Topic: Which one’s a better DC neighborhood to invest in?
Which one’s a better DC neighborhood to invest in?
I have a friend looking for a house in DC. We’ve spent a lot of time debating on what makes a good investment… I bought my house in 2000 in Columbia Hts for a really low price, after current renovations I’m doing, it’s set to be valued around $760,000 (appraiser’s estimate), a nearly 8x increase in value in just about 12 years, and the rental value will be pretty good in this neighborhood as well, for around $2,300 per unit. My friend is stuck on the idea that investing in a house in Capitol Hill in the $800,000 range is a better idea than investing $600,000 to buy a house in columbia Heights or Petworth. I don’t want to be one sided, so I figured I’d ask you guys and then point him to this thread later to show differeing points of view.
Though Capitol Hill is great, the investment cost is significant and prices for real estate have always been high there. I come from a background of “Buy low & Sell high” which has allowed me to find really great home deals, and now that Col. Hts. & Petworth have proven to be emerging neighborhoods with lots of younger professionals moving in, I think it’s a bit more progressive than traditionally strong Capitol Hill (Not including H st NE).
What do you guys think? Is investing $600k in Petworth/Col.Hts. better for property value and rental potential than investing $800k in Capitol Hill on a single family Row House?
Let me know what you guys think, also realtor comments would be highly appreciated!