Anonymous
02/25/2013 12:18
Subject: Re:Vacation rental the row house?
OP here. The house is a block from Eastern Market. I guess I was thinking along the lines of the beach rentals we've leased in the past, and I hadn't thought about the deposit being an extra PIA for shorter than 1-week rentals...hmmm.
I was also thinking it would be a full house, so an extended family of 8, who would otherwise need to take up 2 or even 3 hotel rooms, so at $325, that may be a cost savings? No? Everyone can have their private space and own bathroom here, with the added convenience of the kitchen for kids, walkability to Hill spots, and perhaps, proximity to relatives that live here. No parking, but we do have a "Vsitor's Permit" which allows a single car to park on street... Maybe worth a shot and if it doesn't work out, then we could always go the long-term route? (But what to do with a house full of furniture then?)
I guess this brings me back to my original question - what do I need to do from a DC regulations stand-point here? Can I just do this? (Someone said I need to be a DC resident as well, which is the plan.) Do I need a certificate of occupancy or something?
I was also thinking it would be a full house, so an extended family of 8, who would otherwise need to take up 2 or even 3 hotel rooms, so at $325, that may be a cost savings? No? Everyone can have their private space and own bathroom here, with the added convenience of the kitchen for kids, walkability to Hill spots, and perhaps, proximity to relatives that live here. No parking, but we do have a "Vsitor's Permit" which allows a single car to park on street... Maybe worth a shot and if it doesn't work out, then we could always go the long-term route? (But what to do with a house full of furniture then?)
I guess this brings me back to my original question - what do I need to do from a DC regulations stand-point here? Can I just do this? (Someone said I need to be a DC resident as well, which is the plan.) Do I need a certificate of occupancy or something?
Anonymous
02/25/2013 11:59
Subject: Vacation rental the row house?
Anonymous wrote:Anonymous wrote:OP here, thanks for the input all. I am quite sensitive to my neighbors here, I don't want a bunch of rowdy people making life miserable for them. I guess I had figured that I could fill the home by marketing particularly to families: Have a crib and baby gates available, the kitchen would be stocked, and a kitchen is always helpful when it comes to having babies/toddlers. I particularly thought those family members who have OTHER family on the hill would be a big market, as there are few convenient places to stay and I've often wished we could rent a house rather than stack up my in-laws in the basement.The house could easily sleep 8-10 with a pull out or two and has 3.5 bathrooms. The comparable properties I'm seeing on the hill look like they bring in $325-$350/night during the high season. So, while I could rent it long-term for probably $4000/month or so (?) It's nowhere near the $9500 I COULD bring in if it were full with vacationers. (Even if it were only full 75% of the time we'd be making substantially more.)
I'm not working currently, so I have the wherewithal to manage this - and we would charge for the cleaning service, ask for a hefty deposit, request the renters respect of our neighbors, etc.
But, ehhh - none of you would apparently look to rent a house, or think it isn't worth the headache. So, perhaps I'm biting off more than I can chew here.
one more thing. I am not sure you are realist on this point either. our families live 2000 miles away (DH) and overseas (mine). when they visit for a week, they would never even pay $2500 to rent a house, plus cleaning fees plus a hefty deposit. they always stay with us, but for that price, they would pay a hotel (where they would pay less, BTW), their room would be cleaned every day, no extra cleaning fees and no hefty deposit, and they would have service in the room if they need anything.
Not OP, but it sounds like your family are not her target market. WHen we travel we often look for vacation rentals even in a city, rather than a hotel because that way you have an extra room for the kids and a kitchen. This is a huge plus and worth paying considerably more for. You can definitely get a lot more for a house than a single hotel room would cost but I don't know the market well enough to be able to say if this woudl work in DC. In vacation areas (by the beach for example) it can be extremely profitable ($100k plus profit for the right home in the right spot) even if your home is only rented half of the year. While it is a lot of money it's also a lot of work with significant headaches unless you have a rental agency handling a lot of the work. It's not quite as much as running a B&B but close to it.
As for prices and knowing what the market will bear, take a look at airbnb.com or vrbo.com
Anonymous
02/25/2013 11:27
Subject: Vacation rental the row house?
