Deal of the Week: The Allure of the Rental Unit

• November 6, 2012
• 4 Comments

by Shilpi Paul

719 Otis Place NW

This installment of Deal of the Week is a large, currently vacant row house with that most sought-after of features: a rental unit.

The four-bedroom home is located in Park View, the neighborhood just east of Columbia Heights and Petworth. The eventual owners will benefit from the development that will occur on nearby Georgia Avenue, and will be able to pop into The Coupe on 11th Street at any hour of the day.

Extra space abounds in the 2,040-square foot home, including areas like a sitting room upstairs and the potential for a second bedroom in the listing’s downstairs rental unit. The home has been renovated fairly recently and appears to be in good condition, with polished floors and crisp spaces.

Though it’s only been on the market for four days, the agent tells us that he already had six offers in hand. More details and photos below.

Update: Our Deals of the Week have a habit of getting snatched up shortly before we write about them. Such is the case with this home, which went under contract late Monday.

Bathroom

Kitchen

Master Bedroom

• Address: 719 Otis Place NW (map)
• Price: $499,000
• Bedrooms: Four
• Bathrooms: Two
• Year Built: 1920
• Price Per Square Foot: $245
• Listing Agent: Evan Johnson, Coldwell Banker Residential Brokerage

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 3.5 percent.

• Loan Amount: $399,200
• Principal and Interest: $1,793
• Property Taxes: $334
• Total Monthly Payment: $2,127

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_the_allure_of_the_rental_unit/6260

4 Comments

1. ctk said at 12:35 pm on Tuesday November 6, 2012:

   To be a legal rental, doesn’t a basement need to have both front and rear entrances?

1. JS said at 12:39 pm on Tuesday November 6, 2012:

   CTK,

   I believe the requirement is for two methods of egress, not necessarily two doors.

1. Evan Johnson said at 3:17 pm on Tuesday November 6, 2012:

   This is a great home and area for investors however this row house is a single unit.  More pictures and details can be found at http://evanjohnson.com/columbia-heights-row-house-for-sale/

   Cheers,

   Evan Johnson
   Coldwell Banker Residential Brokerage

1. L said at 12:22 pm on Thursday November 8, 2012:

   Looks like a nice house, but I think ctk is right, this doesn’t look like a legal rental.

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