Deal of the Week: U Street Condo Alternative With Rental Prospects

• March 26, 2013
• 8 Comments

by Shilpi Paul

2110 Vermont Avenue NW

While the price per square of this installment of Deal of the Week is fairly average, the lower level rental brings the monthly outlay into deal territory.

2110 Vermont Avenue NW is located about half a block from an UrbanTurf favorite — Blind Dog Cafe — and across the street from the 9:30 Club.

The home is divided into two living areas: the first and second stories contain a living room, kitchen, master bedroom and a large bathroom, and the lower level has a studio-like living space, a smaller kitchen, and a bathroom. With two entrances, the lower level is a legally rentable unit that the current owner leases for $1,100 per month. By our calculations, that should cover more than half of a typical monthly mortgage payment.

While the main house only has one bedroom, it could be a good condo alternative, with the additional perk of having a deep, landscaped backyard. More photos and details below.

Living Room

Lower Level

Backyard

Kitchen

• Full Listing: 2110 Vermont Avenue NW (map)
• Price: $499,000
• Bedrooms: Two
• Bathrooms: Two
• Year Built: 1900
• Price per Square Foot: $426
• Listing Agent: Jeffrey Sachse, TTR Sotheby’s International Realty

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 3.6 percent.

• Loan Amount: $399,200
• Principal and Interest: $1,815
• Property Taxes: $273
• Total Monthly Payments: $2,088

Photos courtesy of HomeVisit.

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_u_street_condo_alternative_with_a_rental_unit/6836

8 Comments

1. JS said at 5:45 pm on Tuesday March 26, 2013:
   This house is also attached to Duffy's, which could explain the low price.

1. Sid Vicious said at 5:50 pm on Tuesday March 26, 2013:
   This is an awful deal, it's way too small and it's not really a two bedroom as advertised. It's a dinky one bedroom with a rental studio in the basement, and the shared backyard with the townhouse next door makes it very faulty.

1. James said at 5:51 pm on Tuesday March 26, 2013:
   And the back-yard is shared with the neighboring row-house.

1. KL said at 6:06 pm on Tuesday March 26, 2013:
   I agree that this is a bargain with the rental, but in this market I know it will go higher than the advertised list price.

1. mona said at 7:40 pm on Tuesday March 26, 2013:
   This house may not be for everyone(Sid Vicious) but there are plenty of people out there who will love it and its location. I bet it goes over asking even with its fake 2 bedrooms

1. zcf said at 10:39 pm on Tuesday March 26, 2013:
   According to redfin, monthly payments on $500K mortgage with 5% down and 3.6% interest is $2500 (which includes the property tax). While I find that hard to believe, assuming it's right, then your housing expense is only $1400 with the renter. I think this may be a good deal then if you're okay with the hassles and expenses of being a homeowner and landlord, AND assuming you won't outgrow this place and would then want to sell in a few years. Funny, when I bought my 2 bedroom condo, I thought it would be sufficient for a long time to come. But 3 years later, I'm kicking myself for not simply buying a house.. Meh.

1. far said at 6:33 pm on Wednesday April 10, 2013:
   Duffy's isn't the problem with this property. The problem is the noise that comes within a few feet of American Ice's outdoor patio. lots of crowd noise until 2am on weekdays and 3 am on weekends. NONSTOP screeching between 11pm and 3am. - almost all year round except the coldest and rainiest days. Good luck with that.

1. Mike said at 6:17 pm on Thursday August 15, 2013:
   ZCF forgot that a loan w/less than 20% down will need PMI (mortgage insurance) and the rate of 3.6 is not attainable any longer...better try 4%+ and factor in PMI monthy amt(~$400+). So...really...this house would cost well over $3k a month.