Anonymous wrote:OP here, thanks for the input all. I am quite sensitive to my neighbors here, I don't want a bunch of rowdy people making life miserable for them. I guess I had figured that I could fill the home by marketing particularly to families: Have a crib and baby gates available, the kitchen would be stocked, and a kitchen is always helpful when it comes to having babies/toddlers. I particularly thought those family members who have OTHER family on the hill would be a big market, as there are few convenient places to stay and I've often wished we could rent a house rather than stack up my in-laws in the basement.The house could easily sleep 8-10 with a pull out or two and has 3.5 bathrooms. The comparable properties I'm seeing on the hill look like they bring in $325-$350/night during the high season. So, while I could rent it long-term for probably $4000/month or so (?) It's nowhere near the $9500 I COULD bring in if it were full with vacationers. (Even if it were only full 75% of the time we'd be making substantially more.)
I'm not working currently, so I have the wherewithal to manage this - and we would charge for the cleaning service, ask for a hefty deposit, request the renters respect of our neighbors, etc.
But, ehhh - none of you would apparently look to rent a house, or think it isn't worth the headache. So, perhaps I'm biting off more than I can chew here.
one more thing. I am not sure you are realist on this point either. our families live 2000 miles away (DH) and overseas (mine). when they visit for a week, they would never even pay $2500 to rent a house, plus cleaning fees plus a hefty deposit. they always stay with us, but for that price, they would pay a hotel (where they would pay less, BTW), their room would be cleaned every day, no extra cleaning fees and no hefty deposit, and they would have service in the room if they need anything.
Anonymous
02/25/2013 11:19
Subject: Vacation rental the row house?
Anonymous wrote:OP here, thanks for the input all. I am quite sensitive to my neighbors here, I don't want a bunch of rowdy people making life miserable for them. I guess I had figured that I could fill the home by marketing particularly to families: Have a crib and baby gates available, the kitchen would be stocked, and a kitchen is always helpful when it comes to having babies/toddlers. I particularly thought those family members who have OTHER family on the hill would be a big market, as there are few convenient places to stay and I've often wished we could rent a house rather than stack up my in-laws in the basement.
The house could easily sleep 8-10 with a pull out or two and has 3.5 bathrooms. The comparable properties I'm seeing on the hill look like they bring in $325-$350/night during the high season. So, while I could rent it long-term for probably $4000/month or so (?) It's nowhere near the $9500 I COULD bring in if it were full with vacationers. (Even if it were only full 75% of the time we'd be making substantially more.)
I'm not working currently, so I have the wherewithal to manage this - and we would charge for the cleaning service, ask for a hefty deposit, request the renters respect of our neighbors, etc.
But, ehhh - none of you would apparently look to rent a house, or think it isn't worth the headache. So, perhaps I'm biting off more than I can chew here.
If you could rent your home long term for $4000 a month and think that with short term vacation rentals could bring more than $48,000 a year (after you take out the costs, including wear and tear on the house and on furniture), you are simply deluding yourself. also, you can ask money for the cleaning service and the hefty deposit, but it does not mean you are going to get renters at your conditions. try and you will see by yourself. as others have said, if you rent long term in DC, you need to be a DC resident, otherwise, even if you are in closeby DC or VA, you need a management company in DC (we rented for years an apt from a couple who lived in Arlington, and had to deal with a DC management company). you should check with DC govenrment, since you may need some type of license if you live in DC and do it yourself (and the house must also comply with some rules, like having a fire extinguisher in the kitchen or similar stuff - I am not sure about that, but I remember our landlord mentioning that). good luck
Anonymous
02/25/2013 09:51
Subject: Vacation rental the row house?
Anonymous wrote:OP here, thanks for the input all. I am quite sensitive to my neighbors here, I don't want a bunch of rowdy people making life miserable for them. I guess I had figured that I could fill the home by marketing particularly to families: Have a crib and baby gates available, the kitchen would be stocked, and a kitchen is always helpful when it comes to having babies/toddlers. I particularly thought those family members who have OTHER family on the hill would be a big market, as there are few convenient places to stay and I've often wished we could rent a house rather than stack up my in-laws in the basement.
The house could easily sleep 8-10 with a pull out or two and has 3.5 bathrooms. The comparable properties I'm seeing on the hill look like they bring in $325-$350/night during the high season. So, while I could rent it long-term for probably $4000/month or so (?) It's nowhere near the $9500 I COULD bring in if it were full with vacationers. (Even if it were only full 75% of the time we'd be making substantially more.)
I'm not working currently, so I have the wherewithal to manage this - and we would charge for the cleaning service, ask for a hefty deposit, request the renters respect of our neighbors, etc.
But, ehhh - none of you would apparently look to rent a house, or think it isn't worth the headache. So, perhaps I'm biting off more than I can chew here.
