Deal of the Week: Live Upstairs, Rent Downstairs

• July 19th 2011

by UrbanTurf Staff

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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.

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

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