1618 22nd St SE · Washington, DC 20020

$500,000

4 bd · 4.0 ba · 3,614 sqft · MultiFamily public records · 8 Days on market

Built 1935 6,250 ac lot Est $535k · 7% under

---

Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +10.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Solid four-unit investment property. Each of the four units has two bedrooms, one full bathroom, its own kitchen, and dining area. The building structure is very solid & acirc; & euro; & rdquo; it just needs a complete interior renovation, making it perfect for investors or contractors looking to create serious value. The large 6,250 square foot lot includes nearly 2,000 square feet of space at the back with great potential to add another unit or expand. Located near Anacostia Park, Metro, and downtown DC. Priced at $610,000. Serious buyers only.

Key facts

• Growing neighborhood
• Fully vacant
• 6250 acre lot

Tags

• LARGE DETACHED 4-UNIT BUILDING
• IN UNIT W AND D HOOK UPS
• FULLY VACANT
• GROWING NEIGHBORHOOD

Property features AI

Exterior

• Home design: Built in 1935
• Construction: Living area approximately 3614
• Exterior features: Located in the Fairlawn subdivision

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $642/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $500k).
• Cap rate 12.5% vs local median 2.5% in Washington — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#1 in DC) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• District Of Columbia Public Schools (urban): math 33% / reading 40% proficiency, ranked #8 of 32 in DC (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.9%/yr); 296 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,737 units permitted in District of Columbia in 2024 (1,506 in 5+ unit buildings).
• At $7,604/mo this rent would consume 169% of the median local household income ($54k/yr) (locally 5148% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• District of Columbia County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $140k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $199k; list at $500k implies a 151% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $500,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.52% ✓
• Cap rate: 12.45%
• Cash-on-cash: 22.00%
• DSCR: 1.98
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $534,872
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2505 Burns SE	0.38mi	5/— (+1)	3,471 (-4%)	14mo	$680,000	$196	59
3005 Nelson Pl SE	0.65mi	4/—	3,480 (-4%)	18mo	$515,000	$148	48
2932 Nelson Pl SE	0.63mi	4/—	3,836 (+6%)	23mo	$550,000	$143	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.86% rent growth · sell at horizon

5-year hold

• IRR: 15.7%
• Equity multiple: 1.64×
• Total profit: $89,218
• Equity at exit: $74,552

10-year hold

• IRR: 25.0%
• Equity multiple: 3.26×
• Total profit: $316,359
• Equity at exit: $43,231

Cash invested: $140,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State District of Columbia: 12 Strongly Tenant-Friendly · D+43
• County: — inherits STATE
• City Washington: 0 Strongly Tenant-Friendly · D+43

Rent Stabilization Program; TOPA gives tenants right of first refusal.

Methodology + full state rankings →

ZIP-level market 20020

• Rents YoY: 3.9%
• Active inventory: 296
• Price-to-rent: 21.9×

Monthly cashflow live

• Estimated rent: $7,604 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$610 /mo · $7,316/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,597
• Net cashflow: $2,567

Break-even live

Break-even rent $4,355

Max offer price $500,000

Occupancy floor 61%

Sensitivity live

Price	-10% $2,850	-5% $2,709	+0% $2,567	+5% $2,426	+10% $2,284
Rent	-10% $1,966	-5% $2,267	+0% $2,567	+5% $2,867	+10% $3,168
Rate	-1.0pp $2,819	-0.5pp $2,694	base $2,567	+0.5pp $2,438	+1.0pp $2,306

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,604
Total (4 units)			$7,604

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2928 Nelson Pl SE Unit 1 Washington, DC	3.0	1.0	2720	$2,300	$0.85	25d	1	0.64mi
1205 30th St SE Washington, DC	3.0	1.0	3480	$1,750	$0.50	25d	1	0.65mi
2121 32nd Pl SE Unit Main Washington, DC	3.0	3.0	3100	$5,500	$1.77	23d	1	0.88mi
1354 Pennsylvania Ave SE Washington, DC	3.0	2.5	3200	$4,500	$1.41	8d	1	0.95mi
3422 Pennsylvania Ave SE Washington, DC	5.0	2.5	2520	$5,500	$2.18	21d	1	1.11mi
2520 Elvans Rd SE Washington, DC	3.0	2.5	2760	$3,800	$1.38	25d	1	1.36mi
2530 Elvans Rd SE Unit B Washington, DC	5.0	3.5	2760	$7,500	$2.72	8d	1	1.38mi
1319 Massachusetts Ave SE Washington, DC	3.0	3.0	2578	$6,000	$2.33	25d	1	1.44mi

