Good Deal or Not? Loft Edition (Reader/Owner Request)

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This condo is located at 3039 16th Street, NW:

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The Craig’s List ad says:

“Incredible opportunity to live in one of the hottest neighborhoods in the city. This large 1 BR/ 2Bath w/ large 2nd floor loft (2nd BR) is a modern masterpiece with elevator opening directly into unit. Columbia Heights Metro, Harris Teeter, Gourmet Giant, Target, Washington Sports Club, Commonwealth Gastropub, Wonderland, and Red Rocks Pizza only scratch the surface of what lies steps away. Or if you prefer, a 5 min walk places you at the doorstep of Rock Creek Park and the National Zoo. Unit includes washer/dryer, gas cooking, central A/C, gas fireplace, exposed brick, LARGE storage room, and bright views of city scape. Public roof deck has unobstructed views of DC/MD/VA. Ask about option for unit to be equipped with 42″ flat screen TV, surround sound, AND HD projector w/ 8 ft theater screen in loft area. You’ll never want to leave this place!”

The reader writes:

“$2750/month w/ $100 monthly credit for on-time payment
$560,000 to purchase
or
Purchase Option — rent for year and apply entire years’ payment towards purchase price”

This is an interesting one since it is for sale or rent. How do the prices for those options sound? What are your thoughts on loft condos? A few more photos after the jump.