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Apartments in Washington, D.C.

Started by Robin Ramos2 · · 👁 5 views · 17 replies

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Participants Robin Ramos2Keith Martinez4Arthur Martinez7
Robin Ramos2 Robin Ramos2 Active MemberOP
89 messages
joined Oct 2007
#1 ·
So, I was thinking... what can you actually get for $45k in Washington, D.C.? It’s an interesting question, I suppose. Maybe a bit optimistic, if we're being honest. I mean, let's be real here. In a major hub like D.C., that kind of money isn't exactly going to land you a sprawling suburban estate or even a decent condo in a trendy neighborhood. You'd probably be looking at a tiny studio in some really outskirts part of the metro area—maybe somewhere way out in the suburbs where the commute becomes a full-time job itself. Or perhaps just a very significant down payment on something slightly more livable, though even then, the market is just... it's brutal. If you're looking at square footage, you might squeeze out a small, cramped unit if you're lucky. And as for the whole "new construction versus fixer-upper" debate? Well, at that price point, forget about anything modern or built last year. You're almost certainly looking at something older. Something that probably needs a complete overhaul—new plumbing, updated wiring, the whole nine yards. You'd basically be buying a project, not a home. It’s a tough nut to crack. I guess it really depends on how much you're willing to sweat and how far you're willing to drive. Just my two cents, anyway.

I’ve been thinking about putting some money into the domestic market, mostly because everything here feels way overpriced right now, and I have this nagging suspicion that real estate prices are finally due for a correction. I guess I’m just waiting for the bubble to burst. Honestly, I have this gut feeling that prices in America haven't even hit their peak yet. For instance, back when I bought my place in a small town in the Midwest around 2000, the value has basically stayed flat since then—or at least, that’s how it feels to me. Maybe I'm wrong, maybe I'm just being cynical, but how is the market actually moving these days?
Keith Martinez4 Keith Martinez4 Member
12 messages
joined May 2003
#2 ·
Robin Ramos2 said:What can you actually get for $45k in Washington, D.C.? How many square feet are we talking about, what kind of neighborhoods, and is it better to hunt for new construction or just settle for something pre-owned?

I’ve decided to focus my investments domestically because everything feels overpriced right now, and I’m anticipating a real dip in the real estate market. I have this gut feeling that prices here haven't truly peaked yet. Ever since I bought an apartment back in a small town in the Midwest around 2000, the value seems to have barely budged. How is the market actually trending?


What exactly is it that you're looking for? Could you be more specific about what interests you?
What on earth does E45k mean? Seriously, what happened to old-school keyboards? 😁
Robin Ramos2 Robin Ramos2 Active MemberOP
89 messages
joined Oct 2007
#3 ·
$45k = $45,000

I’m looking into getting an apartment, ideally a one-bedroom—you know, just one bedroom, a living room, kitchen, bathroom, the usual setup. I want somewhere with decent rental potential, so maybe somewhere closer to the city center if that's even possible.

Is that actually doable? And what am I looking at regarding price per square foot in Washington, D.C.?

Back when I bought property about three years ago, I paid roughly $1,000 per square foot in a small town in Ohio.
Keith Martinez4 Keith Martinez4 Member
12 messages
joined May 2003
#4 ·
Robin Ramos2 said:$45,000 = 45,000 USD

I’m looking for an apartment, ideally a one-bedroom (meaning one bedroom, a living room, kitchen, and bathroom). I want somewhere with high rental potential—basically closer to the city center.

Is that doable? What are the typical price per square foot rates in Washington, D.C.?

Three years ago, I paid about $1,000 per square foot for a place in a small town in Ohio.

