Multiple Bids: The Capitol Hill Income Producer

• April 15th 2013

by Shilpi Paul

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In the DC area housing market, deals are increasing difficult to find. So, in lieu of Deal of the Week, UrbanTurf presents Multiple Bids, where we feature a home that we believe is likely to attract, well, multiple bids.

This rowhouse near the border of Capitol Hill and what is now referred to as Hill East has a few features that make it likely to attract attention: a relatively low price per square foot ($433) and a rentable one-bedroom basement unit that can offset monthly mortgage payments.

The four-bedroom about a block and a half from Lincoln Park has been renovated and comes with a small back patio. While not a slam dunk of a bargain (a home on the same block with one less bedroom and no half bath sold for $590,000 in December 2012), we think that rentable unit will entice a number of buyers to submit offers. More photos and details below.

• Full Listing: 1411 Ames Place NE (map)
• Price: $650,000
• Bedrooms: Four
• Bathrooms: 2.5
• Year Built: 1908
• Price per Square Foot: $433
• Listing Agent: Cameron Dunlop, Coldwell Banker

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 3.6 percent.

• Loan Amount: $520,000
• Principal and Interest: $2,364
• Property Taxes: $325
• Total Monthly Payments: $2,689

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/multiple_bids_rowhouse_with_a_rental_unit_near_lincoln_park/6931.