Duplex Opportunity in SE Washington, DC - Pennsylvania Ave/Minnesota Ave

[Justin Carter]

Hello BP Community,

I am looking at a duplex in SE DC, right off of Pennsylvania Ave/Minnesota Avenue. The duplex is brand new construction and is being offered at $799K. I was thinking this could be a good house hacking opportunity. One unit is 3 Br 3 Ba with a rooftop deck and the other unit is 2 Br 2 BA. Redfin has classified the asset as being apart of the "Hillcrest" community and it's positioned right off of 295 and is a 3 minute drive from Capitol Hill. The developer built 8 of these townhouse duplex properties, 7 of which have already been sold, with sale prices ranging from $779K-$810K. Has anyone had any experience investing in this area and any idea how the neighborhood is? I personally thought that paying $800K for a duplex in this part of SE was a bit aggressive, but 7 other buyers felt otherwise so would love to get some other opinions. Based on what I've seen online, I think the 3 BR unit can go for $3K-3.3K in rent and the 2 BR could go for $2-2.5K in rent. 

Open to everyone's thoughts! 

[Jack Seiden]

Quote from @Justin Carter:

Hello BP Community,

I am looking at a duplex in SE DC, right off of Pennsylvania Ave/Minnesota Avenue. The duplex is brand new construction and is being offered at $799K. I was thinking this could be a good house hacking opportunity. One unit is 3 Br 3 Ba with a rooftop deck and the other unit is 2 Br 2 BA. Redfin has classified the asset as being apart of the "Hillcrest" community and it's positioned right off of 295 and is a 3 minute drive from Capitol Hill. The developer built 8 of these townhouse duplex properties, 7 of which have already been sold, with sale prices ranging from $779K-$810K. Has anyone had any experience investing in this area and any idea how the neighborhood is? I personally thought that paying $800K for a duplex in this part of SE was a bit aggressive, but 7 other buyers felt otherwise so would love to get some other opinions. Based on what I've seen online, I think the 3 BR unit can go for $3K-3.3K in rent and the 2 BR could go for $2-2.5K in rent. 

Open to everyone's thoughts! 

 Pretty sure I found the development you weee taking about and at least personally there’s no way I’d spend 800k there, I’m of the belief that as dc loses population to the suburbs you are going to see areas crash and burn and other rebound for the last decade dc was hot so a rising tide lifted all boats, that’s over, there are areas I think have amazing opportunities right now and others I think are still over valued, the areas I see the most “value” in right are probably Brentwood, Michigan/North Michigan park, Riggs park, Woodridge, Takoma. I’d also at least consider Columbia heights or petworth if the right properties came along. But it’s really about understanding the intricacies of the city where you buying/house stock, even zoning,if there are a lot of new condos/condo’d out row homes near you which put downward pressure on supply/rents/prices.