What you've described is actually what we call a one-bedroom apartment.
I assume you're looking at something around 500 square feet.
Prices haven't shifted drastically compared to when you bought that place in that small town in Ohio; I suspect you already have a sense of how neighborhood pricing works since the market hasn't really moved much in either direction.
As for renting out a roughly 500-square-foot unit—assuming it isn't right in the heart of downtown where it could double as commercial space—
you're looking at a range of $1,600 to $2,200.
"Closer to the center" is a pretty broad term, but for rental purposes,
that's roughly the ballpark you can expect.
Arthur Martinez7 Arthur Martinez7 Active Member
202 messages
joined Dec 2005
#5 ·
Robin Ramos2 said:$45,000 = 45,000 Dollars

I am looking for an apartment, preferably a one-bedroom (meaning one bedroom, a living room, kitchen, and bathroom). Ideally, I would want somewhere with high rental potential—which essentially means being closer to the city center.

Is that even feasible? What are the current price per square foot trends in Washington, D.C.?

About three years ago, I paid roughly $1,000 per square foot in a Small town in Ohio.

I happened to stumble upon this and 😲 😲 Where did all those stories about pensions in Ireland go? From Dublin all the way to a Small town in Ohio... 😁

In all seriousness, can you actually find anything in the center (or even the surrounding areas) where the price per square foot isn't at least $1,200? The downtown area is prohibitively expensive, while the outskirts, like that Small town in Ohio, have stayed relatively stagnant—though, of course, that depends heavily on the specific building or house.

Since they extended the light rail out toward that Small town in Ohio, property values in those neighborhoods have naturally climbed...
I am just speaking off the top of my head here, but I could certainly look into the specifics if needed...

P.S. I neglected to mention that I am a renter—and I mean that with all due respect... 😉 😁
Keith Martinez4 Keith Martinez4 Member
12 messages
joined May 2003
#6 ·
I completely blanked on mentioning this until
reminded me.
As I suspect you've already realized, those tiny apartments under 550 square feet actually carry the highest price per square foot.
Since it looks like you'll be renting yours out for a while, wouldn't it make more sense to grab a larger unit? Usually, once you increase the total area, the cost per square foot starts to drop significantly.
It might even be worth looking into taking out a mortgage through a major US commercial bank.
The requirements are pretty straightforward regardless of whether you're living in Ireland or elsewhere; you can still qualify for a standard mortgage today.
Since I have plenty of firsthand experience with property rentals—though I'd rather not broadcast all my business here
—feel free to shoot me a private message if there's anything else you want to know.
Arthur Martinez7 Arthur Martinez7 Active Member
202 messages
joined Dec 2005
#7 ·
Keith Martinez4 said:Since I have some first-hand experience in the rental market, though I would rather not
discuss the specifics here in public, please feel free to send me a private message if there is anything else you need to know.

Honestly, just look at these landlords—they are nothing more than exploiters of hardworking people. They act like environmentalists, though I wouldn't go so far as to call them an entire nation, lest someone loses their temper with me... 😁
Keith Martinez4 Keith Martinez4 Member
12 messages
joined May 2003
#8 ·
Arthur Martinez7 said:Just look at these landlords—total exploiters of hardworking people. They call themselves environmentalists, but honestly, I won't even label them a specific group lest I get hit by a stray comment... 😁

Well... if you ask me, it’s like when a mother tells her son she wants him to be successful 😁 , but if he actually listened to his dad, he would have just finished an economics degree. It's easier, right? It's faster. It's more straightforward. And instead of being constantly under suspicion for corruption, he could just join the Green Party and call it a day. 😁
Arthur Martinez7 Arthur Martinez7 Active Member
202 messages
joined Dec 2005
#9 ·
Keith Martinez4 said:Well, yeah... just look at what happens when a mother tells her son she wants him to be a high earner 😁. If you actually listen to your dad, you’d probably realize it would have been much wiser to just study economics. It’s easier, it takes less time, and frankly, the career path is much more stable—you end up working in green energy rather than constantly living under the shadow of corruption investigations.😁

I might just overlook your comments about "honorable professions" if you happen to lease me an apartment at a ridiculously low rate... 😁

