Wed. Afternoon Rental “Kitchen is big enough for a table” edition

1725 Lanier Place Northwest

This rental is located at 1725 Lanier Place, Northwest. The listing says:

“Spacious and bright 2BR/1BA 1st floor unit in Mount Pleasant. Kitchen is big enough for a table and offers tons of cabinet space! Rental also comes with storage unit. Available to move in right now! Pets not allowed. Housing Voucher welcomed, pls check DCHA website for approved submarket rent limits.”

You can see more photos here.

This 2 bed/1 bath is going for $2,525/Mo.

28 Comment

  • That’s not Mount Pleasant.

    • *confused* What area is it, then? It’s not Adams Morgan, and it’s not Columbia Heights.

      • Lanier Heights. Or if you don’t consider that a real neighborhood, then it’s Adam’s Morgan. I think very few people would consider this Mount Pleasant, particularly people who live in Mount Pleasant or this neighborhood.

      • Not Adams Morgan eh? This is like 2.5 blocks away from 18th and Columbia Road, the very definition of Adams Morgan. Though to be technical I think this falls into the mystical “Lanier Heights” neighborhood.

        • The “legal subdivision” according to tax records is most likely Mount Pleasant. However, most people would identify this as Adams Morgan, and some people would identify it as Lanier Heights. (I lived a block away for nine years and never heard of Lanier Heights until after I moved.)

        • That’s definitely Lanier Heights, which is basically between Adams Morgan, Mount Pleasant, and the eastern edge of the Zoo.

          • thanks – I actually lived in Adams Morgan (20th St) about 15 years ago, and I always considered that area to be Mount Pleasant.. I hadn’t heard of Lanier Heights until a few years ago.

        • My understanding is that Adams Morgan is made up of 3 sub-neighborhoods: Lanier Heights, Reed-Cook and Kalorama. I lived in Lanier Heights for a long time and used to say I lived in the Lanier Heights part of Adams Morgan.

  • Ha ha ha, terrific!

  • Probably a reasonable price, but man is that ugly carpeting.

    It’s not technically Mt Pleasant, but close. It’s not exactly Admo either (and a lot of people have no idea that Lanier Heights is even a thing), so I don’t think the listing is that misleading.

  • Redfin says it was sold January 2013 for $355,000, which means you’re paying well more than their mortgage.


    • Landlords are under no obligation to price rental units just to break even on their costs — it makes sense to price them at market rate.
      And don’t forget that for the privilege of paying less per month on a mortgage than you would on a rental, you have to cough up a large down payment first. If they bought for $355K and put down 20%, that would be $71K.

      • Agreed. A landlord’s job is to make money, not break even. I rent out my condo for twice the mortgage. That’s the whole point.

      • Sure, but in most markets, market rent is near to or lower than market mortgage pricing. For the privilege of paying more per month on a mortgage, you get to own the property.

        • This simply isn’t true. There are many places where renting is cheaper than owning, and there are many where owning is cheaper than renting.

          • This isn’t a charity and tenants can cost in addition to the rent they pay (damage or other repairs). besides the mortgage, there’s probably a condo/coop fee (I think these might be coops), taxes if its a condo, insurance, the usual, plus whatever the realtor is charging them.

        • and you take on a whole ton of risk as a landlord, as well as responsibility for making repairs to all the many parts of houses that break over time, from HVAC units to roofs. Thinking rent should equal mortgage monthly payment is extraordinarily naive.

      • $2,500 isn’t crazy in this market for a 2BR, but frankly that place is kinda dumpy. I mean, that kitchen hasn’t been updated since the ’80s and who has wall-to-wall carpeting these days?

        To put it in context, a 30 year mortgage at 4.5% with 10% down will run you a little over $1,600 a month in mortgage payment. Assume another $500 a month for taxes and HOA and you’re at $2,100. I don’t think a $400 a month positive cashflow is extortionate so it’s not mispriced on that basis. But I’m consistently dumbfounded at the kind of dumps which end up rented for more than what I was paying just a few years ago for something infinitely nicer.

    • How is that gross? At 350k, with 70k down (20%), your monthly payments are nearly $2,000 for principal, interest, taxes, and condo fees.

      That doesn’t include the cost of insurance, the cost of marketing the property for rent, any management services, or capital expenditures (maybe 0.5-1.0% of value per year; stuff breaks and landlord HAVE to immediately fix it or face legal consequences, thus you need to build up reserves).

      Factor in any vacancies, the potential for non-payment by tenants, and other potential liabilities and it really isn’t a slam dunk or even a cash flow positive prospect for the owner. Sure, they are building equity and upside on potential appreciation, but they’re also tying up 70k+ and could put that in a less risky asset that provides a reasonable rate of return.

      So in short, you really have to get more in rent than your mortgage as a landlord, and there’s nothing wrong with that at all.

      • It’s actually more complicated than that. Remember that you also get to depreciate the value of your rental property (only the dwelling portion, not the land it sits on) on your taxes each year. Thus, in your example, you can probably write off about $10,000 a year in depreciation expenses.

        So, the owner of this unit stands to make about 30K this year in rent, and pay out about 24k in mortgage, condo fee, and taxes. Does that mean he made 6K and has to pay taxes on that? Nope? The law allows him to take 10k in depreciation expenses, treating him as if he LOST 4k this year, even though we all know that the value of his condo is increasing, not decreasing.

        That’s the beauty of being a landlord. Often when you’re making money the IRS treats you as if you’re not. Like in my case. I said before that I rent my place out at twice the mortgage, but after factoring in depreciating I’m reporting a loss to the IRS and paying no taxes on the income.

  • Ugh. Probably priced properly but ugh. That carpet. Those cabinets. Ground floor. No pets.

  • The taxes may say Mt P, but prospective renters will know its Adams-Morgan. Lanier is more of a thing now than it was in the 90s when I lived there. the Washington heights historic district got people thinking more about the sublocalities. OTOH, there’s still a tendency to turn Kalorama Traingle in AdMo into Kalorama.

  • So, I learn something all the time. Always considered Lanier Heights to be a subsection of Adams Morgan. On the other hand, I lived across the street from Kalorama Triangle for years, and never head the Triangle referred to as part of Adams Morgan, but always as a separate neighborhood. Where I lived was part of the Washington Heights historic district, and while I knew of the historic distric name, I never heard anyone use it to name the neighborhood. It was always called Adams Morgan, but the buildings on the south side of Colunbia Road were often called part of the Kalorama Triangle by virtue of being on the border street.

  • And yeah, carpet sux.

  • Yea, but looks like Long & Foster manage it and in my experience, they are the WORST. I used to have them and had to move because they were completely unresponsive. You would email them multiple times and then have to do many follow-up calls to get them to answer an email, whether it was dealing with small questions or huge problems.

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