Price my rental/condo?

Photo by PoPville flickr user Randall Myers

Price my rental/condo?

“650 square foot studio in SW Waterfront
Granite countertop
Kitchen is nice with ceramic flooring but the appliances aren’t fancy
Carpet in the living space, with ceramic tile in the kitchen, foyer, and bathroom
2 closets with one being a walk in
10 minute walk or less to three different metro stations (you could walk to Waterfront in about 2-4 minutes)
Safeway, CVS, Dry Cleaners, Z-Burger, Station 4, Indian restaurant all w/in a 3-4 minute walk
Mile walk to Nats Park, Arena Stage is nearby, 2 blocks away from the Wharf
No parking space

Realtor seems to think that based on comps, I could only get up to $1750. Initially wanted to sell, then I looked into renting and when I saw the estimates, rethinking that I should sell for around 300K (this is just a guess of mine).

How much would you rent it for and would you buy it at the above price?”

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37 Comment

  • 1750 is pricey for a studio.

  • This is impossible to answer without an exact address and photos.

    • Anon – 800 4th Street. I’ll try and get some pics up soon. This is more or less a what if scenario, where if I did put it on the market as a rental how much would it go for. I’m curious to see what the board’s thoughts would be.

      Saggyboogs – that was the rental estimate given to me. Maybe my expectations for the Wharf are too high b/c I thought the estimates came in on the low end.

      • what I would do? post it on CL, have an open house, and see what you get. If no one is interested at the price you want to get for it, look to sell. That’s what we did and we got renters at our price (or close to it) for two different rental units (though, I have issues with how to price the one we’re putting on the market this week…but…different issue!)

        • My fiance said I should do something similar! I had never thought about that or do the whisper thing on Redfin. I think Zillow has something similar as well.

        • Do Craigslist, but also do something on Postlets, which populates a lot of real estate listings. I was disappointed with CL when I rented my condo.
          FWIW, $1750 is indeed high for a studio.

    • No pictures, no map – total waste of time

  • Why do you think you could rent for more? Other units in the bldg going for more with less space, etc? 650 is a big studio, bigger than many one beds.

  • Yeah…. 1750 seems high for this considering that you can get a 1 bedroom in SW for less than that (at several places).

    As for the sale…. 300,000 is about what I would think a slightly dated 1 br with ~$400 monthly would go for. Does the unit have a w/d in it? What amenities does the building have (pool? Gym?)? Between that and the condo fee will probably determine if you are closer to 300 or 200.

    • I could be way off, but I believe only the 2 bedroom/2 baths have a washer and dryer in them. I know the studios don’t have it. As for amenities, laundry/24 hour concierge/pool/gym/yoga center/business center/community room (though you’d have to rent that out if you want to have a party or something). Monthly condo fees are $315. 1 bedrooms I believe are $350ish per month. It includes all utilities though.

  • Too spendy for a studio down in SW, considering no laundry. Closer to $1400-1500 is more realistic for a rental, $260K for a sale. At $300K, I could buy a similarly nice studio or small 1BR along CT Ave right next to the Red Line or even in Adams Morgan (better location, IMHO).

  • Anonomnom

    While I think the 1,750 price might be high for a studio in that area, I would try to hold on to it if at all possible. I imagine with the Warf complex going up, that property values in that area is about to hit a spike.
    Of course, it is also fully possible that the Warf complex could flood the market and make selling even harder, but that should only be short term and from the looks of the new construction’s concept drawings, I iamgine they will be lux-to-the-max.

    • That’s kinda the argument I’m having with myself. Whether it’s better to sell now before all the new condos come in, or wait and hope that someone appreciates the older buildings that may not have ALL the amenities but is still cheaper and still as close as the new ones. There’s one condo spot that had presales for 1 bedroom and a den…I think those are going for $600K and are smaller than my unit.

      I totally get the “this is a lot” or “I can get something cheaper somewhere else in the city” argument. But when you have studio units w/no parking selling for $500 per square feet, it’s kinda hard to ignore that and not think “hm, what can I get for mine?”

  • ONLY get $1750??? You have a studio without a w/d in SW. A big studio, yes, but it’s still a studio, and it sounds like it’s a dated one. For $1750 you can get a studio in one of the newer buildings in Navy Yard or an older one bedroom in better locations in the city. If similar units are going for that much, then that’s what you offer.

  • Really hard to say without seeing it, but if you can get the rent that makes sense for your finances then I’d keep it and sell later. There’s so much development coming to the area. It is a studio, but it’s pretty big. I bet the new SW Waterfront one bedroom condos will be around the size of your condo, if not smaller.

  • $1,750 a month for a studio in Southwest is ludicrous. A quick glance at Craiglist shows several 1 bedrooms in the immediate area listed for $1,650 and a studio for $1,450. $1,750 for a studio is more like the going rate for a brand new, luxury apartment building – not for a SW Waterfront condo.

  • Complaining about “only” $1750 for a studio in SW?

    hahahah, good luck!