We are finally starting the first serious topic from Robin Ramos2 after a very long time. 😁
Robin Ramos2 Robin Ramos2 Active MemberOP
89 messages
joined Oct 2007
#10 ·
Keith Martinez4, look, I know the price per square foot peaks when you're looking at anything under 500 square feet, but if we’re talking strictly about rental yield, smaller units are just better. Honestly, I’ve even toyed with the idea of grabbing two studios instead of one larger place, since they basically cost the same as a single 500-square-foot unit but pull in maybe 35% more in rent. My place, which is a 450-square-foot spot in a small town in Ohio, rents for about $220, whereas my buddy’s studio brings in closer to $160. The only real pain in the neck is that I’m not actually there, so I have to pester my friends to hunt down tenants for me—which makes having multiple units a bit of a headache. As for the tenants themselves... I’d say steer clear of students. Aim for young professionals or couples without kids. Ideally, you want someone you actually know. If you end up with a massive apartment, who the hell are you even going to rent it to?

Man, seriously, what kind of pension situation are we looking at in Ireland? It’s absolute madness, especially since it feels like it rains constantly over there anyway. 😁 But the real logic here is that housing prices in Washington, D.C. are bound to skyrocket once the city fully integrates into the European Union, much like what we’re seeing right now in Prague, Budapest, and all those other cities joining the fold. Over in Ireland, a two-bedroom in Dublin can easily run you $380,000 or even more. You can grab one on a 35-year mortgage, but then again, I suspect values might dip by maybe 10%—which isn't an unrealistic thought given how inflated these prices are—and you could lose $30,000 before you even realize what hit you.
Robin Ramos2 Robin Ramos2 Active MemberOP
89 messages
joined Oct 2007
#11 ·
Keith Martinez4 said:Maybe it’s worth looking into the difference in pulling a loan from a commercial bank back in the States.
The terms are pretty straightforward regardless of where you’re living in Ireland, since you can just go out and get a straight mortgage right now.

Now, this is what I actually want to know. What does the landscape look like these days? What kind of interest rates are we talking about?

Over here, I can pull up to 30 thousand dollars from my local credit union for a five-year term at 7% APR. No co-signers, no collateral, no nothing.
It's probably the path of least resistance, I guess.
Arthur Martinez7 Arthur Martinez7 Active Member
202 messages
joined Dec 2005
#12 ·
Robin Ramos2 said:My 500-square-foot apartment in a small town in Ohio rents for about $220,

I would love to meet the genius paying that much... 500 square feet in a small town in Ohio for $220??? I live in a 625-square-foot two-bedroom in a much better neighborhood for $220, and even then, I'm only paying half because I have a roommate.😁

Robin Ramos2 said:The only downside is that I'm not actually there myself, so I have to bother my friends to help me find tenants; perhaps it would be more efficient to own fewer properties. As for the tenants themselves, one should probably avoid students and instead target young professionals or couples without children. Ideally, you want someone you actually know.

A young professional,👍 👍someone you know,😁 so basically, my place would go to you for $160.
Keith Martinez4 Keith Martinez4 Member
12 messages
joined May 2003
#13 ·
This is what I'm curious about. What does the landscape look like today? What are the current interest rates?

I don't have the exact figures at my fingertips, but Zaba, JPMorgan Chase,
and Wells Fargo still tend to offer the most competitive rates.
You can find all the specific details you need right on their websites.
As far as I know, the best rate currently available is at Wells Fargo, sitting around 6.99% for a mortgage if you have guarantors.
It’s a bit higher over at Zaba and JPMorgan Chase.
Standard mortgages without extra security are slightly more expensive—I believe they're hovering around 10%—but you really need to verify that yourself. You also have to keep in mind that credit lines might tighten up given the current economic climate. If lending becomes harder, it means less liquidity and potentially higher Fed rates.
Of course, for now, that's just speculation.

If you own a large apartment, who are you going to rent it to?

