NE by Arboretum Investing! (for sale, rental, mortgage) - Washington, DC (DC) - City-Data Forum

junglejet07 · 10-09-2011, 10:37 PM

Hi everyone I am currently looking to put an offer on a four-plex unit on M and 18th st NE Right next to the Arboretum. It's a two story building with 2 x2bedroom units and 2x 1bedroom units. Asking price 340K Building needs works but would make a great rental property. Since all the units have their own water and gas meter.

I've driven around the area a bunch of times and talked to folks in the area and I get conflicting stories about the area.

Any feedback about this possible investment opportunity would be great.

14thandYou · 10-10-2011, 09:31 AM

What kind of feedback are you looking for? The area around the Arboretum is pretty dumpy, and will remain so for the forseeable future. Very little development is in the works nearby, Metro doesn't run there, there are very few amenities and the housing stock isn't particularly interesting nor particularly well-maintained. I don't know what you were thinking of renting the individual units out for, but depending upon how much work needs to go into the building it might be an OK deal.

junglejet07 · 10-10-2011, 10:47 AM

Well you are right...there are 4 individual units and I would be asking for about 1000 a unit so about 3500 after taxes a month. As for work needed is mainly cosmetic nothing major required. New carpet, appliances, paint and fixtures. The units all have been updated to central air so that is a plus. I see what you mean about the housing stock and there are plenty of places for sale. But looking at a cash buy option at 330K without a mortgage would this make sense or should I be looking elsewhere. Thanks in advance for any professional advice.

DomRep · 10-10-2011, 06:25 PM

Look somewhere else. Don't you pass the Arboretum on the way to FedEx Field? If that's what I'm thinking it is, it's a dump. Its depressing.

junglejet07 · 10-11-2011, 07:20 AM

The area I'm looking into is a part of the Trinidad area and Off of 17th and M st NE. I'm not sure if it's what you're referring to. It's less than a mile from H street which is to the south. I see a lot of new development coming that way...?

14thandYou · 10-11-2011, 07:37 AM

Quote:

Originally Posted by junglejet07

The area I'm looking into is a part of the Trinidad area and Off of 17th and M st NE. I'm not sure if it's what you're referring to. It's less than a mile from H street which is to the south. I see a lot of new development coming that way...?

That's Carver Langston, which is a pretty rough hood. Development is very slowly starting to creep up Bladensburg from H Street, but don't hold your breath waiting for that neighborhood to explode. It's a ways off.

junglejet07 · 10-11-2011, 09:47 PM

Thanks very much 14th. I was seeing the same signs...What do you think is the timeline before you see any major changes in the neighborhoods around there? 3-5 or 5-10 years?

14thandYou · 10-12-2011, 07:53 AM

Quote:

Originally Posted by junglejet07

Thanks very much 14th. I was seeing the same signs...What do you think is the timeline before you see any major changes in the neighborhoods around there? 3-5 or 5-10 years?

Definitely 5-10, if not longer. That area is not a developmental focus right now. In terms of largescale neighborhood redevelopment, the city is focused on the SW waterfront, Near SE and NoMa neighborhoods. Private development is focused in neighborhoods like Shaw, Columbia Heights, Park View/Petworth, Brookland and H Street. Once you get east of 15th Street NE and north of H Street, there just isn't a substantial focus on redevelopment either by the city or private developers. I think it's likely that you'll see a few more small businesses open up, such as the Langston Grill, that cater to the neighborhood. But I would guess that any largescale change in that area is at least a decade off.