Multiple Bids: Competing in Mount Pleasant

• June 11, 2013

by Shilpi Paul

In Multiple Bids, UrbanTurf showcases homes that we think will attract the attention of several buyers. This week, we look a renovated four-bedroom rowhouse not far from Rock Creek Park in Mount Pleasant.

There are a few reasons for believing that this family-sized home will attract more than a few interested house hunters. First, the price per square foot is on the low end of the scale ($298) for the neighborhood.

Next, similar listings in the area seem to be ripe for bidding wars these days. For example, this Mount Pleasant rowhouse not too far away just went under contract for more than $100,000 above its asking price.

Finally, the home has what seemingly every buyer wants these days: an in-law suite that could (if proper permits are obtained) be rented out. Complete with a kitchen, the lower-level space will give the eventual buyer a possible way of reducing their monthly outlay. More details and photos below.

• Address: 1718 Hobart Street NW (map)
• Price: $849,000
• Bedrooms: Four
• Bathrooms: 3.5
• Year Built: 1927
• Price per Square Foot: $298
• Listing Agents: Kelly Williams and Loic Pritchett, 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 4.0 percent.

• Loan Amount: $679,200
• Principal and Interest: $3,242
• Property Taxes: $445
• Total Monthly Payments: $3,687

Photos courtesy of HomeVisit.

This article originally published at http://dc.urbanturf.com/articles/blog/multiple_bids_with_rental_property_in_mount_pleasant/7180