It sounds like you've been living outside of America for quite a while.
The larger the apartment—especially if it's located in the downtown area or the upscale northern districts—the easier it is to lease and the more money you'll make. Demand for those high-end, luxury units is actually quite high.
An apartment like that in the north side could fetch roughly $22 per square foot.
I don't even need to tell you who the typical tenants are. People seem to forget that Washington, D.C. has become a major hub.
Robin Ramos2 Robin Ramos2 Active MemberOP
89 messages
joined Oct 2007
#14 ·
Robin Ramos2 says:
I’d love to see the genius actually footing that bill... 450 square feet in some small town for 200 bucks???

I mean, if the place is actually laid out well, you get more bang for your buck. But if I shove my grandma's old dusty wardrobe in there just to take up space, suddenly the rent drops. Like you don't know how this works. Buddy, I spent years living in rentals back in Washington, D.C. 😁
Robin Ramos2 Robin Ramos2 Active MemberOP
89 messages
joined Oct 2007
#15 ·
Robin Ramos2 said:A young professional 👍 someone you know 👍 So, my place—to you, it's $160 😁

So, let me get this straight... you'd actually choose to move into a smaller apartment in a worse neighborhood while paying even more rent? I don't know, something just feels off about that logic. 😁
Robin Ramos2 Robin Ramos2 Active MemberOP
89 messages
joined Oct 2007
#16 ·
Helix said:It seems like you’ve been living outside of America for quite a while now.
I mean, sure, the bigger the apartment—especially if it's right in the center or up in the northern part of the city—the more upscale it looks, but honestly, those high-end places are just way easier to rent out for a massive profit. Demand for those ultra-luxury spots is through the roof.
A place like that in the north side could probably fetch you something like $22 per square foot, give or take.
And I don't even need to tell you who's actually signing those leases. People seem to forget that Washington, D.C. is the capital.

Look, man, I don't have nearly that kind of cash lying around, and even if I did... I don't know, I'd probably rather just sink it all into a house on the coast so I could send my old man some treats from out here instead. 😁
Arthur Martinez7 Arthur Martinez7 Active Member
202 messages
joined Dec 2005
#17 ·
Bob Dylan said:So, you’re telling me you’d opt for a smaller apartment in a prime location just to pay a premium? Something about that math doesn't quite add up to me. 😁

Actually, I was just pulling your leg... I wouldn't leave my current little sanctuary for any amount of money. I've settled in well enough to last a lifetime—the only way I'm moving out of this place is when I move into a home I actually own!

And what, you expect to be my boss now??? You'd probably have to pay me just for the honor of my company! 😲 😁

If I were in your shoes, and if you really had some extra cash burning a hole in your pocket, I’d look into investing somewhere coastal, maybe down in California. It isn't just about local pride; it's simple economics. Real estate values there are constantly climbing. You could rent it out during the summer for a massive profit, use it yourself for vacations, or even let friends stay at a fair rate 😁...

What would you even do in Washington, D.C.? Anyone with actual capital is going to grab the larger units in the best neighborhoods, leaving nothing behind but students perpetually broke or families struggling to make ends meet...

If you're considering taking out a loan here in the States, now might be the window. The Federal Reserve is likely to tighten the reins on banks that have been handing out money far too freely lately, which means interest rates and lending requirements will inevitably rise...
Keith Martinez4 Keith Martinez4 Member
12 messages
joined May 2003
#18 ·
Arthur Martinez7 is just repeating what my friend Placebo said:

[/B]
What are you planning to do in Washington, D.C.? Anyone with actual money is going to grab a larger apartment in a prime neighborhood. That leaves nothing but students constantly struggling to make ends meet or families in similar situations...

If you're thinking about taking out a loan here in America, now is the window. The Federal Reserve is likely to step in soon to rein in the banks that have been handing out cash like candy. Interest rates and lending requirements will only go up...


Placebo says:

Just sit this one out.
It isn't even about the copying; it's just that Mobley won't have any more valid arguments to make.😁

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