Thurs. Afternoon Rental Option – NoMa

511 Florida Avenue Northeast

This rental is located at 511 Florida Avenue, Northeast:

View Larger Map

The listing says:

“Ideally located for easy access to downtown, NY Ave . Short distance to Metro, , 2BR, 2.5 BA, open main floor layout, hardwoods throughout, exposed brick walls, modern touches throughout, high ceilings and plenty of light. Washer/dryer in unit.”

This 2 bed/2.5 bath is going for $2,200/Mo.

8 Comment

  • One picture of the outside of the place? Come on!

    And personally, I think it’s a tad on the expensive side for that location. But really hard to tell without seeing pictures.

  • They tried to make me go to rehab, but I said NO, NO, N-NO!

  • And here in lies the rub. The rental price for this place is fair. $1100-1200 per bedroom is what this area will sustain for a well kept, yet not overly fancy, place. However, the mortgage+taxes+insurance on a place like this would not be covered by the rent, if you had a typical 20% down payment.

    Rents are starting to decouple from purchase prices. This is gonna get ugly.

    • Look at the picture of the building – two electrical meters. I’m betting this house is 2 units. Figure $3500 a month in rental income for both units, and the owner can easily cover PITI with that.

      • Good point. Didn’t see that.

        So this place is worth probably $600K in this market?

        • I’m assuming that the basement is legal. If so, it’s probably worth a bit more than 600K, even accounting for the fact that it’s on FL Ave. A slightly bigger house just sold down the block for $740K.

    • Records state that this house last sold for 185k in 2009, presumably to a developer. Let’s say that the developer put in another 200k (which I think would be on the high-end), bringing the total to under 400k.

      Mortgate+tax+insurance for 400k would come out VERY close to the asking rent price.

      I don’t see a problem here. (Yet.)

  • It’s ok but not a fun place to walk around at late at night.

Comments are closed.