union Stations 20+ restaurants and food establishments/movie theatre, 5 minutes from two metro’s and Amtrak, 10 minutes from those in the Atlas District (H Street and 10th and higher/NAPA 1015/DR Granville Moore’s), 15 minutes from Gallery Place/Chinatown’s 50 or so places to eat, 15 min from Pennsylvania Ave SE and all it has 2 offer and a 15 min walk to the national mall/K Street and downtown. In addition we now have a beautiful Safeway on 5th and K Street NW about 1 mile from Parker Street with a Busboys’ and Poets and a Results Gym all of which I walk to in about 10 minutes. Within a year (and about a 5 minute walk) or so we will also have a full service Harris Teeter on 1st and M. In addition to Senate Square which rents 2 bedroom apts for $3000 month and Landmark lofts condo’s that are priced anywhere from the high $400’s to about $2 million (current residents are the former mayor and one of the co founders of Black Entertainment TV and owner of the DC Mystics) we have two building going up on the corner of 3rd and K NE. One will be a high end apartment building not unlike Senate Square (with plenty of retail planned for the ground level) the other will be a dorm for Capitol Hill Interns and within a few years we’ll have all the retail planned for NoMa. Did I mention the 3 high end coffee houses (Ebenezer’s, Sidamo, Bagels and Baguettes) within 5 blocks and the 6 – 7 restaurants between 2nd and 5th street NE on Massachusetts Ave? Did I mention the greatest establishment of all time Schneider’s Liquor Store on 3rd and D/Massachusetts? Hell, I’ve even walked home from Nationals games!! Somebody please stop me before I BEGIN TO GIVE DETAILS ON THE PLANS TO BUILD A 5 STAR HOTEL WITH RETAIL OVER THE TRAIN TRACKS FROM UNION STATION TO K STREET NE… Those same train tracks, by the way, are a welcome part of the neighborhood, I’ll miss not being able to hear the clang of their bells when they come into the station once they build over them. Should I mention what may eventually happen to the Florida Market just blocks north of us? Finally, I’ve lived in this neighborhood for 2 years now and the longer I live here the less often I leave here. My friends used to tease me because I would rarely venture out beyond the beltway, well now they tease me because I rarely go anywhere where I can’t walk. This is a wonderful neighborhood for both the great diversity of people as well as for all the fun and delicious things it has to offer. Buy here while you can because the window of opportunity is closing fast!!

  • Preach it Joe. And just to clear things up, it’s not Capitol Hill, it’s Capitol Hill North –

  • I’ve been inside the house and it’s gorgeous, if you could pick it up and move it about 1000 ft south it would cost a lot more only because H Street is seen as a dividing line. Capitol Hill is used loosely with real estate agents but in truth (if I’m not mistaken) the hills boundries end at G Street NE and this house is only 2 1/2 blocks away from the boundry. Also, nobody mentioned the Five Guys, Heidi’s Brooklyn Deli, Sister’s Pizza & Mussels, Pound Coffe shop and other retail over by the new ATF building….

  • Good deal. In 10 years this will be one of the most desirable neighborhoods in the city (close enough to the Hill); right now it’s already quite livable.

  • like joe says, some people have their info right, some don’t. it’s not closer to trinidad than capitol hill geographically. it has more of a “hill” feel than a “trinidad” feel. i’ve been in trinidad and it definitely has a feel. they’re trying, like many neighborhoods in ne are, but this area has a very positive vibe to it.

    i don’t know where “Me” gets his/her info, but i was looking to rent an apt. in senate square last july and a 1 bedroom was on a special for $1850 per month, normal price $2200. and that was for the remaining apartments on the 6th floor and lower. now that building is full and the 2nd building is starting to fill up as well.

    so if you walk 3 blocks from your house and can see the CAPITOL, it’s not capitol hill?

  • Awesome Area. Very cute street. Most people own and really care about the surroundings. Monthly block clean-up followed by neighborhood barbeques. Families, young and old. 5 min walk to union station and ny ave metro!! A few blocks to up and coming H street and a short bike ride to all of eastern market and barracks row. Always can find parking! Great place – worth checking out!!

