I wanted to highlight a success story for one of my clients who just settled on a Georgetown Washington DC Duplex. I want to start by saying these numbers may be unrealistic to most of us, but is an awesome investment for them who have been renting for the last 11 years.
-Prime Location 29th and M St. Georgetown DC Victorian Rowhome
-2 Bedrooms 2 Bathrooms Upstairs
-1 Bed/ 1 Bath Rental Unit in Basement
-Parking + Outdoor Space
Purchase Price: $1,430,000
Appraised Value at Purchase: $1,450,000
They put down 50% in order to take money out of their savings account and park it in an asset: $715,000 down
-Contractor Bid for interior Renovation: $75,000
(Removing walls, new kitchen, new master bathroom, built in closet in Bedroom)
All In: $1,505,000
ARV: $1,700,000 +
$200,000 forced equity
Mortgage: $3,600/month (PITI)
Basement Unit Projected Rent: $2,200 Long term
They will be doing AirBnB so they can have their in-laws visit periodically
Total Monthly: $1,400/month while rented (potentially more with the AirBnB income)
Now they own an asset in primetime DC Georgetown while House Hacking and finally putting their money to work. Everyone has a different strategy, the key is to put your money to work in a strong DC market.
@Cassidy Burns Awesome - thank you for sharing!
@Andrew R. thank you sir! You are very welcome
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