Market Conditions in 20745>Question Details

Bettye Carpe…, Home Buyer in 20745

what do you think a studio condo at National Harbor would rent for on a monthly basis? or where is the best

Asked by Bettye Carpenter, 20745 Sun Nov 11, 2007

place for me to get this kind of advice.

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4
My office is approx 3 miles from the new National Harbor....I can answer this question for you with a few more details concerning the unit....Give me a call or email or you can visit my website.....Thanks for your question Bettye
301-423-9200 Ms. Malik
info@alqamarmalik.com
Web Reference: http://www.alqamarmalik.com
0 votes Thank Flag Link Sat Feb 21, 2009
I live in a single family home nearby and I also own and rent out a 2 bedroom 1 bath w/ balcony 1000 sq ft older (circa early 1970s) condo with all the usual high end kitchen upgrades that is about .5 mile from the Harbor in Oxon Hill for $1350/month and that is on the very high end for a 2 bed/1 ba condo/apt. The ever increasing condo fee includes utilities in my complex and is like $465. Many of my condo neighbors rent theirs out for $900-$1100/month but still profit I guess because they purchased them in the 90s before the back when they were selling for $60k or less as compared to the $145k that I paid in 2005. At their height a year or two ago they were selling for $190s...now many have foreclosed and are selling anywhere from $90k to $140k tops. Regular apt buildings nearby are renting a 1 bedroom for about $900/month util included on average. I was going to get a Harbor condo for an investment until I saw the prices and I couldn't make the numbers make sense for a rental. Based on the prices I saw the Harbor condos selling for I doubt your monthly mortgage + condo fees are under $1300/month? Charging more than that for a studio will be difficult. You can buy a nice 1800 sq ft 3 bedroom 2 bath single family home over here for $200-$300k. There are people renting these houses out for $1300-$1600. The Harbor condos can likely demand a premium as they are right on the site in lieu of just being nearby and may have views that the other rentals nearby do not have but still a reasonable uplift over the neighborhood rental market probably still will be nowhere near enough to cover your mortgage & condo fees but hopefully you get some good tax deductions out of it. Hope this helps and good luck! It is a great location.
0 votes Thank Flag Link Thu Feb 19, 2009
I have a property about 4 blocks from the NH and I am currently renting it to Section 8 renter for $1650 per month. So you know that the properties will rent for that amount or more. I Hope this helps.
0 votes Thank Flag Link Fri Nov 16, 2007
Locate an agent that handles rentals in that area! I do not kinow of one off hand, but if you call me, when I do locate one, I will give you the info!

Bill Wootan
Web Reference: http://www.billwootan.com
0 votes Thank Flag Link Sun Nov 11, 2007
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