  • Let me start dissecting some of the arguments contained herein.

    With regard to the Parker Street area, please note:
    · 2BR +houses+ walkable to red line Metro stations for under $500K are hard to find
    · The average age of Parker Street residents is 30-something
    · Parker Street has its own Google Group and throws renowned block parties
    · Parker Street residents all know one another, many have keys to each other’s houses
    · The trains simply are not very regular, are not very noticeable, and I am a light sleeper
    · The street crime around Parker Street ranks better than that of Logan, Dupont, Shaw…

    With regard to prostitution, the following changes have nearly eradicated the concern:
    · paving of the alley between K Street NE and Parker Street NE
    · upgrade of street lights between K Street NE and Parker Street NE
    · upgrade of street lights on K Street NE between 2nd Street NE/3rd Street NE
    · construction of a high-rise building on K Streets NE between 2nd Street/3rd Street NE
    · construction of a high-rise building on K Streets NE between 3rd Street/4th Street NE
    · increased vehicle traffic on 2nd Street NE between G Street NE/K Street NE
    · decreased vacancy at Senate Square, resulting in increased foot traffic
    · renovation of some of the vacant properties on K Street NE
    · consistent attention from the District of Columbia police, most notably the vice units

    With regards to anyone trying to sell Columbia Heights over Near Northeast:
    · Visit Rob Goodspeed’s website ( and check out the amount of subsidized housing in Columbia Heights
    · Columbia Heights is served by Yellow/Green lines
    · Columbia Heights is why I continue to call Washington DC “Pistol City”

    With regard to the “Capitol Hill” argument, resolution is complicated by:
    · historic boundaries of Capitol Hill, as shown in very old maps
    · historic boundaries of the Capitol Hill Historic District, a Registered Historic Place
    · the artificial boundary established by the railroad that once ran down I Street NE
    · the topography of the actual hill rising from H Street NE
    · the physical distance between many residences and The Capitol itself
    · sub-neighborhoods on the Hill, most notably Stanton Park and Swampoodle
    · residents’ refutation of the Capitol Hill designation
    · realtors’ use of the Capitol Hill designation
    · developers’ use of modern monikers such as BloMi, NoMa, SoFlo, etc.

  • I just have to add, because I fear noone really read the Post article, it was not a “prostitution zone” it was dedicated a “prostitution FREE zone” by the city. Characterize things fairly and accurately please.

  • Yeah, what he said! I’m a neighbor of Joe on 3rd’s, and I think he hit the nail on the head regarding all the neighborhood ammenities we have and will have very soon. I’ve lived in one of these “tiny” houses on Parker for about a year. First, if you don’t want to pay high price for a condo with accompanying fees, then I think a house like this one is a great deal. Plus, there aren’t many like them in the city that are so close to as many amenities (I’m sorry, but I don’t really think that a house on Parker really compares to a house on Wylie if you’re walking to the metro every morning…that seals the deal for me). However, if you still think it’s over priced, then I’d implore you to go find a bigger and cheaper house as close to the metro and restaurants as this one. Second, I don’t know when many of those who are poo-pooing this neighborhood as “sketchy” were last here. I walk my dog every evening after 10:00 and take the trash out in the infamous “prostitute” alley, and I’ve never had a single problem. Lastly, I’ve found that the people who live in this neighborhood chose to live hear, choose to stay hear, and are sad if and when they have to leave.

  • Please understand – i’m not slating your street, it has always felt pretty nice to walk through, and as I mentioned, this style of house is my first choice in the city. Just trying to see where the additional $200k over the Wylie St houses comes into play. Personally, i’ve never justified being near Metro as something I would pay for – i’m more of a biker or walker or buser myself, so that might account for some of the difference.

    Becky – i’m sure that areas in Chevy Chase are prostitution free, but they don’t go around displaying the fact. Just saying…..

  • I say 410K would be a great price for thsi property. It is very small.

  • @ anon 4:12: no, being able to see the Capitol does not make it Cap Hill.

