2011 37th St SE #202 · Washington, DC 20020

$135,000

2 bd · 1.0 ba · 622 sqft · Condo public records · 40 Days on market

Built 1940 $246/mo HOA · 14% of rent

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Why this score? — see what drove the C+ 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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• 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 MLS

.. ..

Key facts

• $246 HOA
• Built 1940
• Listed 40 days

Property features AI

Finance

• Other: Fee simple ownership
• HOA & community: Monthly condo/coop fee of $246.77 covering water and sewer

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Garden-style building (1–4 floors); Unit/flat; Entry on 2nd floor; Building name: Hillcrest
• Construction: Brick veneer and masonry construction; Asphalt shingle roof; Concrete elements; Pets allowed on a case-by-case basis
• Exterior features: No tidal water

Interior

• Bedrooms: 2 bedrooms on main level
• Flooring: Concrete flooring; Carpet; Vinyl
• Bathrooms: 1 full bathroom on main level
• Heating & cooling: Forced air heating; Central air conditioning (natural gas–powered cooling); Electric hot water
• Interior features: Washer/dryer stacked in unit; No basement
• Laundry & utility: Washer and dryer in unit (stacked); Was laundry in unit

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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; 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 40% 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 $933 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.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $38k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y 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 $100k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 22% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.33% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.66%
• DSCR: 1.52
• GRM: 6.3

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: 2.2%
• Equity multiple: 1.08×
• Total profit: $3,180
• Equity at exit: $20,129

10-year hold

• IRR: 12.7%
• Equity multiple: 2.05×
• Total profit: $39,815
• Equity at exit: $11,672

Cash invested: $37,800 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,790 high
• Mortgage (P&I): −$708
• Tax from tax record: −$37 /mo · $443/yr
• Insurance: −$56
• HOA: −$246
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $367

Break-even live

Break-even rent $1,325

Max offer price $135,000

Occupancy floor 74%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2017 37th St SE #301 Washington, DC	2.0	1.0	644	$1,895	$2.94	24d	1	0.03mi
2057 38th St SE #301 Washington, DC	2.0	1.0	625	$1,700	$2.72	18d	1	0.09mi
3808 W St SE #101 Washington, DC	2.0	1.0	623	$2,200	$3.53	24d	1	0.14mi
3811 V St SE Washington, DC	2.0	1.0	629	$1,595	$2.54	2d	1	0.14mi
3812 W St SE #101 Washington, DC	2.0	1.0	629	$1,800	$2.86	24d	1	0.16mi
2107 Fort Davis St SE #301 Washington, DC	2.0	1.0	620	$1,700	$2.74	18d	1	0.17mi
2001 Fort Davis St SE #202 Washington, DC	2.0	1.0	614	$1,650	$2.69	24d	1	0.21mi
2115 Suitland Ter SE Washington, DC	2.0	1.0	637	$1,695	$2.66	24d	1	0.27mi
3923 Pennsylvania Ave SE #301 Washington, DC	2.0	1.0	652	$1,850	$2.84	24d	1	0.27mi
2114 Suitland Ter SE Washington, DC	2.0	1.0	650	$1,800	$2.77	24d	1	0.28mi
3956 Pennsylvania Ave SE #203 Washington, DC	2.0	1.0	636	$1,600	$2.52	7d	1	0.29mi
3935 S St SE #304 Washington, DC	2.0	1.0	735	$2,500	$3.40	24d	1	0.31mi
2103 Suitland Ter SE Washington, DC	3.0	1.0	652	$2,100	$3.22	24d	1	0.32mi
3901 Suitland Rd Suitland, MD	1.0–2.0	1.0	816	$1,555	$1.90	3d	10	0.36mi
3930 Suitland Rd Suitland, MD	1.0–2.0	1.0	772	$1,650	$2.14	1d	29	0.42mi
4113 Southern Ave SE Capitol Heights, MD	3.0	1.0–1.5	816	$1,754	$2.15	1d	45	0.55mi
3101 Pennsylvania Ave SE Washington, DC	1.0	1.0	665	$1,195	$1.80	2d	1	0.63mi
1721 29th St SE Unit 1 Washington, DC	1.0	1.0	725	$1,395	$1.92	20d	1	0.73mi
2219 Town Center Dr SE Washington, DC	1.0	1.0	668	$2,045	$3.06	5d	5	0.77mi
3001 Branch Ave Temple Hills, MD	2.0	1.0	769	$2,043	$2.66	1d	43	0.80mi
2801 R St SE Unit 2 Washington, DC	2.0	1.0	700	$1,569	$2.24	24d	1	0.82mi
2562 Naylor Rd SE Washington, DC	1.0–2.0	1.0	790	$2,075	$2.63	2d	21	0.83mi
4110 Suitland Rd Suitland, MD	1.0–3.0	1.0–2.0	955	$1,812	$1.90	1d	15	0.85mi
1527 28th St SE Washington, DC	1.0	1.0	700	$1,150	$1.64	24d	1	0.90mi
2607 Naylor Rd SE Washington, DC	1.0	1.0	665	$1,275	$1.92	7d	4	0.92mi
2515 R St SE Washington, DC	1.0–2.0	1.0	812	$1,755	$2.16	5d	2	0.93mi
1560 27th St SE Washington, DC	1.0	1.0	660	$1,100	$1.67	24d	1	0.93mi
2847 Gainesville St SE Unit B2 Washington, DC	2.0	1.0	710	$1,700	$2.39	24d	1	0.93mi
1550 27th St SE Washington, DC	2.0	1.0	660	$1,250	$1.89	4d	1	0.94mi
1550 27th St SE Washington, DC	1.0	1.0	550	$1,100	$2.00	24d	1	0.94mi
3101 Naylor Rd SE Washington, DC	1.0	1.0	764	$1,325	$1.73	24d	2	0.94mi
3105 Naylor Rd SE Washington, DC	1.0	1.0	750	$1,350	$1.80	12d	1	0.94mi
3105 Naylor Rd SE #104 Washington, DC	1.0	1.0	715	$1,350	$1.89	24d	1	0.95mi
3107 Naylor Rd SE #301 Washington, DC	1.0	1.0	700	$1,250	$1.79	24d	1	0.95mi
3109 Naylor Rd SE Washington, DC	2.0	1.0	655	$1,904	$2.91	7d	1	0.95mi
2439 25th St SE Washington, DC	1.0	1.0	679	$1,293	$1.90	16d	1	0.96mi
1501 27th St SE #406 Washington, DC	1.0	1.0	598	$1,350	$2.26	14d	1	1.00mi
2843 Minnesota Ave SE Unit 1 Washington, DC	1.0	1.0	631	$1,285	$2.04	24d	1	1.03mi
4348 Southern Ave SE Washington, DC	2.0	1.0	650	$2,300	$3.54	24d	1	1.07mi
4348 Southern Ave SE Unit Radiance Washington, DC	2.0	1.0	550	$2,200	$4.00	18d	1	1.07mi

