438 19th St NE · Washington, DC 20002

$1,399,900

13 bd · 5.0 ba · 3,586 sqft · MultiFamily public records · 28 Days on market

Built 1939 Est $1599k · 12% under

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Why this score? — see what drove the D+ 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 +15.2/30.0
• ARV discount +13.1/15.0
• DSCR +4.7/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Sellers are motivated so make an offer. Exceptional and separately metered 2-unit property in pristine condition—ideal for investors seeking strong rental income and long-term growth. The building has a townhouse with 5-bedrooms 2 baths and a new construction townhouse with 8 bedrooms and 2 baths. They are fully self-contained, and each unit has its own HVAC and hot water heaters. It is separately metered for electric. Currently 100% leased out to Section 8 tenants for guaranteed income! This is a cash cow! Own a piece of this up-and-coming neighborhood with a ton of construction going on and your investment will only increase in value. TOPA has not been issued. Leases, CofO and P &am

Key facts

• Fully self-contained
• Separately metered
• Strong rental income

Tags

• SEPARATELY METERED
• STRONG RENTAL INCOME
• FULLY SELF-CONTAINED

Property features AI

Finance

• Financial info: Property operates as multi-unit with 2 total building units and 13 single-room units; Gross scheduled income: $156,682; Net operating income: $117,513; Operating expenses: $39,171 (includes advertising, insurance, snow removal, trash); Other annual expense: $12,000; Insurance expense: $2,372; Pest control expense: $45
• HOA & community: Ground rent paid annually

Exterior

• Parking: Two off-street parking spaces; Concrete driveway; Alley and off-street parking access; Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer; Natural gas for heating and hot water; Electric cooling; Municipal trash service not provided
• Home design: End-of-row townhouse/rowhouse configuration; Fee simple ownership; Average condition; Effective year remodeled: 2018
• Construction: Brick construction; Built-up roof; Block foundation; Other above-grade structures present; Building not winterized
• Exterior features: Exterior lighting; Alley access

Interior

• Kitchen: Built-in microwave; Built-in range / stove; Range hood; Dishwasher; Garbage disposal; Refrigerator
• Bedrooms: Contains multiple single-room units (13 single-room units total)
• Flooring: Carpet
• Bathrooms: Combination tub/shower and stall shower options
• Heating & cooling: Central heating (natural gas); Central air conditioning (electric); Hot water heated by natural gas
• Interior features: Open floor plan with recessed lighting; Combination dining/living and kitchen/dining areas; Stall shower and tub/shower combination; Carpeted areas; Connecting stairway to basement
• Laundry & utility: Washer and electric dryer in unit; Laundry available on main floor; Water heater

What this means for you Summary

Snapshot

• This is a 2 × 6-bed/2.0-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $483 ($6k/yr) — positive. Per door: $241/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.18M (15.8% below list).
• Recommended offer: $1.18M (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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 falling (-3.0%/yr); 548 active listings in the ZIP; high-income renter base; 1,737 units permitted in District of Columbia in 2024 (1,506 in 5+ unit buildings).
• At $11,783/mo this rent would consume 118% of the median local household income ($120k/yr) (locally 3854% 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 $10k of loan paydown is wiped out by about $42k 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.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($1.38M) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $470k; list at $1.40M implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,178,300 (15.8% below list)

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 1939 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.84% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.48%
• DSCR: 1.07
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $1,599,356
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 20th St NE	0.24mi	12/— (-1)	3,360 (-6%)	4mo	$1,500,000	$446	70

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.41×
• Total profit: $-230,970
• Equity at exit: $208,730

10-year hold

• IRR: -15.2%
• Equity multiple: 0.24×
• Total profit: $-296,378
• Equity at exit: $121,038

Cash invested: $391,972 (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 20002

• Rents YoY: -3.0%
• Active inventory: 548
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $11,783 medium
• Mortgage (P&I): −$7,341
• Tax from tax record: −$901 /mo · $10,815/yr
• Insurance: −$583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,474
• Net cashflow: $483

Break-even live

Break-even rent $11,172

Max offer price $1,399,900

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 2× units	6	2	$11,784
Total (2 units)			$11,783