  • They left out the best part: this stately rowhouse was once home to deposed ANC Comm. Robert Hall. A jury deadlocked during his trial on wire fraud snd money laundering charges. Live in a part of the area’s infamous history. All this and more can be your for only $450,000!

  • Prince Of Petworth

    This is by far the funniest GDoN thread I’ve ever read. It’s like the wagons have been circled. Look, every single house that has been on here (except house porn) has been accused of being on a sketch block. Some people feel unless it’s in Cleveland Park, it’s “sketch”. Whatever, that’s their opinion. It’s not the gospel. It’s all good. You have a lovely neighborhood. I’m sure there are pros and cons. Life ain’t all rainbows and unicorns in any neighborhood…

  • it’s cute as a bug in a rug.

  • I checked out the subsidized housing map posted by Not On Parker — confirming one of my favorite reasons to buy in Petworth, no subsidized housing!! (and by Petworth I mean east of Georgia, north of Rock Creek Church Rd., since we’re debating these things)

    And now I have greater hope for my friend who bought north of H St NE about 5 years ago. She had someone standing in her yard shooting at her next door neighbor’s house, and also had someone cut a hole in her roof to break into her house, leaving her bedroom open to the sky. Sigh. So maybe it will all turn around…I agree that the amount of proposed and ongoing development in that area is staggering.

  • Not on Parker wrote:

    “With regard to prostitution, the following changes have nearly eradicated the concern:”

    Until you can say “the following changes have COMPLETELY eradicated the concern,” there’s no way someone should spend $450K on that tiny house.

    And no, if you can see the Capitol, it doesn’t mean you’re on Capitol Hill. I’m pretty sure the top of the big hill on 13th Street NW near Cardozo isn’t considered Capitol Hill.

  • I think it’s great that the residents who have spoken up on this thread like their neighborhood, but I also think that they should realize that someone who is making an argument that $450k for a tiny house isn’t a good buy isn’t necessarily insulting their neighborhood. It’s just that $450k is a lot of money, and this house is really small.

  • Agree with the not-a-good-deal crowd. They’re asking a prospective buyer to spend $450,000 on what looks to be:

    1.) a very, very small house.


    2.) in an area that, at the very least, still has some problems with prostitution (even Not on Parker seemed to admit that, saying the problem isn’t completely taken care of).

    This is no means an insult to the people defending the block/neighborhood. Good on them for taking pride in their neighborhood and proactively trying to make it a better place. But I also think there’s a bit of a selfish aspect (however unintentional) to their boosterism. Namely, they want the house to sell for as much as possible to keep their own property values steady or on the rise.

    I ask the people who live near this house: Would you spend $450,000 on that house? Be honest. I’m not asking you to defend your neighborhood or anything like that. You’ve done that. I’m asking you if that’s the offer you would make on that house if you were in a situation to buy. Yes or no?

    Perhaps all the development will one day make someone think $450,000 is a good deal, but in my eyes, right now it simply isn’t. Just my opinion.

  • seriously, most of you folks are stupid, or just ‘immigrants’ from the burbs or bullsh*t states – the ones where all the interns come from. i bet most of you are renters that are pissed that you could never even afford any place to buy in dc. yeah, bash the pad to make yourself feel better about your rent and your roomates. enough said. i’ve been here for five years, and spend 5 minutes walking to NY Avenue Metro station every morning. i’ve actually met a bunch of people on my walk. mostly lawyers or professionals. do you get that in columbia heights when you leave your rental unit?

    it’s obvious that you people are either jealous, old, really dumb and young, or just ignorant. i hope none of you burbanites don’t even think about buying here. seriously.

    i like our vibrant neighborhood, and the potential that it offers.

    god i love the stupid comments from the ignorant people that have probably been here (in DC) for just a few years.

    god this is hilarious.

    where do you people come from?

    see you in five years when you’re begging to live here.

    btw, i lived in columbia heights for a while. best prostitutes in the district. never tried ’em, but…. they’re there.

    the intelllect of the posters on this board is funny.\

    what exactly are the demographics/IQ for the folks that post here?

    very funny.

    let’s keep the noobs out of this hood. they don’t deserve it. let ’em rot in their stale hoods.

    oraleh! let’s throw rocks at the pedestrians!

    and shoot them. maybe. sometimes… i dunno.