HOA detail condo

• Monthly dues: $246 · $2,952/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-04-16
   listed $135,000 Active
2. 2026-04-11
   historical $135,000
3. 2004-11-18
   soldstatus $100,000 5-char remark

   Show marketing remark (5 chars)

   .. ..

4. 2004-09-03
   soldstatus $115,000 66-char remark

   Show marketing remark (66 chars)

   Sold. Sold> Contact Withers [phone] for Fairfax Village.

5. 2004-09-02
   historical 66-char remark

   Show marketing remark (66 chars)

   Sold. Sold> Contact Withers [phone] for Fairfax Village.

6. 2004-09-02
   listed $115,000 66-char remark

   Show marketing remark (66 chars)

   Sold. Sold> Contact Withers [phone] for Fairfax Village.

7. 2004-04-29
   historical 5-char remark

   Show marketing remark (5 chars)

   .. ..

8. 2003-10-30
   listed $90,000 5-char remark

   Show marketing remark (5 chars)

   .. ..

9. 2001-07-30
   historical
10. 2000-10-23
    listed
11. 1978-03-24
    soldstatus $29,000

ⓘ 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: $443 · $37/mo
• Projected year-2 tax: $633 · $53/mo
• Expected delta: +$190/yr (+$16/mo · 42.9%)

ⓘ 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 7/10 Severe 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 22% 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: $21,486
• − Mortgage interest: −$7,562
• − Property taxes: −$443
• − Insurance: −$675
• − Repairs & maintenance: −$1,719
• − Management: −$1,719
• − HOA: −$2,952
• − Depreciation: −$3,927
• Taxable income: $2,488
• Est. tax owed @ 24.0%: −$597
• After-tax cash flow: $3,811/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

+365.5% since first listed

11 events — show timeline

• 2026-04-16 Listed $135,000 BRIGHT MLS
• 2026-04-11 Coming Soon $135,000 BRIGHT MLS
• 2004-11-18 Sold (MLS) $100,000 MRIS
• 2004-09-03 Sold (MLS) $115,000 MRIS
• 2004-09-02 Listed $115,000 MRIS
• 2004-09-02 Delisted — MRIS
• 2004-04-29 Delisted — MRIS
• 2003-10-30 Listed $90,000 MRIS
• 2001-07-30 Delisted — MRIS
• 2000-10-23 Listed — MRIS
• 1978-03-24 Sold (Public Records) $29,000 Public Records

Property tax history

-0.3%/yr

Latest (2025): $443 · +6.4% YoY. Source: county tax records.