Dear Cribline readers:
Check out this impressive 4 story historic Victorian townhome on one of Logan Circle’s premier streets at 1306 Riggs Street, NW that just came on the market for $875,000.
This home has many great features. On the main floor there is a dramatic entry that leads to a delightful living and dining room separated by pocket doors, and there is a spacious kitchen that leads to a multi-tiered deck.
There is also a recently restored street level studio apartment that The Cribline estimates could rent for as much at $1600/mo. which would cover the cost of about half of the listing price (check out the analysis below).
To the Point Analysis: If you were to put down 20 percent or $175,000, then you would have a mortgage of $700,000. At an estimated 4 percent interest rate, we estimate a gross monthly payment of about $4070/mo. After deducting the rental income for the basement unit of $1,600/mo. that brings the payment amount down to $2,470, and after the tax deductions, we estimate a final net payment of about $1,450/mo. That’s less than the rental income from the basement unit. This is a find!
Happy house hunting!