    • Not complaining at all, I’m actually losing money if I priced it at that amount.

      • Then you can’t afford to rent it out since your LTV is too high. If you can’t cover PITI + maintenance with the rent, then sell it. You’ll be paying extra for the privilege of owning it. If you owned a SFH down there, I’d probably say it’s worth holding since you’ll have a very unique property. But condo and co-op apartments are a dime a dozen down there and you’ll eventually be competing with lots of new construction.

      • Maybe a refi to get your payment more manageable? I can’t imagine paying over 1400+ condo fees for a studio in sw that I own. Just seems high to me.

  • I’ve been casually looking at renting a 1 bedroom in SW for the past few months, and from that alone, I would say $1750 is high for a studio, especially one that does not have an in-unit w/d. I would consider paying 1750 for a 1 bedroom in that neighborhood but not a studio.

  • I recently found that RedFin will provide you with a free estimate (no obligation) by polling 1,000 people to get a sense of what a place is worth. This might give you insight into the fair market value of your home. I think they call it the Price Whisperer.

  • anonymouse_dianne

    BTW that Indian restaurant is excellent. For Happy Hour, every day of the week including Sunday, the appetizers in the bar are $5 and they have $4 draft beer. Really nice early supper after a play at Arena Stage. Going Sunday to see Erma Bombeck and looking forward to supper.

    • I went to the original in Friendship Heights (I think, it was one of the red line up there stops). My snobby Indian friend claimed that to be the best Indian food in DC. He called Rasika over-priced mediocrity.

      • The original Masala Art is in Tenleytown, and yes, it’s fantastic. I’d rather eat there than Rasika, frankly.

  • If you seriously want to rent it out, aim for putting it up for rent in April/May (“high time”)
    if you aren’t sure, see who bites.
    As for selling, no laundry and no parking is a big issue in the 300k range. I would agree that 260s seem fair and you could get bid up to 280. ‘
    I know someone who lives in the building and likes it, but her apartment is small. It’s convenient for a lot of people (House staff, people who work at agencies near the Mall) so I think you could get a few offers. But I think listing at 300k is a bit steep for the area/large building. We listed a 500sq ft studio in Dupont with common laundry and no parking for 299 and got 314. But I still think people see that as a much better area (no disrespect). So do with that info what you will. I think 260, 265 would get you traffic especially if the building is FHA/VA approved.

  • I pay $1775 for a studio on 6th street, but have all stainless appliances, everything is included, gym etc.
    I know current rental rates are lower, around $1725-50, so your price isn’t unreasonable.
    I also know that for $330k you can get an older 1 bedroom around 4th and M, so $300k for studio might be on the high end, especially if it needs some upgrades.

    • Ditto this comment. I rent a 1 BR in the newer condo building next door and pay $1750, and I get in-unit laundry and parking. $1750 is way too high for a studio in PPT.

  • For what it’s worth… when I queried PoPville about how much to rent out my condo for (a one-bedroom in Adams Morgan), I got a pretty wide range of suggestions. I started on the high end of those numbers, but found that I had to lower the price by about $200 before I started getting any real “bites” on my Craigslist ad. (Basically, I lowered the price first by increments of $50 and then by increments of $25.)
    OP, if you haven’t already, I recommend that you do some serious Craigslist searching to see what studio rentals in SW Waterfront are going for (or what people are trying to rent them for, which is not always the same thing). 650 square feet is pretty big for a studio, but with carpeting rather than wood floors, no in-unit washer/dryer, and no parking, $1750/month sounds awfully optimistic to me.

  • Agree, $1750 is too much for an older studio without its own laundry and parking. I’d expect something closer to $1500. As for the sales price, again, I think $300K is too high for that. There’s currently 2 studios listed in that building – both smaller than your unit. The one that is 550 sf jumps out at me. It’s been on the market almost 2 weeks, and they’ve already marked down the price to $244k. This one has wood floors and is only 100 sf smaller. Is yours really that much nicer to warrant a +$50K premium?

  • I live on M Street in SW in a 1 bedroom (no W/D in unit) with only carpet in the bedroom, updated kitchen, balcony where I can see Nats Park in the distance, and I pay $1750. I agree with others about looking at CL and see how much studios are going for in the area. I would say that I probably wouldn’t pay over $1500 for a studio with no in-unit laundry.

    • +1 There are people who would be into a bigger place with older fixtures and less amenities, and those are renters who would like a bargain on their rent. $1750 is not a bargain for a SW studio with no in unit W/D.

  • If you can’t afford to fix stuff tenants break, do maintenance, not get paid for a month or two when the tenant moves out and you don’t have a new one, and hire a lawyer if you need to evict someone, then you shouldn’t be renting. You need to figure out how much your property taxes will go up when you lose your homestead deduction, and if your mortgage lender and homeowners’ insurance and condo association allow you to rent (and if your premiums will go up).

    What do you still owe on your mortgage? Where would you live if you didn’t live in your current place? How much of a down payment do you have saved for buying a new place? These could help you decide whether to rent or sell.

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