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Updated over 5 years ago,
DC - Adding a W/D Worthwhile?
Greetings BP! Long time listener...
So I own a small 3 story walkup condo in NW DC (Columbia Heights) - older building, nothing fancy, but rehabbed in early 2000s. I had calculated during my purchase in December that it should be cash flow positive. And then... the government shut down. Needless to say, the property sat vacant for awhile and I had to rent out for lower than I hoped,
The apartment is in great shape, but very utilitarian as compared to the new condos going up in nearby rowhouses. It has a coin operated laundry in the basement, and I've seen similar units with small in-unit W/D appraise for much higher. Of course, there are some extra costs with the piping and installation for a W/D - but wanted to crowd source if this might be a good way to raise the rent back to my target. OR, was the govt shutdown/renting in December just a fluke? Are there other improvements that could justify a quick rent raise? I should add that the other units in the building do not have W/Ds...
I know the DC market is rough, but fighting to get into positive cash flow (As many of my friend are)... any thoughts would be great!