Listing history 14 events

1. 2026-06-13
   pricestatusdays on marketlisting id $500,000 Pending 8 DOM
2. 2026-06-10
   pricedays on marketlisting id $610,000 Active 15 DOM
3. 2026-06-09
   days on market $500,000 Active 8 DOM
4. 2026-06-08
   days on market $500,000 Active 7 DOM
5. 2026-06-07
   days on market $500,000 Active 6 DOM
6. 2026-06-04
   days on market $500,000 Active 3 DOM
7. 2026-06-03
   days on market $500,000 Active 2 DOM
8. 2026-06-02
   pricedays on marketlisting id $500,000 Active 1 DOM
9. 2026-06-01
   days on market $610,000 Active 7 DOM
10. 2026-05-31
    days on market $610,000 Active 6 DOM
11. 2026-05-25
    listed $610,000 Active
12. 2003-08-12
    soldstatus $198,900
13. 1981-06-22
    soldstatus $90,000
14. 1980-01-24
    soldstatus $60,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast DC · Partial reset (capped growth)

• Current annual tax: $7,316 · $610/mo
• Projected year-2 tax: $7,316 · $610/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 21% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $91,248
• − Mortgage interest: −$28,008
• − Property taxes: −$7,316
• − Insurance: −$2,500
• − Repairs & maintenance: −$7,300
• − Management: −$7,300
• − Depreciation: −$14,545
• Taxable income: $24,279
• Est. tax owed @ 24.0%: −$5,827
• After-tax cash flow: $24,978/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: District Of Columbia Public Schools
• NCES district ID: 1100030
• Math proficiency: 33% ▲ 3.00%
• Reading proficiency: 40% ▲ 5.00%
• Median HH income: $67,671
• Composite: 35.84/100
• National rank: #9606
• State rank: #8 of 32 in DC

Livability — Washington

• Score: 73/100
• State rank: #1
• US rank: #5327

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing C Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washington, DC
• County: District of Columbia · 671,873 people
• City population: 671,873
• Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
• Population (ZIP): 53,005
• Household income: $54,032
• Rent vs Own: 69.8% rent · 30.2% own
• Severe rent burden: 5148.0

Population outlook (District of Columbia County) Hauer SSP2

• Today (2025): 821,926 people
• By 2030: 899,517 · +9.4%
• By 2040: 1,061,162 · +29.1%
• By 2050: 1,231,493 · +49.8%
• By 2075: 1,603,312 · +95.1%
• By 2100: 1,847,141 · +124.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (90%)
• Race & ethnicity: Black 90% Two or more races 3% Hispanic / Latino 3% White 3%
• Common ancestry: Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · District of Columbia

• 2024 margin: Solid D (+86.1) · D 91.2% · R 5.1% · Other 3.8%
• 2008→2024 swing: +0.1pp no change · 2008: 85.9pp · 2024: 86.1pp
• All cycles: 2024: D+86.1 2020: D+86.8 2016: D+88.7 2012: D+84.2 2008: D+85.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -415.44%
• Current HPI: 306.5068
• Rent YoY: ▲ 3.86%
• Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
• State GDP YoY: ▲ 1.33%
• F500 in state: 6

Industry mix (Fortune 500 HQ in DC)

Industry	F500 HQs	Revenue
▸Financial Services	1	$153B
▸Life Sciences / Industrials	1	$25B
▸Industrial Machinery	1	$8B

Price history

+916.7% since first listed

4 events — show timeline

• 2026-05-25 Listed $610,000 FSBO.com
• 2003-08-12 Sold (Public Records) $198,900 Public Records
• 1981-06-22 Sold (Public Records) $90,000 Public Records
• 1980-01-24 Sold (Public Records) $60,000 Public Records

Property tax history

+10.1%/yr

Latest (2025): $7,316 · +1.7% YoY. Source: county tax records.