2002 38th St SE Unit B · Washington, DC 20020

$145,000

2 bd · 1.0 ba · 808 sqft · Condo public records · 55 Days on market

Built 1940 $492/mo HOA · 26% of rent

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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 +13.0/30.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• DSCR +3.9/10.0
• 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

Listing remarks

Priced well below market value, this spacious two-bedroom home is located in the scenic Hillcrest neighborhood, just off Pennsylvania Avenue, with convenient access to downtown. This home is an ideal opportunity for an investor or handy homeowner looking to build equity.

Key facts

• $492 HOA
• Built 1940
• Listed 55 days

Tags

• HILLCREST NEIGHBORHOOD
• CONVENIENT ACCESS TO DOWNTOWN

Property features AI

Finance

• Other: Directions: Go south on Pennsylvania Avenue, SE, then right on 38th Street
• Financial info: Ownership: Condominium
• HOA & community: Monthly condo fee of $492; Condo fee covers water, sewer, common area maintenance, exterior building maintenance, lawn maintenance, management, snow removal, and trash

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Condominium unit in a garden-style building (1–4 floors); Unit/flat in the Hillcrest building; Entry on level 1
• Construction: Brick construction; Above-grade and below-grade structures noted; Year built recorded by assessor
• Exterior features: Located within city limits; No tidal water

Interior

• Bedrooms: Two bedrooms on the first upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (electric); Central air conditioning
• Interior features: No basement; Living area reported by assessor
• Laundry & utility: Washer/dryer hookup in unit

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $145k.

Deal economics

• At list price, monthly cash flow is $-9 ($-111/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (0.9% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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.
• Zoned schools: Beers Es (372 students, 0% FRL); Sousa Ms (215 students, 0% FRL); Anacostia Hs (287 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.9%/yr); 298 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 42% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 55 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $56k; list at $145k implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.30% ✓
• Cap rate: 6.22%
• Cash-on-cash: -0.27%
• DSCR: 0.99
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -15.0%
• Equity multiple: 0.46×
• Total profit: $-22,113
• Equity at exit: $21,620

10-year hold

• IRR: -4.1%
• Equity multiple: 0.71×
• Total profit: $-11,820
• Equity at exit: $12,537

Cash invested: $40,600 (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: 298
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,880 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$492
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $-9

Break-even live

Break-even rent $1,891

Max offer price $143,664

Occupancy floor 95%

Sensitivity live

Price	-10% $91	-5% $41	+0% $-9	+5% $-59	+10% $-109
Rent	-10% $-158	-5% $-83	+0% $-9	+5% $65	+10% $139
Rate	-1.0pp $64	-0.5pp $28	base $-9	+0.5pp $-47	+1.0pp $-85

