Highlight of the Week
Highlight of the Week:
Renovated Petworth Townhouse (With Great Rental Potential)
Price: $469,900 — $235 per square foot
Interior of 723 Hamilton Street
Full Disclosure: A friend of UrbanTurf put this home on our radar a couple weeks ago, and we are glad she did. The renovated five-bedroom rowhouse in Petworth is a very nice buy for two reasons: 1) It is a foreclosed property and we hear that the bank is willing to give the new owner a good deal on a mortgage, and 2) The two-bedroom in-law suite on the basement level is the perfect rental unit which would be a nice way for the new owner(s) to pay off the mortgage. Perhaps the only drawback is that the home is a rather long walk from the Metro in an era when people are regularly leaving the car keys at home.
Specifics
This property is located at 723 Hamilton Street NW (see map here). As noted above, it has been completely renovated, and the combination of the makeover and the hardwood floors throughout has given the property a shiny, “brand new” feel.
When you walk in the front door, you can see that the home has a very open layout. There is a sitting room at the front of the house that is small but could fit a few couches. A short hall leads into the kitchen, and just beyond the kitchen is the living room. The kitchen has all stainless steel appliances and a good deal of counter and cabinet space. The living room gets a lot of natural light and there are French doors that lead out to a back deck. The property also has a front porch, a celebrated feature standard to many of the rowhouses in Petworth.
Upstairs, there are three bedrooms. The master bedroom is at the back of the house and has its own bathroom and a huge amount of closet space. The other two bedrooms vary in size, one being almost as large as the master, and the other a bit smaller. The small bedroom does not get nearly as much light as the other two because it is in the middle of the house. There is another bathroom on this floor that the two smaller bedrooms share.
The basement unit is completely self-contained, part of the reason it would be such a good rental unit. It is about 900 square feet and there are two bedrooms, a kitchen and bathroom. The unit can be entered from the front or back of the property, and has a washer and dryer, as does the house upstairs.
There is a parking pad in back that listing broker David Getson noted would be good for about “one and a half cars.” However, street parking is still plentiful in this section of Petworth, and finding a spot on the block in front of the house is not an issue.
How Does This Property Stack Up In The Area?
Over the past ninety days, 49 properties have sold in Petworth, and only three had a listing price at or greater than $469,900, according to Long & Foster’s Shari Walker. So, this property is in the top five percent when it comes to listing prices in the area. However, that is not to say that it is over-priced. Not only has 723 Hamilton Street been completely renovated from top to bottom, but it also has five bedrooms in a neighborhood where three-bedroom properties, like the one below at 720 Decatur Street, have higher listing prices.
| 723 Hamilton Street | 720 Decatur Street | |
|---|---|---|
| Price | $469,000 | $479,000 |
| Number of Bedrooms | Five | Three |
| Number of Bathrooms | 3.5 | 2.5 |
| Distance to Metro (Walking) | 28 minutes | 20 minutes |
| Parking Situation | Parking Pad | Parking Pad |
| Laundry | Yes | Yes |
Kitchen
Who Should Buy This Property?
There are no monthly fees (condo or HOA) associated with this property, and the taxes for 2007 were $2,362. If the buyer can put down 20 percent ($93,980) of the current asking price and get a thirty-year loan at a fixed rate of 6.2 percent, the monthly payments will come out to $2,492. It is important to note that while your tax situation may change, the new owner should factor in the rental income that can be made from the basement unit. Rentomatic puts the median rent for a two-bedroom property in the area at about $1,300.
So, with these numbers who should buy this property?
This is a tough question to answer because the property would be a good buy for a variety of people. A young couple or a small family could buy this house and rent out the basement level. An investor could buy the property and rent out every room. “I think this is type of house that anybody could buy,“ Getson said. “Renting out the five bedrooms could cover the mortgage and then some.”
What Do The Experts Say?
“This is a beautiful renovation of a traditional Petworth rowhouse. It might be considered walking distance to the Metro, but it's quite a hike. Plop this house down closer to the Petworth Metro and it's a good deal.”
— Kevin Wood, William Sawyer and Co.
“The renovation is stunning and tasteful! It would seem no detail was too small to overlook. It may even be a little over-renovated for Petworth when you consider comparable renovations in the area. However, the price has been reduced on it a few times since it was originally listed and it is a bank-owned property, which adds an element of complexity and inconvenience for any potential purchasers, and that should also be taken into consideration.”
— Shari Walker, Long & Foster
Living Room
Parking & Transportation
As noted above, there is a parking pad in the back of the property that could fit at least one car, and perhaps a smaller second one. Street parking is not an issue in Petworth, so there are usually spaces in front of the house.
While this property is not very close to the Georgia Avenue/Petworth Metro (see above), the 70, 71 and 79 Metrobus lines stop on Georgia Avenue not far from the house and go all the way downtown.
Quick Answers
Closest (Decent) Grocery Store — Safeway at 3830 Georgia Avenue -- About a mile away
Closest Coffee Shop — Mocha Hut at 4706 14th Street -- About three-quarters of a mile away
Closest Movie Theater — The Uptown at 3426 Connecticut Avenue -- About 2.5 miles away
Photos & Resources
- Listing for this property
- Listing Brokers — Mandy Mills and David Getson
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