Home | Newsletter | Advertise
loading...

What $30K Buys You: The Cheapest Unit in the City

  • May 4th 2010

by Mark Wellborn

What $30K Buys You: The Cheapest Unit in the City: Figure 1
20 Chesapeake Street SE

In this week’s installment of What X Buys You, we did some research to find the least expensive, move-in ready home on the market in DC. Eliminating foreclosures, short sales and abandoned homes in need of a complete renovation, we found a one-bedroom on the market in Congress Heights for $29,900.

The 540 square-foot unit at 20 Chesapeake Street SE is in need of some updating, but at $55 a square foot, the eventual buyer will probably have some money left over for renovations. The building itself was renovated in 1990.

While there are no maximum income limits to buy this property, the unit must be owner-occupied and cannot be rented out, the listing agent told UrbanTurf. The management for the building is “going for co-op lending approval” and must keep the building 100% renter-free.

The other downside to the unit are the fees: $336/month or about three times your monthly mortgage payment if you are financing. No word on why the fee is so high, but UrbanTurf is inquiring.

Aside from those things, consider that if you bought this unit, you are getting it for less than most people pay to buy a parking space in this city.

Update: Unit is a co-op. Fees include electricity, gas, and property taxes.

See other articles related to: congress heights, dclofts, what x buys you

This article originally published at https://dc.urbanturf.com/articles/blog/what_30k_buys_you_the_cheapest_unit_in_the_city/2037.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse