1223 18th Pl NE · Washington, DC 20002

$400,000

4 bd · 4.0 ba · 3,228 sqft · MultiFamily public records · 25 Days on market

Built 1941 1,647 sqft lot

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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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

* * Offers reviewed as they are received. * * One's loss=another's gain! Sited on a quiet dead end street that abuts the arboretum sites this fully-permitted, partially completed 4-unit building. All units permitted for 3 BR/3BA duplex units, 2 with Rooftop Decks, 4 parking spaces. Demo completed, Sewer/water lines already upgraded & replaced. New foundation laid & block walls for rear extension, underpinning of party wall complete & much more. Opportunity to purchase this asset at well below market & even further below that amount of money already invested. Complete & keep as a rental or sell as condos with an ARV north of 2 million. See Documents for Additional Information. Plans available by request.

Key facts

• New foundation laid
• Abuts the arboretum
• 4 parking spaces

Tags

• ABUTS THE ARBORETUM
• ROOFTOP DECKS
• 4 PARKING SPACES
• SEWER WATER LINES UPGRADED
• NEW FOUNDATION LAID
• BLOCK WALLS FOR REAR EXTENSION

Property features AI

Finance

• Financial info: Ground rent paid annually

Exterior

• Parking: 4 total garage and parking spaces; Off-site parking available (4 spaces); On-street parking
• Utilities: Public water; Public septic
• Home design: Detached structure; Fee simple ownership; Property needs major rehabilitation
• Construction: Brick construction; Permanent foundation; Construction not completed
• Exterior features: Above-grade and below-grade other structures

Interior

• Bedrooms: 2 bedrooms on the main level; 2 bedrooms on the 1st upper level; 4 bedrooms on the 2nd upper level; 4 bedrooms on the 1st lower level
• Bathrooms: 2 full bathrooms on the main level; 2 full bathrooms on the 1st upper level; 4 full bathrooms on the 2nd upper level; 4 full bathrooms on the 1st lower level; 12 full bathrooms total
• Heating & cooling: Hot water heating
• Interior features: No basement; Living area reported by assessor

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $894 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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); 558 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,737 units permitted in District of Columbia in 2024 (1,506 in 5+ unit buildings).
• At $4,630/mo this rent would consume 46% 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 $3k of loan paydown is wiped out by about $12k 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 25 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 19y ago; this cycle's ask has dropped $100k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1941 — 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 $394,000 (1.5% below list)

Questions for the listing agent

1. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.16% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.57%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $874,788
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1912 M St NE	0.08mi	4/4.0	3,246 (+1%)	2mo	$825,000	$254	93
1719 West Virginia Ave NE	0.55mi	4/—	3,100 (-4%)	8mo	$840,000	$271	61
1211 Simms Pl NE	0.48mi	3/4.0 (-1)	3,472 (+8%)	5mo	$1,220,000	$351	56
1636 Lang Pl NE	0.18mi	5/— (+1)	2,790 (-14%)	15mo	$1,050,000	$376	52
1217 Raum St NE	0.47mi	4/—	3,395 (+5%)	23mo	$699,000	$206	50
1500 Oates St NE	0.39mi	5/— (+1)	3,602 (+12%)	15mo	$885,000	$246	45

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: -5.3%
• Equity multiple: 0.81×
• Total profit: $-21,400
• Equity at exit: $59,641

10-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $2,498
• Equity at exit: $34,585

Cash invested: $112,000 (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 20002

• Rents YoY: -3.0%
• Active inventory: 558
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $4,630 high
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$972
• Net cashflow: $894

Break-even live

Break-even rent $3,499

Max offer price $400,000

Occupancy floor 76%

Sensitivity live

Price	-10% $1,170	-5% $1,032	+0% $894	+5% $755	+10% $617
Rent	-10% $528	-5% $711	+0% $894	+5% $1,077	+10% $1,259
Rate	-1.0pp $1,095	-0.5pp $995	base $894	+0.5pp $790	+1.0pp $685

