Deal of the Week: Live Upstairs, Rent Downstairs

by UrbanTurf Staff

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.

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.

  • 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: deal of the week, dclofts, columbia heights

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


  1. David said at 9:51 am on Tuesday July 19, 2011:

    If I had the money, I would do this in a flash.

  1. Rock said at 10:37 am on Tuesday July 19, 2011:

    It’s important to note that banks treat a 2-unit property differently than a single family home.  The buyer will almost certainly need to put down a minimum of 25%, possibly more, making this a tough nut to crack for a homeowner vs. investor.

  1. anon said at 11:37 am on Tuesday July 19, 2011:

    I actually am not so sure about that. If the buyer is not an owner occupant (investor) then, yes, 20% down would be needed. FHA (3.5% down), however, could be used if owner occupied.

  1. John Settles said at 4:25 pm on Tuesday July 19, 2011:

    The initial commentor is correct that on a Conventional Loan the down payment would be 25% for an owner occupant or Investor.  They both could utilize a 5,7, or 10 year arm to make the numbers more attractive.  An owner occupant could use FHA financing at 3.5% down and a rate of 4.25%(30 year fixed).  Payment would be higher with the lower down payment and FHA monthly insurance but someone could technically get the whole house for the cost of rent.

Comments are closed.

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