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: $349,975
• Closing costs: $41,997
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-02
   days on market $1,399,900 Active 28 DOM
2. 2026-06-01
   days on market $1,399,900 Active 27 DOM
3. 2026-05-31
   days on market $1,399,900 Active 26 DOM
4. 2026-05-05
   historical
5. 2026-05-05
   listed $1,399,900 Active
6. 2026-04-26
   price $1,399,900
7. 2026-03-16
   listed $1,299,900 Active
8. 2026-03-16
   historical
9. 2026-01-12
   price $1,399,900
10. 2025-12-03
    listed $1,599,900 Active
11. 2023-10-16
    historical
12. 2023-10-16
    historical
13. 2023-10-12
    price $1,299,900
14. 2023-10-12
    price $1,299,900
15. 2023-10-02
    listed $1,399,900 Active
16. 2023-10-02
    listed $1,299,900 Active
17. 2023-10-02
    historical
18. 2023-10-01
    listed $1,399,900 Active
19. 2022-09-13
    historical
20. 2022-08-28
    historical
21. 2022-08-28
    listed $1,499,900 Active
22. 2022-06-24
    price $1,499,900
23. 2022-05-30
    listed $1,699,900 Active
24. 2020-02-10
    soldstatus $470,000
25. 2019-12-16
    historical
26. 2019-11-30
    price $574,900
27. 2019-11-24
    listed $584,900 Active
28. 2019-11-24
    historical
29. 2019-11-12
    listed $584,900 Active
30. 2019-08-26
    status Pending
31. 2019-08-20
    historical
32. 2019-07-24
    price $630,000
33. 2019-07-02
    listed $675,000 Active
34. 2018-01-31
    historical Withdrawn
35. 2017-12-05
    historical Contingent (Kick Out)
36. 2017-10-26
    price $593,000
37. 2017-10-05
    price
38. 2017-08-13
    price
39. 2017-08-13
    status Active
40. 2017-05-01
    historical Contingent (Kick Out)
41. 2016-11-25
    price
42. 2016-10-13
    price
43. 2016-09-02
    price
44. 2016-08-23
    price
45. 2016-06-14
    price
46. 2016-05-18
    price
47. 2016-04-26
    price
48. 2016-04-26
    price
49. 2016-04-16
    listed Active
50. 2016-04-16
    listed $560,000 Active

ⓘ 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: $10,815 · $901/mo
• Projected year-2 tax: $10,815 · $901/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 6/10 Major FEMA zone X (unshaded) · 68% 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 16% 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: $141,396
• − Mortgage interest: −$78,416
• − Property taxes: −$10,815
• − Insurance: −$7,000
• − Repairs & maintenance: −$11,312
• − Management: −$11,312
• − Depreciation: −$40,724
• Taxable loss: −$18,183
• Est. tax savings @ 24.0%: +$4,364
• After-tax cash flow: $10,157/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): 72,397
• Household income: $120,337
• Rent vs Own: 61.7% rent · 38.3% own
• Severe rent burden: 3854.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 41% Black 40% Two or more races 9% Hispanic / Latino 9% Asian 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 2%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 5% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -852.61%
• Current HPI: 396.6033
• Rent YoY: ▼ -3.04%
• 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

+6899.5% since first listed

48 events — show timeline

• 2026-05-05 Listed $1,399,900 BRIGHT MLS
• 2026-05-05 Listing Removed — BRIGHT MLS
• 2026-04-26 Price Changed $1,399,900 BRIGHT MLS
• 2026-03-16 Listing Removed — BRIGHT MLS
• 2026-03-16 Listed $1,299,900 BRIGHT MLS
• 2026-01-12 Price Changed $1,399,900 BRIGHT MLS
• 2025-12-03 Listed $1,599,900 BRIGHT MLS
• 2023-10-16 Listing Removed — BRIGHT MLS
• 2023-10-16 Listing Removed — BRIGHT MLS
• 2023-10-12 Price Changed $1,299,900 BRIGHT MLS
• 2023-10-12 Price Changed $1,299,900 BRIGHT MLS
• 2023-10-02 Listing Removed — BRIGHT MLS
• 2023-10-02 Listed $1,299,900 BRIGHT MLS
• 2023-10-02 Listed $1,399,900 BRIGHT MLS
• 2023-10-01 Listed $1,399,900 BRIGHT MLS
• 2022-09-13 Listing Removed — BRIGHT MLS
• 2022-08-28 Listing Removed — BRIGHT MLS
• 2022-08-28 Listed $1,499,900 BRIGHT MLS
• 2022-06-24 Price Changed $1,499,900 BRIGHT MLS
• 2022-05-30 Listed $1,699,900 BRIGHT MLS
• 2020-02-10 Sold (Public Records) $470,000 Public Records
• 2019-12-16 Listing Removed — BRIGHT MLS
• 2019-11-30 Price Changed $574,900 BRIGHT MLS
• 2019-11-24 Listing Removed — BRIGHT MLS
• 2019-11-24 Listed $584,900 BRIGHT MLS
• 2019-11-12 Listed $584,900 BRIGHT MLS
• 2019-08-26 Pending — BRIGHT MLS
• 2019-08-20 Listing Removed — BRIGHT MLS
• 2019-07-24 Price Changed $630,000 BRIGHT MLS
• 2019-07-02 Listed $675,000 BRIGHT MLS
• 2018-01-31 Delisted — MRIS
• 2017-12-05 Contingent — MRIS
• 2017-10-26 Price Changed $593,000 BRIGHT MLS
• 2017-10-05 Price Changed — MRIS
• 2017-08-13 Price Changed — MRIS
• 2017-08-13 Relisted — MRIS
• 2017-05-01 Contingent — MRIS
• 2016-11-25 Price Changed — MRIS
• 2016-10-13 Price Changed — MRIS
• 2016-09-02 Price Changed — MRIS
• 2016-08-23 Price Changed — MRIS
• 2016-06-14 Price Changed — MRIS
• 2016-05-18 Price Changed — MRIS
• 2016-04-26 Price Changed — MRIS
• 2016-04-26 Price Changed — MRIS
• 2016-04-16 Listed — MRIS
• 2016-04-16 Listed $560,000 BRIGHT MLS
• 1976-12-30 Sold (Public Records) $20,000 Public Records

Property tax history

-6.5%/yr

Latest (2025): $10,815 · +1.9% YoY. Source: county tax records.