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Deal of the Week: Live Upstairs, Rent Downstairs

  • July 19th 2011

by UrbanTurf Staff

Deal of the Week: Live Upstairs, Rent Downstairs: Figure 1
1338 Irving Street NW

According to Rentometer, the average monthly rent for a two-bedroom apartment on the 1300 block of Irving Street in Columbia Heights is about $2,300. So, in theory, the buyer of this installment of Deal of the Week could pay off a good chunk of their monthly mortgage if they rented out one of the listing’s two units.

1338 Irving Street NW consists of two separate two-bedroom, two-level units. The upstairs two-bedroom appears to be more attractive, but both have two bathrooms and small decks, and the property comes with two parking spaces.

Deal of the Week: Live Upstairs, Rent Downstairs: Figure 2
Living Room

Even with pretty steep monthly property tax payments, if the eventual buyer puts 20 percent down and can rent out one of the units for $2,300 a month, it will cover well over 50 percent of the monthly mortgage.

More details and photos below.

Deal of the Week: Live Upstairs, Rent Downstairs: Figure 3
Bedroom

Deal of the Week: Live Upstairs, Rent Downstairs: Figure 4
Backyard

  • Full Listing: 1338 Irving Street NW (map)
  • Price: $799,000
  • Bedrooms: Four
  • Bathrooms: Four
  • Square Footage: 2,664
  • Listing Agent: Yumin Chung, McEnearney Associates

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.6 percent.

  • Loan Amount: $639,200
  • Principal and Interest: $3,277
  • Property Taxes: $631/month
  • Total Monthly Payments: $3,908

See other articles related to: columbia heights, dclofts, deal of the week

This article originally published at https://dc.urbanturf.com/articles/blog/deal_of_the_week_live_upstairs_rent_downstairs/3820.

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