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1640 L St NE Washington, DC	3.0	2.0	2300	$3,700	$1.61	19d	1	0.23mi
1609 Levis St NE Washington, DC	4.0	4.5	2295	$3,900	$1.70	25d	1	0.28mi
1255 Raum St NE Unit 1388282P Washington, DC	2.0–8.0	1.0–5.0	3245	$6,967	$2.15	2d	2	0.41mi
1714 Montello Ave NE Washington, DC	4.0	3.0	2100	$4,350	$2.07	25d	1	0.53mi
1222 Owen Pl NE Washington, DC	4.0	2.5	2164	$3,800	$1.76	25d	1	0.54mi
1324 H St NE Unit 2 Washington, DC	4.0	1.5	2100	$4,000	$1.90	25d	1	0.68mi
1117 Montello Ave NE Washington, DC	4.0	3.5	2260	$4,500	$1.99	25d	1	0.71mi
1169 Morse St NE Washington, DC	3.0	3.0	2274	$4,250	$1.87	5d	1	0.73mi
1167 Morse St NE #1 Washington, DC	5.0	4.5	3409	$8,500	$2.49	25d	1	0.74mi
333 17th Pl NE Washington, DC	3.0	1.5	2300	$3,400	$1.48	25d	1	0.82mi
221 20th St NE Unit 4 Washington, DC	3.0	1.0	3360	$2,999	$0.89	25d	1	0.92mi
723 5th St NE Unit 630P Washington, DC	3.0	3.0	3003	$7,500	$2.50	13d	1	1.28mi
1319 Massachusetts Ave SE Washington, DC	3.0	3.0	2578	$6,000	$2.33	25d	1	1.34mi
2410 South Dakota Ave NE Washington, DC	4.0	3.5	2222	$4,400	$1.98	16d	1	1.41mi

Listing history 27 events

1. 2026-05-12
   status Pending

   Show marketing remark (746 chars)

   * * Offers reviewed as they are received. * * One's loss=another's gain! Sited on a quiet dead end street that abuts the arboretum sites this fully-permitted, partially completed 4-unit building. All units permitted for 3 BR/3BA duplex units, 2 with Rooftop Decks, 4 parking spaces. Demo completed, Sewer/water lines already upgraded & replaced. New foundation laid & block walls for rear extension, underpinning of party wall complete & much more. Opportunity to purchase this asset at well below market & even further below that amount of money already invested. Complete & keep as a rental or sell as condos with an ARV north of 2 million. See Documents for Additional Information. Plans available by request.

2. 2026-05-12
   status Pending 746-char remark

   Show marketing remark (746 chars)

   * * Offers reviewed as they are received. * * One's loss=another's gain! Sited on a quiet dead end street that abuts the arboretum sites this fully-permitted, partially completed 4-unit building. All units permitted for 3 BR/3BA duplex units, 2 with Rooftop Decks, 4 parking spaces. Demo completed, Sewer/water lines already upgraded & replaced. New foundation laid & block walls for rear extension, underpinning of party wall complete & much more. Opportunity to purchase this asset at well below market & even further below that amount of money already invested. Complete & keep as a rental or sell as condos with an ARV north of 2 million. See Documents for Additional Information. Plans available by request.

3. 2026-05-04
   price $400,000

   Show marketing remark (746 chars)

   * * Offers reviewed as they are received. * * One's loss=another's gain! Sited on a quiet dead end street that abuts the arboretum sites this fully-permitted, partially completed 4-unit building. All units permitted for 3 BR/3BA duplex units, 2 with Rooftop Decks, 4 parking spaces. Demo completed, Sewer/water lines already upgraded & replaced. New foundation laid & block walls for rear extension, underpinning of party wall complete & much more. Opportunity to purchase this asset at well below market & even further below that amount of money already invested. Complete & keep as a rental or sell as condos with an ARV north of 2 million. See Documents for Additional Information. Plans available by request.

4. 2026-05-04
   price $400,000 746-char remark

   Show marketing remark (746 chars)

   * * Offers reviewed as they are received. * * One's loss=another's gain! Sited on a quiet dead end street that abuts the arboretum sites this fully-permitted, partially completed 4-unit building. All units permitted for 3 BR/3BA duplex units, 2 with Rooftop Decks, 4 parking spaces. Demo completed, Sewer/water lines already upgraded & replaced. New foundation laid & block walls for rear extension, underpinning of party wall complete & much more. Opportunity to purchase this asset at well below market & even further below that amount of money already invested. Complete & keep as a rental or sell as condos with an ARV north of 2 million. See Documents for Additional Information. Plans available by request.

5. 2026-04-17
   listed $500,000 Active
6. 2026-03-26
   listed $500,000 Active 746-char remark

   Show marketing remark (746 chars)

   * * Offers reviewed as they are received. * * One's loss=another's gain! Sited on a quiet dead end street that abuts the arboretum sites this fully-permitted, partially completed 4-unit building. All units permitted for 3 BR/3BA duplex units, 2 with Rooftop Decks, 4 parking spaces. Demo completed, Sewer/water lines already upgraded & replaced. New foundation laid & block walls for rear extension, underpinning of party wall complete & much more. Opportunity to purchase this asset at well below market & even further below that amount of money already invested. Complete & keep as a rental or sell as condos with an ARV north of 2 million. See Documents for Additional Information. Plans available by request.

7. 2026-03-06
   historical
8. 2026-02-03
   listed $650,000 Active
9. 2021-05-21
   soldstatus $751,000 Closed
10. 2021-03-11
    status Pending
11. 2021-02-26
    status Active
12. 2021-02-25
    historical
13. 2021-02-25
    listed $749,999 Active
14. 2019-10-13
    status Pending
15. 2019-10-12
    historical
16. 2019-10-02
    listed $699,999 Active
17. 2013-06-09
    historical Withdrawn
18. 2013-06-09
    listed Active
19. 2010-10-06
    historical Temporarily Off-Market
20. 2010-10-06
    historical
21. 2010-09-07
    status Active
22. 2010-07-20
    historical Temporarily Off-Market
23. 2010-06-06
    listed Active
24. 2010-06-06
    listed $295,000
25. 2007-07-01
    historical
26. 2007-03-20
    listed
27. 1990-10-25
    soldstatus $87,000

ⓘ 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 ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 18% 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: $55,564
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,445
• − Management: −$4,445
• − Depreciation: −$11,636
• Taxable income: $4,631
• Est. tax owed @ 24.0%: −$1,111
• After-tax cash flow: $9,612/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

+359.8% since first listed

27 events — show timeline

• 2026-05-12 Pending — BRIGHT MLS
• 2026-05-12 Pending — BRIGHT MLS
• 2026-05-04 Price Changed $400,000 BRIGHT MLS
• 2026-05-04 Price Changed $400,000 BRIGHT MLS
• 2026-04-17 Listed $500,000 BRIGHT MLS
• 2026-03-26 Listed $500,000 BRIGHT MLS
• 2026-03-06 Listing Removed — BRIGHT MLS
• 2026-02-03 Listed $650,000 BRIGHT MLS
• 2021-05-21 Sold (MLS) $751,000 BRIGHT MLS
• 2021-03-11 Pending — BRIGHT MLS
• 2021-02-26 Relisted — BRIGHT MLS
• 2021-02-25 Listed $749,999 BRIGHT MLS
• 2021-02-25 Listing Removed — BRIGHT MLS
• 2019-10-13 Pending — BRIGHT MLS
• 2019-10-12 Listing Removed — BRIGHT MLS
• 2019-10-02 Listed $699,999 BRIGHT MLS
• 2013-06-09 Delisted — MRIS
• 2013-06-09 Listed — MRIS
• 2010-10-06 Delisted — MRIS
• 2010-10-06 Listing Removed — BRIGHT MLS
• 2010-09-07 Relisted — MRIS
• 2010-07-20 Delisted — MRIS
• 2010-06-06 Listed — MRIS
• 2010-06-06 Listed $295,000 BRIGHT MLS
• 2007-07-01 Delisted — MRIS
• 2007-03-20 Listed — MRIS
• 1990-10-25 Sold (Public Records) $87,000 Public Records

Property tax history

+21.0%/yr

Latest (2025): $61,168 · +48.3% YoY. Source: county tax records.