GDoN “super nice tenants are moving soon” edition

This unit is located at 88 15th Street, Northeast. The listing says:

“+++spacious renovated 1 br with ++deeded garage parking++ at “The Car Barn” on the hill+++ features hardwood floors, granite counter, ++wood burning fireplace++ nice bath and private patio+++super nice tenants are moving soon+++motivated seller, don’t miss it+++ call show contact 1st prior to showing+++”

You can see more photos here.

This 1 bed/1 bath is going for $385,000 ($292 monthly fee.)

11 Comment

  • justinbc

    So rather than finding new tenants you sell it?? That seems silly in this rental market.

    • The seller might be “motivated” for other reasons (cross-country move, divorce, etc.) and/or figures it’s better to sell now when the tenants are moving out anyway than to get new tenants and have to deal with the potential TOPA headache at a later point.

      • They created the term ‘motivated seller’ for a reason.

        We rented in the CarBarns from 2007-2011. When we moved out our landlords were going through a nasty divorce and ended up putting the condo up for sale as part of their agreement. I’m pretty sure they lost money on the sale but what else can you do in that kind of situation.

        • Yep — there are good reasons why someone might want/need to sell rather than continue renting a place out.

        • Accountering

          You can weather the storm, buy out your ex, rent it to cover your mortgage, ride the large subsequent increase in value over the next four years, and come out MILES ahead later.

          • Accountering

            Sorry, wasn’t meaning to come out as snarky, I know this is not something that most people are interested in doing in this kind of situation, but there are other options 🙂
            Motivated Seller (especially in DC!) seems so crazy to me. The fact you are so rushed to sell you are willing to give up on $10,000 or more, seems ridiculous to me.

          • I’ve seen some nasty divorces. Some exes will refuse to be bought out and insist upon a sale JUST to screw the other person. I’ve also seen someone agree to allow the ex to keep the house only for the ex to allow the house to go into foreclosure in order to screw the ex over (and themselves, but when you’re that hateful, sometime you don’t see the logic through the rage). This is why in MD, generally family homes owned by both spouses must be dealt with (either sold or the other party bought out) as a part of the divorce. I believe it’s required within three years of the divorce.

          • Some people just can’t do it. I had a great condo rental go south a while back because of a situation like this. The landlord did not do well in their divorce and they also had a special needs kid’s care to pay for. I’d been their tenant for years and was planning to stay for the foreseeable future. But it wasn’t financially feasible for them to keep the place, so they opted to free up the capital to settle their debts and get some financial breathing room.

        • HaileUnlikely

          My guess is that seller wants to buy another property (here or elsewhere) and financing for that is contingent on selling this first. I don’t have a clue how much rental income this would bring in, but given what they bought it for ($266K in 2004 per Redfin), I doubt they were doing much better than breaking even (at best) in terms of rental income.

    • My wife has thought about selling her rental because it’s a headache to keep fixing all the things that keep breaking. It’s in outer Alexandria, though, so it’s not like its value has been increasing much.

    • They don’t want to be a landlord anymore and/or they don’t want someone new whose presence and rights might make it difficult to sell when they want in the future.

      When I lived in Atlanta I considered taking an overseas posting. People who knew about it were aghast that I’d sell my house rather than rent (I think one or more of them wanted to be my rental agent), not that it was any of their business. My real agenda was to leave Atlanta and my employer forever, but I also wasn’t crazy about being a landlord. I’d done it before with a condo, but that’s way different than doing it with a house.

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