DC Buyer: DC Physician Looking for Traditional Two-Bedroom Home

• August 6th 2010

by Martin Smith

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DC Buyer is a series on UrbanTurf where we look at buyers from various demographics and provide available housing options for them in the current DC market. If you are a prospective buyer and would like to be featured in DC Buyer, send an email to editor2010@urbanturf.com. See all of our past DC Buyer articles here.

This week, we are working with Nioke, a 32 year-old physician who currently rents in Mount Vernon Triangle, and works in Silver Spring. She earns about $185,000 a year, but carries med school debts of around $1,500 per month. She has a strong credit score of 760 and around $90,000 to put down. Even though she could go higher, Nioke would like to shop primarily in the $450,000 to $525,000 range for a new house.

She loves old brick homes, and is not considering any condos. She wants at least two bedrooms and two bathrooms, and hardwood floors, a rear yard with a porch, and a property that does not need extensive renovation work are all high "wants" on her list. Lastly, Nioke is not considering properties with English basements, as she does not want to have to deal with having a tenant. Based on these criteria, options for Nioke were fairly limited in DC proper, but we looked at properties for her in Silver Spring, Takoma Park, Brookland, Petworth and LeDroit Park.

Nioke's first choice is 819 Davis Avenue in Takoma Park, MD. This 1910 two-bedroom, two-bath cottage has been remodeled with a brand new kitchen and a living room with a fireplace, and now has windows that provide abundant natural light for the entire property. The home sits on a corner lot and has a massive rear yard. All she would need to do is unload a truck and paint to taste, and this classic cottage is ready to go. 819 Davis Avenue is listed for $465,000.

The next option for Nioke is 9207 Long Branch Parkway in Silver Spring. The two-bedroom, two-bath colonial has the hardwood floors and rear yard with deck that were both high on Nioke's list. It also is essentially in turn-key condition, so there would be no stressful renovations in the near future. In addition, this property is close to the Metro and possibly even walkable to Nioke's job. Lastly, 9207 Long Branch Parkway is low on Nioke's price scale at $415,000.

Finally, there is 739 Faraday Place NE. This two-bedroom duplex in Michigan Park has been completely renovated, and meets Nioke's needs with hardwood floors and a rear deck and small yard, and the home is just a quick walk to the Fort Totten Metro station. Unlike the two choices in Maryland, this home is attached to the neighboring property, but has a large finished basement and is the lowest priced option we found at $379,000.

Given these three choices, where should Nioke put in his offer?

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_buyer_dc_physician_looking_for_traditional_two-bedroom_home/2348.