Good Deal or Not? “monument views” edition

This condo is located at 1615 Q Street, NW:

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The listing says:

“Super cute efficiency with 1 renovated bath, exposed brick wall and galley kitchen. Great location and investment potential! In the heart of dupont – 2 blocks to metro, & short walk to Georgetown. 24 hr front desk. Roof top deck with monument views.”

You can see more photos here.

This efficiency is going for $209,999 ($293 monthly condo fee.)

19 Comment

  • Not too bad for arguably the most desirable neighborhood in DC.

  • I could see that price justified at The Cairo, but who buys an efficiency condo? (unless you’re forever alone)

    • Someone who needs to park some cash and won’t actually use it themselves. Think of parents who have kids in grad school in the area, diplomats who are never in the country, busy professionals who need a crash pad or pied a terre in the city, etc.

      The Cairo is a historic building in an amazing location, so the value is going to just keep climbing. I’d probably try to negotiate this down to $199K. Nice, low maintenance fee. You can easily rent it out for $1300 or so.

    • I bought an efficiency condo….about 2 blocks from this one. Lived in it comfortably for 5 years before I sold it (for a profit)

      • It’s better than paying rent, even if you don’t get much appreciation, you’ll still have equity. Efficiencies often don’t get renovated (it can cost as much as renovating something larger esp. with the small awkward spaces), which could make this a good value.

  • Unfortunately there won’t be any “monument views” from this particular unit.

  • I had a friend that once bought a studio condo because we was a lawyer and worked an absolute ton of late nights. He bought it as a crash pad so he didn’t have to drive to the burbs at 1AM and head back into town at 4AM.

    Worked out well for him. Now, it’s a rental that easily covers the mortgage, management and fees. Easy equity.

    I have no doubt that you could rent this place at $1200-1400ish and do the same.

  • Of all the cooler destinations that are much closer, they had to include “a short walk to Georgetown” as a selling point?

  • This is the building that is responsible for D.C.’s height restriction law designed by Thomas Franklin Schneider…pretty cool! In fact Schneider designed pretty much the whole block of Q street just West of this building so guess you are paying dearly to be a part of history.

  • Love this building.

  • Ah, the Cairo. Not just historic for it’s height and beauty, but also as the home of substantial expanses of 1970s-style exposed brick! Worth the price for that alone.

  • Does anyone know if there are rental restrictions in the Cairo? If not, then this is a great deal as many have pointed out – you can easily cover all mortgage expenses with rental income.

    • I don’t know, but I’d be surprised if there weren’t some kind of restrictions.

      However, if the building forbids more than, say, 40% of the units to be rented out at any one time, and the actual number of rented units tends to range between 30-35%, it might not be a big issue.

      If a significant number of residents have somewhat unconventional but non-renting arrangements — like students whose wealthy parents own the unit, or professionals wanting a pied-à-terre in the city — then that might actually work toward the benefit of an investor, as those units would count as owner-occupied.

  • I’ve looked at other units in this building and this has more of a kitchen than the other efficiency I’ve seen. They don’t give a unite number and the monument views are from the roof which makes me think that this is on a low floor and rather noisy. Given the cache of the building, I’d guess that rentals go for more than 1200 or 1400.

    • I have a friend who lives about .2 miles north of here paying $1600 for a studio. This place gets $1600 as well. This is quite a deal honestly. If you put 50k down, you are looking at a P + I +Maintenance of around $1100. You could rent it for $1400 literally tomorrow. This will go very quickly. I would say extremely good deal.

    • The photos say it’s unit 405.

  • Sparta

    Heard the Cairo condo owners are having a hard time selling now because the building has too many renters.

    Too many renters = no FHA loans. No FHA loans = much, much smaller buyer pool.

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