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The Cribline House Pick of the Week – February 5, 2012 | Real Estate

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The Cribline House Pick of the Week – February 5, 2012
Real Estate
The Cribline House Pick of the Week – February 5, 2012

 

The Cribline House Pick of the Week is based on identifying 10-to-15 homes on the market each week and touring open houses on Sunday between Noon and 4 pm in person to get a real feel for a place.  We focus only on homes in DC proper and this week our tour began on Capitol Hill, continuing up to Petworth near Grant Circle and Sherman Circle and ending up in Mt. Pleasant.

There are some great houses out there and it’s only early February!

This week’s pick of the week is 415 Constitution Avenue, NE. It’s a bright circa 1890′s classic Victorian row home with top shelf amenities, classic details, and a warm and open floor plan and just steps to the Capitol, Supreme Court and Senate office buildings. This weekend was the first open house.

This home has 3 spacious bedrooms and 2 baths on the top floor, and the master has an outdoor porch. On the main floor, the double door entrance opens into a vestibule and into a grand main hall, stairwell, and half bath. Off to the left is the main salon, a large dining room and a newly-renovated chef’s kitchen that includes a 6 burner gas stove, stainless steel cabinetry and appliances and radiant-heated floors.

What makes this home even more unique than its great location, aesthetics and size, is its large English basement, equipped with a modern kitchen and bedroom that could be rented out for around $1800/mo (according to our estimates).

 

To the Point Analysis:

Twenty percent down on $1,100,000 is $220,000 leaving $880,000 to be financed.  At around 4.25 percent for a 30-year fixed mortgage, we estimate a monthly payment to be around $5,500/mo. for principle, interest, taxes, and insurance (PITI).  If the basement is rented out, that amount could be reduced by around $1,800/mo to $3,700/mo.  After the tax deductions for mortgage interest and property taxes, we estimate a final net monthly payment right around $2,600/mo.  I have a friend renting a furnished studio apartment for about that amount, and another friend renting an unfurnished one bedroom plus den in Arlington for several hundred dollars more.

There are 3 honorable mentions this week:

In Mt. Pleasant we found a detached 5 bedroom, 3.5 bath home on a huge lot right at the corner of 18th and Monroe, NW (1806 Monroe Street, NW).  This is a find that also has an in-law suite. It’s listed for $1,150,000. This was the first open house for this property.

The second honorable mention is 1376 F Street, NE. on Capitol Hill. This 3 bedroom, 2 bath home is very unique–it has a historic flow that is blended with warm and modern features. This home has a special and comfortable feel while maintaining classic touches.  It’s listed for $598,000.

And, finally, for one of the best deals in the city this week, we found 222 Varnum Street, NW in Petworth. This 3 bedroom, 3.5 bath fully renovated home is listed for $489,000 (or $252 per square foot).  Tour the home here.

Happy house hunting!

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