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3811 V St SE Washington, DC	2.0	1.0	629	$1,595	$2.54	4d	1	0.08mi
2001 Fort Davis St SE #202 Washington, DC	2.0	1.0	614	$1,650	$2.69	26d	1	0.09mi
2107 Fort Davis St SE #301 Washington, DC	2.0	1.0	620	$1,700	$2.74	20d	1	0.10mi
3808 W St SE #101 Washington, DC	2.0	1.0	623	$2,200	$3.53	26d	1	0.12mi
3812 W St SE #101 Washington, DC	2.0	1.0	629	$1,800	$2.86	26d	1	0.12mi
2057 38th St SE #301 Washington, DC	2.0	1.0	625	$1,700	$2.72	20d	1	0.14mi
2017 37th St SE #301 Washington, DC	2.0	1.0	644	$1,895	$2.94	26d	1	0.14mi
3915 Pennsylvania Ave SE Washington, DC	2.0	1.0	782	$2,500	$3.20	26d	1	0.17mi
3956 Pennsylvania Ave SE #203 Washington, DC	2.0	1.0	636	$1,600	$2.52	9d	1	0.17mi
3923 Pennsylvania Ave SE #301 Washington, DC	2.0	1.0	652	$1,850	$2.84	26d	1	0.18mi
3937 S St SE #108 Washington, DC	2.0	1.0	751	$1,750	$2.33	9d	1	0.19mi
3935 S St SE #304 Washington, DC	2.0	1.0	735	$2,500	$3.40	26d	1	0.19mi
2115 Suitland Ter SE Washington, DC	2.0	1.0	637	$1,595	$2.50	1d	1	0.20mi
2114 Suitland Ter SE Washington, DC	2.0	1.0	650	$1,800	$2.77	26d	1	0.23mi
2103 Suitland Ter SE Washington, DC	3.0	1.0	652	$2,100	$3.22	26d	1	0.24mi
3930 Stone Gate Dr Suitland, MD	2.0	1.0	1050	$1,750	$1.67	45d	1	0.33mi
3928 Stone Gate Dr Unit D Suitland, MD	3.0	1.5	1031	$1,700	$1.65	20d	1	0.33mi
3936 Stone Gate Dr Unit D Suitland, MD	2.0	1.0	870	$1,800	$2.07	14d	1	0.33mi
3901 Suitland Rd Suitland, MD	1.0–2.0	1.0	816	$1,555	$1.90	1d	9	0.35mi
3930 Suitland Rd Suitland, MD	1.0–2.0	1.0	772	$1,650	$2.14	0d	27	0.36mi
4113 Southern Ave SE Capitol Heights, MD	3.0	1.0–1.5	816	$1,719	$2.11	1d	49	0.44mi
2121 32nd Pl SE Bsmt In-Law Washington, DC	1.0	1.0	800	$2,200	$2.75	20d	1	0.48mi
3101 Pennsylvania Ave SE Washington, DC	1.0	1.0	665	$1,195	$1.80	4d	1	0.67mi
2621 30th St SE Unit 1 Washington, DC	2.0	1.0	800	$1,750	$2.19	26d	1	0.79mi
1721 29th St SE Unit 1 Washington, DC	1.0	1.0	725	$1,395	$1.92	22d	1	0.80mi
1707 29th St SE Unit 1 Washington, DC	1.0	1.0	850	$2,050	$2.41	5d	1	0.81mi
4110 Suitland Rd Suitland, MD	1.0–3.0	1.0–2.0	955	$1,812	$1.90	0d	15	0.82mi
2925-2929 Pennsylvania Ave SE Unit 204 Washington, DC	3.0	1.0	980	$3,000	$3.06	6d	1	0.83mi
2821 R St SE Washington, DC	2.0	1.0	853	$1,650	$1.93	26d	1	0.84mi
2726 Fort Baker Dr SE Washington, DC	1.0	1.0	800	$1,350	$1.69	9d	1	0.89mi
2801 R St SE Unit 2 Washington, DC	2.0	1.0	700	$1,569	$2.24	26d	1	0.89mi
2219 Town Center Dr SE Washington, DC	1.0	1.0	668	$2,060	$3.08	0d	4	0.89mi
3001 Branch Ave Temple Hills, MD	2.0	1.0	769	$2,043	$2.66	1d	40	0.91mi
2713 Fort Baker Dr SE Washington, DC	1.0	1.0	800	$1,400	$1.75	20d	1	0.92mi
2562 Naylor Rd SE Washington, DC	1.0–2.0	1.0	790	$2,075	$2.63	4d	21	0.93mi
4348 Southern Ave SE Washington, DC	2.0	1.0	650	$2,300	$3.54	26d	1	0.94mi
4348 Southern Ave SE Washington, DC	3.0	1.0	860	$2,400	$2.79	20d	1	0.94mi
4348 Southern Ave SE Unit Radiance Washington, DC	2.0	1.0	550	$2,200	$4.00	20d	1	0.94mi
2716 29th St SE Washington, DC	2.0	1.0	850	$2,000	$2.35	26d	1	0.96mi
1616 27th St SE Unit 6 Washington, DC	3.0	1.0	1100	$2,850	$2.59	26d	1	0.97mi

HOA detail condo

• Monthly dues: $492 · $5,904/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $145,000 Active 55 DOM
2. 2026-06-18
   days on market $145,000 Active 52 DOM
3. 2026-06-17
   days on market $145,000 Active 51 DOM
4. 2026-06-16
   days on market $145,000 Active 50 DOM
5. 2026-06-15
   days on market $145,000 Active 49 DOM
6. 2026-06-13
   days on market $145,000 Active 47 DOM
7. 2026-06-09
   days on market $145,000 Active 43 DOM
8. 2026-06-08
   days on market $145,000 Active 42 DOM
9. 2026-06-07
   days on market $145,000 Active 41 DOM
10. 2026-06-04
    days on market $145,000 Active 38 DOM
11. 2026-06-03
    days on market $145,000 Active 37 DOM
12. 2026-06-02
    days on market $145,000 Active 36 DOM
13. 2026-06-01
    days on market $145,000 Active 35 DOM
14. 2026-05-31
    days on market $145,000 Active 34 DOM
15. 2026-05-21
    status Active
16. 2026-05-07
    status Pending
17. 2026-04-13
    listed $145,000 Active
18. 1984-02-08
    soldstatus $56,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 16 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: $22,554
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,804
• − Management: −$1,804
• − HOA: −$5,904
• − Depreciation: −$4,218
• Taxable loss: −$2,199
• Est. tax savings @ 24.0%: +$528
• After-tax cash flow: $417/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

+158.9% since first listed

4 events — show timeline

• 2026-05-21 Relisted — BRIGHT MLS
• 2026-05-07 Pending — BRIGHT MLS
• 2026-04-13 Listed $145,000 BRIGHT MLS
• 1984-02-08 Sold (Public Records) $56,000 Public Records

Property tax history

-0.3%/yr

Latest (2025): $202 · -4.3% YoY. Source: county tax records.