  • OK, I’ll take the troll’s bait.

    I, for one, have lived in DC (NOT the suburbs–the city) for almost 16 years now. I’ve lived in more crime-ridden neighborhoods than the Parker Street area (Southwest on a street that featured one of DC’s finest open-air drug markets bordering the Greenleaf Gardens projects, and Columbia Heights pre-2000), and I’ve lived in less crime-ridden neighborhoods. I also own my house (Capitol Hill).

    Does that qualify me to express my opinion?

  • I just checked Walkscore, and apparently I have an IMAX theatre IN my house! SWEET!

    That said, I was just on my way home from Petworth and decided to drive past this place. It only served to confirm my “good deal” suspicions. Super cute street (complete with cute neighbors with cute dogs and cute babies) and not sketchy. Good deal. (Still not the Hill though!)

  • Nichole, I think we should definitely have the next PoP contributors party at YOUR place then! What movie should we watch?

    No lie. Super cute dogs.

  • If only a super cute street, cute neighbors, cute dogs and cute babies told the whole story. I live on a street very similar to the one this house is on. The street also features cute neighbors, cute dogs and cute babies. It also features a house where the cops show up, oh, every other weekend, and used to feature a meth lab until the cute neighbors got the city government to do something about it, which took approximately two years.

    Superficial five-second glimpses of a block can be misleading.

  • I rarely respond to Blogs but the ignorance disturbs me.

    As the ANC Commissioner of 6C05, I’m dismayed by some of the negative comments in regards to my neighborhood. This is a great neighborhood!! I hate to sound corny but we are really like one big family. We stick together and look out for each other.

    As Commissioner, I meet and negotiate with some of the District’s biggest developers. They contend that this area is the hottest area for development. We chose to make this neighborhood a place to raise our families because of the charm and endless possibilities. As Joe mentioned, we have experienced large scale development and will experience a billion plus dollar project right here in our neighborhood.

    My response to those who are hung up on boundaries is: “who cares”. Boundaries are changed all the time in this country. The Treasury Department Federal Credit Union is located a block north from this neighborhood and they refer to that branch as their Capitol Hill Branch. My point is does it really matter? Despite where you live in this city you are susceptible to any one of the societal ills that plague this Federal City.

    Lastly, for those of you who live in Petworth, Dupont Circle or the “real” part of Capitol Hill my friends and family back home in Wellesley, Massachusetts say to me they wouldn’t pay a dime to live in any of the District’s neighborhoods. I won’t say what else they think about our homes and neighborhoods. The point is that when you hear disparaging comments about your home or neighborhood it doesn’t make you feel so good. So I conclude by saying let’s support our neighbors and our fellow District residents. Enough of all the baseless snobbery, do your part to make our city a city of choice.

  • This is an idiot that takes pictures of different places in DC. Instead of been positive, tries to awake the envy of people.

  • I am sure that this area has seen its problems with prostitution. However, at the same time the Parker Street residents were addressing the prostitution issue near them, I seem to remember reading about a certain problem with prostitution elsewhere in the city (

    Now if you were to follow the ‘logic’ of Another Capitol Hill Resident, the statement “until you can say “the following changes have COMPLETELY eradicated the concern,” there’s no way someone should spend $450K on that tiny house” could be applied to any house in NW near Dupont. So, hipchickindc, can you find me a nice 2 bedroom rowhome in the heart of Dupont for $450k?

    My point is, as others have stated, there are no ideal places to live in a city. They are messy by their very nature. But I do respect the people of the Parker Street neighborhood for their action when faced with adversity. It seems to me that if you can’t buy your way onto the street, the next best thing for you to do would be to get out, meet your neighbors, and start cleaning up your part of the city like they have rather than dismissing the home (and neighborhood) because it is across H Street.

  • So, hipchickindc, can you find me a nice 2 bedroom rowhome in the heart of Dupont for $450k?

    JML, I’m good, but not that good.

