Wed. Afternoon Rental Option – Mt. Vernon Square

This rental is located at 481 Ridge St NW:

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The Craigslist ad says:

“Beautiful and remodeled semi-detached 2 bedroom/2 bath home.

Great location in revitalized Shaw/Mt. Vernon neighborhood. Located at 481 Ridge St NW 1 block from the intersection of 6th and M St NW, enjoy wonderful access to Logan Circle, Gallery Place/Chinatown and U street.

The home has been completely renovated with nothing but top of the line items and lots of attention to detail.

Bamboo hardwood floors throughout the main level. Beautiful and open Living Room that offers great space and flexibility for separate dining area.

The kitchen is incredible — all Viking Appliances, with cherry cabinets and stunning countertops. Fabulous space and it opens directly to the Living Room. If you love to cook, this is the place for you.

Spacious private courtyard out back just off the kitchen.

Upstairs you will find two very spacious bedrooms, much larger than your standard DC condo bedrooms.

The Master bedroom has wall to wall windows that overlook the courtyard out back. They also have two sharp skylights.

The full bath on the upstairs level (also a full bath on the main level) has brand new shower, brilliant tile finish and classic DC tub you rarely find.

Both bedrooms have walk-in closets.

Brand new HVAC System, last month’s utility bill under $80! Brand new and super efficient Asko washer/dryer combo.

This is a must see available September 15th.”

$2800 sound right for this 2 bed/2 bath?

13 Comment

  • I live in a one bedroom rowhome that is somewhat spacious with a yard two blocks from there for half that price so not a good deal.

  • Price seems about the market rate. House seems nice enough, if sort of small. 2nd bathroom is key.

    And Sully, a 1bd spacious house for $1400? That’s a steal. When did you lease up?

  • I’d say the price is a little high. 2800 sounds about right if it was a bit closer to Logan Circle; for this neighborhood, I’d think 2500 or 2600.

  • That seems high. I wouldn’t pay $1400 to live with someone else in that neighborhood. $2800 is about the payment on a $475,000 mortgage. I’m guessing that’s how they priced it, even though I don’t think that unit would sell for more than about $450k these days.

    I realize not everyone wants to buy or can save up for the down payment, but I think rents should be less than what it would cost to pay the mortgage on something (since you don’t get the benefit of the tax deduction or the value of any appreciation).

    • That would take the “investment” out of investment property.

    • All depends on when they bought (price, rate), and type of mortgage (fixed, arm, etc). Today, I think this home would sell *fast* for $450k in my neighborhood, Truxton. Because it’s on the other side of NJ, I’d think it’d sell well above $500k. I mean, no curb appeal, but decent renovation. 1.5 blocks to City Vista Safeway. I know we’ve done a couple G’DoNs on this block. For example, a big 2/1 that sold for $530k:

      When looking at homes, one standard I apply is that it rents for as much or more than a 100% financed mortgage. Not every neighborhood in DC allows for that kind of parity, but most transitional neighborhoods do.

      In other words, I think their asking rent is fair.

    • The house would sell for quite a bit more than $475K. Tres’s estimate seems more realistic.

  • Why share this house when you can live in my 1 bedroom top floor condo in Eckington for $1250 a month?

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