DC Buyer: 27 Year-Old Looking For A Place Where His Clothes Will Be Clean

• February 17th 2010

by Martin Smith

DC Buyer is a series on UrbanTurf where we look at buyers from various demographics and provide available housing options for them in the current DC market. After presenting some choices, we will ask readers to help them make their choice.

This week, we’re searching for properties for Vincente, a 27 year-old man who works near McPherson Square and has been watching the DC real estate market for about two years trying to decide when to jump in. As a first-timer, he is particularly sensitive to price, and has set his absolute limit at $200,000.

Vincente makes about $48,000 a year working for a health care company, and has an acceptable FICO score of 734. His monthly debt is only about $400, made up of a combination of a small balance on a student loan and payments on the balance for a flat screen TV he charged to his credit card right before the Super Bowl. He has managed to save about $37,500 that will be used as a down payment. He knows that he’s going to have to make a lot of compromises at this price point, so his only “must have” is a washer/dryer in the unit. Everything else (size, neighborhood, amenities) is negotiable.

The first property we found for Vincente is actually an entire row house (albeit a small one) in the H Street Corridor. On the market for $192,500, it is both the largest (two bedrooms, one bath) and the least expensive property that we found. That said, it is also the riskiest as it is a short sale. We normally wouldn’t recommend short sales to a first-time buyer, but because this property is such a good deal, we think it is worth the potential headaches. Aside from the massive benefit of not having to pay condo fees, this property is fully renovated and has off-street parking. The downside is that it is located on Florida Avenue, so noise may be a problem.

Our second choice for Vincente is a one-bedroom, one-bath unit at 2 17th Street SE. This unit is on the far east side of Capitol Hill and is listed for $194,900. Like the property on Florida Avenue, it goes above and beyond his one requirement of an in-unit washer and dryer, boasting a granite/stainless kitchen, hardwood floors and quite large windows. The condo fee is also one of the lowest we’ve seen at $146/month. The Hill is always a safe choice for first-time buyers, and the outer edges are becoming increasingly popular.

The last property we recommend for Vincente is a one-bedroom condo in Brookland at 2625 3rd Street NE. This $195,000 condo has the usual package of hardwood floors, stainless steel appliances, and granite counters, but the reason we chose it is because of its proximity to area amenities like tennis and basketball courts and grocery stores. It is also not very far from the Rhode Island Metro on the Red Line.

Looking at these three options, all under $200,000, where do you think Vincente should put in his offer?

This article originally published at https://dc.urbanturf.com/articles/blog/dc_buyer_27_year-old_looking_for_a_place_where_his_clothes_will_be_clean/1788.