Deal of the Week: Own a Studio for $1,000 a Month

• April 19, 2010
• 2 Comments

by Mark Wellborn

Not for everyone, but this installment of Deal of the Week is a great opportunity for someone who has been considering purchasing a small unit, but has a fairly flexible time frame in which to buy. This studio unit just north of Meridian Hill Park in Columbia Heights is a short sale that has garnered a lot of interest recently. (It was the most popular property on Redfin during the past two weeks.) Even though it is a short sale and will likely require the eventual buyer to jump through some hoops, it is being listed for $30K less than what it sold for in 2005, and monthly payments (including taxes and fees) come out to just over $1,000. For the full listing, click here.

1321 Fairmont Street NW (map)

• Price: $161,000
• Bedrooms: 0
• Bathrooms: 1
• Year Built: 2004

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 5.2 percent.

• Loan Amount: $128,800
• Principal and Interest: $707
• Condo Fees/Taxes: $329/month
• Total Monthly Payments: $1,036

This article originally published at https://dc.urbanturf.com/articles/blog/deal_of_the_week_own_a_studio_for_1000_a_month/1990

2 Comments

1. swester said at 3:17 am on Tuesday April 20, 2010:
   Pretty sweet fit and finish. Any idea on the square footage? It's hard to tell from the photos, but it does look TINY. Maybe 400 sq. ft. tiny. But $1000/mo. ain't bad for ownership.

1. George said at 3:48 am on Tuesday April 20, 2010:
   Not bad at all particularly since $1,000 a month is about the going rate to rent a studio in the neighborhood.