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

  • April 19, 2010

by Mark Wellborn

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

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.

Deal of the Week: Own a Studio for $1,000 a Month: Figure 2

Deal of the Week: Own a Studio for $1,000 a Month: Figure 3

Deal of the Week: Own a Studio for $1,000 a Month: Figure 4

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

See other articles related to: short sales, deal of the week, columbia heights

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

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