Mon. Afternoon Rental Option – Petworth

This rental is located at 4218 3rd St, NW:

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The listing says:

“Completely renovated 3 bed/3bath home with a long list of upgrades, including: Dual-zone HVAC; Gourmet kitchen w/ SS appliances and granite countertops; Master bedroom with views of National Cathedral and en suite master bath with double vanities, air jet tub; garage with deck above; and fabulous finished basement. Close to Metro, 3 bus lines, Hitching Post, Yes! Organic, Domku, & Qualia Coffee”

This 3 bed/3 bath is going for $2,700/Mo.

25 Comment

  • If you bought this house, your payments would be about $2K/month; so I’d say it’s a horrible deal

    • How do you know? Genuinely curious.

    • Only if you had a large down payment; houses around there go for $450-$500, if renovated. Your mortgage alone would be around $2,200 assuming $450 cost and 20% down (which is often really hard to get to); then you need to add in taxes and insurance, so probably closer to $2,400.

      I’m not saying it’s a great deal, but you’re understating the cost of the area.

    • i dont understand your point.

    • By that same logic you’d never rent a car because buying is cheaper.
      Rental and purchase markets are very different.

    • What a bizarre statement.

      Taxes are higher for the landlord. Maintenance is not free and there is always something. And be prepared to pay more if you don’t want crappy work. Of course, when you have a 400 or 500k asset you don’t want cheap work. Did I mention water costs? They recently doubled. Lawn maintenance? Liability insurance for the landlord as well?

      Rental price should be higher really given all of that.

      • Is that right about water costs? I thought that recently, as when we moved into Petworth, it was like $30 per month and now I noticed it is about $55 per month. How did they double?

        • Yes, I experienced a similar increase.

          I think water bills are scheduled to increase dramatically for the upgrades required due to the pollution during heavy rains.

          • Unfortunately your name doesn’t reflect your understanding of the current rental market. Most who’ve bought in the last 5 years ARE renting at a loss. Just because somebody overpaid for their place doesn’t mean they’re going to get more rent. It just doesn’t work that way.

          • @George,

            I have bought in the last five years and make a profit monthly.

            Regardless, your post speaks to my point. Why would you intentionally ask for a extremely below market rent?

    • I don’t understand all the emotional comments here. I bought my place last year for $325,000 (2 blocks down). It’s also renovated and very similar to this place. My payments including taxes are about $1,900. Of that, about $1,200 is tax deductible. Not only am I paying less in mortgage, I’m getting a tax deduction and I’ll make money off appreciation.

      This place is way overpriced. A reasonable rent for it would be about $1,800.

      • I don’t think it’s emotions per se. It’s just reality that people in the neighborhood who own homes paid different amounts at different rates during different years.

        There is a house very close to mine (and a few blocks from this one) that sold for $590,000 last summer. I can almost guarantee that the monthly payments are greater than $2000.

        Another neighbor bought his house for $150,000 because he bought it in the late 90s. Just because your mortgage payment is $2000 doesn’t mean every other house in the neighborhood sold for the exact same amount at the same lending terms at the same time as yours, ya know?

        Also I’d say you got a tremendously good deal for a renovated house. An UN-RENOVATED house on my block just sold for 320k in cash, 11 days after being listed at 250k. I can only assume that once they’re done flipping it it will list above 450k.

      • Did you read my post?

        You are welcome to go rent your property at a loss. Very few sane people would do so though.

  • Even if the third bedroom is too small to be used as such, this seems like a good deal.

  • Who pays to clean the blood that’s spilled on the driveway every other weekend? If that’s included in the rent, then I would consider it.

  • Why is rent so high in DC…my Lord.

  • This seems right, considering that rooms in grubby group homes in the neighborhood go for $900 plus utilities.

  • Hi,

    I’d like to come by and take a look at the house. Myself and 2 friends are looking for a house like this. We are all 30 year old male working professionals. We do have one medium-small dog, but she is very well behaved. Please let me know.

    • Cam,

      PoP is posting a CL ad here, so I suggest you link to the CL ad and contact the poster there.

  • What a small and practically unusable kitchen.

  • Seems on the high end, considering the renovations don’t appear brand new and it’s not super close to metro/shopping/etc. However I’d say it’s reasonable considering what rents would add up to if you rented out the rooms separately. I’ve been monitoring rental rates in the area for a while, trying to figure what I can get for spare rooms in my house, and this doesn’t shock me.

    Hope they find awesome people to move in – I live across the street 🙂

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