    Seriously though, what you said makes sense to me. I’ve been around downtown long enough to see plenty of changes that have some past clients kicking themselves for waiting to buy into an area.

    I want to thank the Prince for featuring this property. It truly is an adorable, well crafted home and for someone that isn’t looking for a lot to have to take care of and wants nice outdoor space, it’s perfect.

  • My heart aches for the potential buyer (and the current seller) of this house. One day after after PoP’s post about what PoP is about and this is the discussion? The way the thread reads leaves me a little sad…

  • What I find puzzling — I’ve seen comparable 2 bedroom houses within the CH Historic District (not even “Hill East”) for under $400K (nothing falling apart, but maybe in need of updates). I’m talking 5-10 minute walk to EM and Potomac Metros, near Safeway/Harris Teeter, 15 minute walk to H St NE. What’s so special about this house that it commands this price? It’s cute and the block looks interesting, but really?

  • The comps near the Potomac Ave Metro are completely different.

  • Now THIS (what the current owner paid) seems more than reasonable

    Mailing Address: 240 PARKER ST NE; WASHINGTON DC20002-3528
    Sale Price: $294,000
    Sale Date: 07/13/2004
    Instrument No.: 97428

    Or this – which was much more recent:

    228 PARKER ST NE; WASHINGTON DC20002-3528
    Sale Price: $293,000
    Sale Date: 06/04/2008
    Instrument No.: 60230

    Anyways – I suppose it makes no sense to keep on about this because as much as I love the street, I can’t swing that kind of cheddar, and I doubt they would be looking to make less of a profit. Best of luck to all involved- and this would make for a great revisited GDoN.

  • well, if you investigate a little further, you’d realize that neither of these sale prices indicate the CONDITION of the home at purchase. there was a lot of work that was put into 240 parker, and it shows and is reflected in the sales price. if you don’t think it’s worth what it’s priced at, make a lower offer, or buy elsewhere. and the other property was a gut job and only partially finished, and not professionally and there is a lot that needs to be done, actually redone and $$ to be put into it.

  • @hipchickindc

    I’m not talking about comp properties near the Potomac Ave Metro — I’m talking about a short walk to it from the Historic District (equally short to EM Metro). Properties on 12th SE north of PA Ave — A far more established and desirable area than north of H NE (especially the eastern end).

    Then again – apples to oranges. “The Cutest House on the Hill” is not located in Cap Hill

  • Let’s say you could get $2500/mo. in rent. That translates to $30K a year.

    Assume a 5 percent vacancy. That means over a 5 year span (60 months), the place would be vacant 3 months. Now you’re down to $28,500.

    Property Taxes – 2010 Assessment of $280,200 x .0085 = $2,381.70
    Property Insurance – usually around $1 PSF x 782 SF (there is no basement) = $782
    Repairs & Maintenance – call it another $1 PSF to handle annual pest control, anything else that could pop up during tenancy as well as the clean up costs between tenants = $782
    Management Fee – lets say you play landlord = $0
    Reserves for Replacements (i.e. annual set aside to replace the frige, washer/dryer, dishwasher, etc. every 5 to 10 years) – $0.50 PSF (i.e. over 10 years, you now have just under $4,000 to buy new appliances…btw, this hasn’t factored for roof replacement or any other capital exps. for the house) = $391

    Annual expenses = $4,336.70

    Now you’re down to $24,163.3.

    On $450K, that equates to a 5.37% implied cap rate.

    Now look I know that an investor looks at a house different than a someone looking to live in there–namely because of the tax benefits (interest and PMI write off) and the “utility” benefits (i.e. you can knock out a wall or change floor tile without asking for landlord permission). Not to mention the appreciation to be had in the property…but I’m sorry. The cap rate is way too low. I personally think anything below 7 is unjustifiable.

    $450K is just too much.

    In essence, its almost as if the sellers are trying to realize the appreciation NOW (in the inflated sales price) for what will questionably take place (i.e. cause prices to rise) over the next 5 years.

