Good Deal or Not? “Rental=300k+ of mortgage!” edition (reader request)

by Prince Of Petworth June 3, 2014 at 12:55 pm 18 Comments

3122 18th Street Northwest

This house is located at 3122 18th Street, Northwest. The listing says:

“Stately 5BR/2.5BA Mount Pleasant Victorian PLUS 1BR/1BA rental (w/ CofO) renovated in 2012! Gorgeous period details, beautiful woodwork, + original accents throughout the spacious floor plan. 4 finished floors, 2 zone A/C. 10′ ceilings & great-sized rooms. 2 balconies, terrace, + patio. Top floor master suite w/ stunning Cathedral views! Rental=300k+ of mortgage! 1 car garage.”

You can see more photos here.

This 6 bed/3.5 bath is going for $1,149,900.

  • JJ

    The kitchen is a little awkward in it’s layout but the place looks beautiful. Love that the woodwork is not overpowering. The bedrooms look very well sized.

    • Those frames and ceilings = swoon. This is a lovely house.

  • Anonymous

    This house will sell for much more than the asking price. Mt. Pleasant houses with less square footage, no basement rental, and in worse condition have recently sold for over $1.2 million.

    • annonny

      My impression as well. This is gorgeous and a lot of space for the money. CofO for the basement helps a lot too. The only downside to this sale I can imagine are problems with immediate neighbors (e.g., shabby houses on the same block and/or group houses next door).

  • Anonymous

    So is $1500/month the going rate for a remodeled basement rental in Mt P? That’s my estimate of about what it would take to service $300k of mortgage debt. We’re renting for $1400 including all utilities (newly redone, but a lower level of finishes) which I thought was a great deal.

    • Anonymous

      This will rent for more than $1500, IMHO. Probably closer to $1800, if the finishes throughout are as nice as they appear. That butcher block counter is gorgeous.
      Beautifully appointed house. Does anyone know if this was a recent flip/renovation? This looks like staging furniture.

    • Anonymous

      a lower level in Mt. P of this quality could get 1700-1800 in a heartbeat. possibly more.

      • L2

        This is also assuming that the landlord does not claim the rental income on their taxes, which they are required to do by law. That eats up a lot of profit.

        • Anonymous

          Well you can offset rental income by (a percentage of) interest on the mortgage payment. And also offset costs to run/maintain property. So you don’t have 100% income, you have plenty of offsets.

    • Anon

      $1500 is the going rate for crappy studios right now. So yes, I think that a nicely renovated (1BR?) unit in MT P could easily get more than that, basement or no.

  • Anonymous

    Wonder if this will/can be subdivided? Given family sizes today 5-br seems like overkill.

    • Anonymous

      I doubt it. So many houses like this have been cut up into condos that a bigger/suburban-sized house in the city now has a lot of appeal. If it were in worse shape, maybe, but this one screams SFH to me, for a while.

  • Shawly

    i want.

  • MK

    Sold for $859,000 back in 2011. The current owners took off some wallpaper and painted out the dining room wainscoting, repainted, did some work on the bathrooms but didn’t touch the kitchen. They also have better furniture which makes it looks less cluttered. I hope it stays a single family home.

  • Anonymous

    There are dozens of homes in Mt. Pleasant built in this exact plan. The ones I’ve been in are very spacious, and that original woodwork is especially nice.

  • Anonymous

    this is a RIDICULOUSLY GOOD DEAL. i know of top floor condos in cut-up row homes exactly like this that would go for the same amount, and those are one 1/4 of the space. it will go for way more.

  • Anonymous-est

    I cringe at saying this but that is a good deal. If I’m going to pay that though then I’d want the bathrooms and kitchens renovated (doesn’t look like much was done to them in these pics), and a more developed backyard space. It’ll go for more than asking. I walk my dogs by this house daily and have been wondering when it would finally be on the market. I like the woodwork and wainscoting. Very nice job overall.

  • dcd

    That’s a tremendous deal. The only potential fly in the ointment (for me, at least) would be the uncertainty about the DCPS feeder patterns that exists for that neighborhood right now. If that was settled (and the result was favorable) I’d buy it tomorrow.


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