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The Cribline House Pick of the Week – Week of February 12, 2012 | Real Estate

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The Cribline House Pick of the Week – Week of February 12, 2012
Real Estate
The Cribline House Pick of the Week – Week of February 12, 2012

Hello Cribline readers:

It is the week of Valentines Day, and love is indeed in the air.  There were a lot of couples out today home shopping, and one couple who mentioned that they saw me last weekend touring our great city.  I gave them a card and introduced them to The Cribline, so hopefully they’ll read this week’s post and be hooked.

There are a lot of great listings this week and fresh homes on the market for the first time.  It’s starting to feel healthier and healthier out there.

I got a late start today as I had an appointment with my organizer, Donna Cameron who is founder of The Clutter Doctor.  She has helped me make great strides in organizing my own house and several of my friends have also benefited from her great work.

In scanning the newspaper, and online, there were many homes around the city that caught my attention including properties in Georgetown, Cleveland Park, and Chevy Chase that I didn’t make it to today, so I encourage you to check out those neighborhoods in the Washington Post, Craigslist, Redfin, Zillow, Trulia or other resources like that.

This week our tour focused on LeDroit Park, Bloomingdale, Brookland, and Capitol Hill.

The House Pick of the Week is the newly renovated 637 Morris Pl., NE on Capitol Hill.  This property is just on the market, and really has a lot of the features that many people like, and qualities that The Cribline looks for including parking, spacious rooms, great closet space, a yard, great location, modern amenities, and homes where the real estate math makes good sense.

This home dates back to 1900 and was just completely renovated.  It’s listed for $839,000, and just wait to see how this property works out with our to the point analysis (below) as it has a modern separately metered one bedroom English basement.

Before we get there, let me share with you the features of the main house. It has 3 bedrooms and 2.5 baths.  The living and dining room are open and spacious, and they lead right into the kitchen with a back door that leads to the backyard garden and garage.  The chef’s kitchen contains granite counters, 42″ cherry cabinets with glass fronts, Bosch stainless steel appliances, a 5-burner cook-top, built in microwave and wall oven, and French door refrigerator. The floors are hardwood throughout the entire home.

On the top floor, there are 3 bedrooms and 2 baths, one of the baths is in the master suite and it has a frameless glass shower door, custom tile, and contemporary fixtures.

All closets include modern modular shelving and the number of them and size are unprecedented for historic homes.

To the Point Analysis:

At $839,000, if you were to put down 20 percent, you’d have a mortgage of around $670,000. At an estimated interest rate of 4 percent, this would be around $3,700/mo. including taxes and insurance.  Because of the English basement, that The Cribline estimates could generate around $1,700/mo. that would leave a balance of $2,000/mo.  After the tax benefit, with the deductions of mortgage interest and property taxes, The Cribline estimates a final net payment of $1,400/mo… $300/mo. less than the rental price of the basement apartment.

This is quite the find.

There are 3 honorable mentions this week:

1) For Capitol Hill staffers in particular or someone looking to be right next door to the Senate Office buildings, check out the newly renovated 216 3rd Street, NE #28.  It’s bright and spacious one bedroom, chefs kitchen with stainless steel appliances and granite, back garden and parking for $399,000. This just came on the market.

2) For a larger high-end renovation in a great location on Capitol Hill, check out 20 5th Street, SE.  Also steps from the Capitol, Eastern Market, Union Station, and 8th Street, this 3 bedroom 2.5 bath 1908 circa home is a detached “farm house” for $1,100,000.  This home has a great in-law suite.

3) Arguably the deal of the week is near Catholic University and Children’s hospital in the Brookland neighborhood at 15 Franklin Street, NE. It’s a fully renovated 3 bedroom, 3 bath home built in 1917 with an in-law suite for $475,000.  This is also just on the market.

Happy house hunting!

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