DC Buyer: Office Manager and Part-Time Grad Student Looking for First Home

• March 5th 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. If you are a prospective buyer and would like to be featured in DC Buyer, send an email to editor@urbanturf.com.

This week, we’re working with Amanda, a 27 year-old office manager and part-time graduate student who would like to buy her first home. Her income is a fairly modest $44,000, but combining her savings (she lives a very frugal lifestyle) and a generous gift from her parents, she is shopping in the $300,000 price range. Her FICO score of 728 and her minimal consumer debt with payments under $200 each month will qualify her for the $150,000 mortgage loan she needs.

Amanda only has a few “must-haves” for her new home. As someone who works and goes to school, she wants her new home to be on the quiet side, so she’s ruled out ground floor apartments and basement units, especially on busy streets. She doesn't mind doing some basic aesthetic work or substantial renovations, but does not have the money to do renovations right away. As for location, Amanda is open to exploring new neighborhoods, but would prefer to stay in Northwest if she can.

Lastly, Amanda knows that especially in a condo building, you can often change almost anything that you dislike down the line, but the size and placement of windows is usually permanent. Therefore, she would like something that already provides ample sunlight.

The first selection is a one-bedroom co-op at 3039 Macomb Street NW. This property recently had a price reduction down to $299,000, which puts it exactly at Amanda’s target price point. While the finishes are a little dated, the location (only two blocks to the Cleveland Park Metro on the Red Line) is excellent, and the unit has an airy, welcoming feel due to the high ceilings and windows in every room. The downsides here are the lack of an in-unit washer and dryer and the fact that the kitchen will need to be renovated at some point.

Next up is a one-bedroom condo at 1833 S Street NW priced at $330,000. This unit is right in the middle of Dupont Circle, has hardwood floors, a large bedroom and a small balcony off the kitchen. It is the highest-priced unit that we are featuring for Amanda and it would be a stretch that would require her to borrow a little bit more for the down payment.

The final and lowest priced option is a one-bedroom unit at 1239 Vermont Avenue in Logan Circle, on the market for $279,900. This unit has a workable kitchen and bathroom, but at some point she would probably want to do some renovations, especially with the potential to eventually open up the kitchen to the living space. This unit also carries a higher condo fee than Amanda had hoped for ($421), but the building offers a rooftop deck with a pool and expansive city views for that price.

Given these three choices, where should she put in an offer?

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• Manhattan Couple Looking for Outdoor Space (If Possible) in Logan Circle
• 27 Year-Old Looking For A Place Where His Clothes Will Be Clean

This article originally published at https://dc.urbanturf.com/articles/blog/dc_buyer_office_manager_and_part-time_grad_student_looking_for_first_home/1846.