    To look at it another way, on a 4.75% 30-year fixed with 3% down (mind you this is still $13,500), you’re looking at a principal and interest payment of $2,276.99 BEFORE taxes, interest and PMI.

    I know the neighborhood is great and a couple years from its own ‘Where We Live’ Post article, but its too much…especially considering the buyers market we’re in.

    You could buy something larger in an established DC neighborhood for that price.

    You’re definitely moving out once your child gets past toddler age (i.e. this limits the base from which to attract buyers at that price point).

    And mind you…this is coming from someone who just bought a place 2 blocks away.

  • Contrarian: I think your analysis is pretty on-target. If anything I think you are being generous with the rent this place would get (it looks more like a “1br + den” to me, so I’d say $2k/month at the most), and underestimating the repairs / maintenance cost of a typical rowhouse. But that makes the point even better … even by stretching the numbers, the price / rent ratio is out-of-whack, and it’d be even more so if interest rates weren’t so low.

  • I own on K Street right behind this house. I bought for $410 in May of 2006 at the height of the market and then GUTTED and renovated the house for another $250K. So, I expect my house better be worth more than $450K. (I don’t want to hear your snide comments about my investment timing-it will pay off, honies.)
    I agree that this area is HOT because of the investment (which is why I bought-duh!). It takes me 8 minutes to walk to the side entrance of union station-I love it!. The alley between my house and this house has just gotten paved-as mentioned-and there are other rehab projects going on on our streets. I did see a transvestite prostitute a year ago on K at the bridge but this community is so active and aggressive that I haven’t seen this since and they got our alley paved and their sidewalks rebricked. I think this is a great buy and $450K is well worth it for someone who knows how to invest. I can’t wait to bring this blog back up in 2 years (max).

  • I’m reading all of this blah blah blah from people who don’t live in the neighborhood and claim this and that about where they live. Who gives a [email protected] what you say? We don’t! Who really cares if it is Capitol Hill proper or Capitol Hill North. The neighborhhood is in a flux of change for the better. Either or neither nor………….Whatever!

    Not in Petworth

  • $450K? *sniff sniff* I don’t think so. Zillow pegs it at $313K, which I would say is low.

    Just because it’s across the street from Senate Square doesn’t mean they should charge Senate Square prices. The kitchen and bathroom were overdone and not very appealing, though the rest of the house seems well staged in the pictures. (Stainless steel? Might as well put mirrors on the fridge to make the illusion of a bigger kitchen.)

    5 years ago when the Children’s Museum was hosting Artomatic, a friend of mine was car jacked around Parker Street. The entire neighborhood has changed a lot since then. It never would have been a place I’d consider moving, but now I’m a few blocks away and it’s much MUCH better now than it used to be.

    I have no illusions that this neighborhood is Capitol Hill. Hardly. But I am excited the new Harris Teeter is going in and I look forward to Union Place, the new intern housing and the other office buildings to finish up in the area to see it develop.

    It’s a very walkable location, or bike-able. If I was working around the area, I’d definitely consider this street, but I wouldn’t consider this unit for anything over $400K in the current market.

  • I used to live at 203 K and 217 K for about 5 years, so I am familiar with this area. I still live a couple blocks away.

    I never thought this was a really sketchy neighborhood. Yeah, there were prostitutes on K, but frankly they never bothered me. The transvestite prostitutes were pushed east to get away from the violent pimps to the West of North Capitol. Usually, if its safe enough for prostitutes, you probably arent going to get mugged.

    Also, I really hate the “prostitution free zones” It always seems like a cheap way for local politicians and police to seem like they are actually doing something. Its easy to hassle prostitutes instead of tackling the more impt. issues of violence in the area.


  • As i’m still keeping an eye on this place……

    May 22, 2009 Price Changed $419,000 — MRIS #DC7046516
    May 01, 2009 Listed $450,000 — MRIS #DC7046516

  • The house sold! How about that, Petworth pessimists! Now what are you all gonna do? Talk about what color panty hose that you like to wear? Go get a hobby or something because you all’s pessimism restrains the optimistic and panoramic view just up ahead……you’re in the Twilight Zone. Bottom line…….get a life! A real one….ok.

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