Reply to Are these H St. NE / Capitol Hill houses priced appropriately?

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[quote=Anonymous][quote=Anonymous]This is a great location, newer construction, good finishes, low HOA, great outdoor space, proximity to metro and Eastern Market AND a great price. Its small but if you are single or a couple working on the Hill, this is a pretty neat option. I wish i had extra money to secure it for my kid and eventually for my retirement.

https://www.redfin.com/DC/Washington/1209-G-St-SE-20003/unit-9/home/107587293[/quote]

I think you hit on the best buyer for this: someone with a college-age kid who will need their own place in DC soon, and who is empty nesting and might be looking to downsize/simplify soon.

If you could put down 40-50% (which is more reasonable for a couple nearing retirement), you’re looking at a monthly cost (including HOA and taxes) of $2300-$2500. Assume your kid is working and can cover some portion of that for the time they live there (5-6 years) so your costs would be closer to $100-1500/mo. Then when your kid moves on (ideally to buy their own place since they’ve been living with dirt cheap rent and no maintenance for 5 years and presumably able to save), you sell your current home, invest the proceeds, and have less than 10 years left on a pretty low mortgage (less if you overpay every month which would be easy once you sell your other home) and a delightful retirement condo in a great neighborhood with metro access, good proximity to healthcare, and the option of going car free. This is basically our retirement housing plan but our DC isn’t old enough yet snd we don’t want to have to be landlords for too many years.

It could work for a young couple too assuming they can put down a decent amount and their income is high enough that they can continue to save. A 600 sq ft co do is unlikely to appreciate much though so it’s not the best investment if you’re just putting down 20%, paining high rates, and not saving a lot. You’d be better off in a small SFH in the burbs for the same price.[/quote]

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