Renting out a condo at National Harbor

Mena
Home Buyer
Alexandria, VA

I recently purchased a condo at the new National Harbor in PG County. 1 bedroom 1 den about 900 square feet. The mortgage is pretty high and I was trying to set the rent high enough to offset my mortgage payments. Any idea about what rent is going for in this area?

Answers (4)
VJ Adriano
Agent
Prince George's County...

I would start at 1800 per month to test the market depending on your plans you may have to reduce. I specialize in higher priced rental in the area and local send your address to get more specs. Thanks.

VJ Adriano
E-mail to: VJ@Mris.com
Cell: 301-357-5071 http://www.RapidSellers.com/VAdriano

DELTA EXCLUSIVE REALTY LLC
Sales & Leasing Associate MD, DC, VA
99 Commerce place
Largo, MD 20774

Wed Dec 9 2009, 19:41
Wesley Howard
Agent
20874

Give me a call so we can go over your options. The condo is new so we can't use old comps to determine the rent.

Wed Mar 4 2009, 15:29
Alqamar Malik
Agent
Camp Springs, MD

Hi Mena, good question...I can send you a FREE cma for homes in the area so you can see what they are currently renting for. If you're interested please visit my website on http://www.AlqamarMalik.com
Thanks

Fri Feb 20 2009, 11:39
D.w. Johnson
Other/Just Looking
Oxon Hill, MD
FIRST ANSWER

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. 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. Wasn't a 2 bedroom at the Harbor like $400k + and aren't your condo fees like $375/month? 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-$1500. 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.

Thu Feb 19 2009, 04:24

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