This seems odd. If you are charging me $350 a night and adding the cleaning service on top of it it starts to get mighty expensive for your target market. The deposit would just be a hassle for me as a 3 day renter. Makes sense for weekly vacation rentals but not for 3 nights on Capitol Hill. At that point I'd opt for a hotel, which has daily maid service included.
I do know someone who rented their basement apt on the hill as a B&B. it was fine as extra income but I think it was occupied less than 50% of the time.
Anonymous
02/25/2013 09:51
Subject: Vacation rental the row house?
OP are you in DC proper? If not, you may need a DC agent in order to rent out your place legally? Which would add another layer of headache to this. We are in MD and rent out our DC apartment in the traditional way, and the DC Business Bureau requires that we have a DC agent. Just another thing to consider.
As for the idea itself, it sounds like a hassle and your neighbors are unlikely to be happy, but kudos to you for thinking creatively. If you can work it out, come back and post and let us know what your experiences are.
As for the idea itself, it sounds like a hassle and your neighbors are unlikely to be happy, but kudos to you for thinking creatively. If you can work it out, come back and post and let us know what your experiences are.
Anonymous
02/25/2013 09:41
Subject: Vacation rental the row house?
We have a vacation rental condo in Florida that we rent using a rental agency. Sure, there's more work involved (for them) but the additional income is nice. For DC I'd think there woudl be a market for short term corporate furnished rentals too. You could probably get similar income monthly for 2-3 month leases.
Anonymous
02/25/2013 09:25
Subject: Re:Vacation rental the row house?
I actually think it's not such a bad idea. We travel all over the world with our kids and almost always stay in rentals through VRBO and Homeaway. If we were coming to DC for vacation or work trip, your place actually sounds perfect. And if you have the time and energy to deal with the short time rental stuff (paperwork, logistics, cleaning, etc) it would certainly be worth a try and if it doesn't work out just switch it over to a long term rental.
One question/concern I would have as a potential renter would be regarding the parking situation.
One question/concern I would have as a potential renter would be regarding the parking situation.
Anonymous
02/25/2013 07:55
Subject: Vacation rental the row house?
OP here, thanks for the input all. I am quite sensitive to my neighbors here, I don't want a bunch of rowdy people making life miserable for them. I guess I had figured that I could fill the home by marketing particularly to families: Have a crib and baby gates available, the kitchen would be stocked, and a kitchen is always helpful when it comes to having babies/toddlers. I particularly thought those family members who have OTHER family on the hill would be a big market, as there are few convenient places to stay and I've often wished we could rent a house rather than stack up my in-laws in the basement.
The house could easily sleep 8-10 with a pull out or two and has 3.5 bathrooms. The comparable properties I'm seeing on the hill look like they bring in $325-$350/night during the high season. So, while I could rent it long-term for probably $4000/month or so (?) It's nowhere near the $9500 I COULD bring in if it were full with vacationers. (Even if it were only full 75% of the time we'd be making substantially more.)
I'm not working currently, so I have the wherewithal to manage this - and we would charge for the cleaning service, ask for a hefty deposit, request the renters respect of our neighbors, etc.
But, ehhh - none of you would apparently look to rent a house, or think it isn't worth the headache. So, perhaps I'm biting off more than I can chew here.
The house could easily sleep 8-10 with a pull out or two and has 3.5 bathrooms. The comparable properties I'm seeing on the hill look like they bring in $325-$350/night during the high season. So, while I could rent it long-term for probably $4000/month or so (?) It's nowhere near the $9500 I COULD bring in if it were full with vacationers. (Even if it were only full 75% of the time we'd be making substantially more.)
I'm not working currently, so I have the wherewithal to manage this - and we would charge for the cleaning service, ask for a hefty deposit, request the renters respect of our neighbors, etc.
But, ehhh - none of you would apparently look to rent a house, or think it isn't worth the headache. So, perhaps I'm biting off more than I can chew here.
Anonymous
02/25/2013 07:16
Subject: Vacation rental the row house?
Anonymous wrote:PP here. it is not your neighbors business what you do with the property until the neighbors are paying the taxes. Period.
BS
Anonymous
02/25/2013 06:23
Subject: Vacation rental the row house?
Honestly, if I am going to vacation in DC, vacationing on the Hill doesn't appeal to me. Dupont/Logan? Absolutely. Tons of neighborhoods/places to walk to. But, are there any nice grocery stores in walkable distance to your house?
Anonymous
02/24/2013 22:08
Subject: Vacation rental the row house?
PP here. it is not your neighbors business what you do with the property until the neighbors are paying the taxes. Period.