2303 S St SE · Washington, DC 20020

$524,999

4 bd · 4.0 ba · 2,592 sqft · MultiFamily public records · 80 Days on market

Built 1956 5,437 sqft lot Est $586k · 10% under

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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 +26.0/30.0
• ARV discount +12.2/15.0
• DSCR +8.8/10.0
• 1% rule +6.4/10.0
• 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

This classic two-story brick quadplex presents a rare value-add opportunity and easily accessible to Navy Yard and downtown DC. Located at 2303 S St SE, this multifamily property features four one-bedroom units, offering strong potential for rental income and long-term appreciation. It provides the perfect canvas for an investor looking to unlock significant upside. With the right vision and improvements, this property can be transformed into a highly desirable asset. Conveniently situated near Pennsylvania Avenue SE and the Sousa Bridge, the property offers easy access to downtown Washington, DC, making it especially attractive to commuters. Opportunities like this—combining location

Key facts

• 5,437 sq ft lot
• Built 1956
• Listed 80 days

Tags

• EASILY ACCESSIBLE TO NAVY YARD
• ATTRACTIVE TO COMMUTERS

Property features AI

Finance

• Other: Total of 4 dwelling units; Above-grade finished area of 2,592 (assessor); Assessor sources used for year built and area values
• Financial info: Fee simple ownership

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Detached multi-family building; Above-grade finished living space
• Construction: Brick construction; Permanent foundation; Above-grade and below-grade structures
• Exterior features: No tidal water on the property; Urban soil (Cristiana-Sunnysider)

Interior

• Bedrooms: Four one-bedroom units (multi-family property)
• Heating & cooling: Radiator heat; Natural gas heating and hot water
• Interior features: Assessor-reported living area

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $525k).
• Recommended offer: $493k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $5,982/mo this rent would consume 133% 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 $4k of loan paydown is wiped out by about $16k 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 $147k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($493k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 34y 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 $116k; list at $525k implies a 353% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — 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 $493,499 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. 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: 1.14% ✓
• Cap rate: 9.30%
• Cash-on-cash: 10.73%
• DSCR: 1.48
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $585,792
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2726 Fort Baker Dr SE	0.30mi	5/— (+1)	2,572 (-1%)	4mo	$623,000	$242	77
2722 Fort Baker Dr SE	0.29mi	5/— (+1)	2,572 (-1%)	15mo	$550,000	$214	68
1515 17th St SE	0.49mi	4/—	2,720 (+5%)	3mo	$492,500	$181	67
1526 23rd St SE	0.21mi	4/—	2,297 (-11%)	13mo	$518,000	$226	61
1811 18th St SE	0.34mi	4/—	2,212 (-15%)	12mo	$255,500	$116	50
2719 Fort Baker Dr SE	0.28mi	5/3.0 (+1)	2,804 (+8%)	19mo	$670,000	$239	49
2728 Minnesota Ave SE	0.57mi	5/4.0 (+1)	2,880 (+11%)	10mo	$665,000	$231	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: 0.7%
• Equity multiple: 1.03×
• Total profit: $3,793
• Equity at exit: $78,279

10-year hold

• IRR: 11.1%
• Equity multiple: 1.90×
• Total profit: $132,691
• Equity at exit: $45,392

Cash invested: $147,000 (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: 29.3×

Monthly cashflow live

• Estimated rent: $5,982 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$440 /mo · $5,279/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,256
• Net cashflow: $1,314

Break-even live

Break-even rent $4,319

Max offer price $524,999

Occupancy floor 73%

Sensitivity live

Price	-10% $1,611	-5% $1,463	+0% $1,314	+5% $1,165	+10% $1,017
Rent	-10% $841	-5% $1,078	+0% $1,314	+5% $1,550	+10% $1,787
Rate	-1.0pp $1,578	-0.5pp $1,448	base $1,314	+0.5pp $1,178	+1.0pp $1,040

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,984
Total (4 units)			$5,982

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2320 Minnesota Ave SE Washington, DC	3.0	3.5	2052	$3,150	$1.54	25d	1	0.34mi
1516 18th St SE Washington, DC	3.0	2.0	1941	$3,200	$1.65	25d	1	0.39mi
1919 16th St SE Washington, DC	3.0	1.5	1920	$2,100	$1.09	25d	1	0.52mi
3010 V Pl SE Washington, DC	4.0	3.0	2232	$3,500	$1.57	25d	1	0.52mi
1802 14th St SE Washington, DC	3.0	2.0	1800	$2,800	$1.56	25d	1	0.64mi
1505 West St SE Unit 1 Washington, DC	3.0	2.5	2100	$3,300	$1.57	2d	1	0.65mi
1205 30th St SE Washington, DC	3.0	1.0	3480	$1,750	$0.50	25d	1	0.66mi
2928 Nelson Pl SE Unit 1 Washington, DC	3.0	1.0	2720	$2,300	$0.85	25d	1	0.68mi
2121 32nd Pl SE Unit Main Washington, DC	3.0	3.0	3100	$5,500	$1.77	22d	1	0.72mi
1325 Valley Pl SE Washington, DC	4.0	2.0	2138	$6,500	$3.04	25d	1	0.88mi
816 Kentucky Ave SE Washington, DC	4.0	3.0	1800	$4,850	$2.69	3d	1	0.93mi
1722 Gainesville St SE Washington, DC	4.0	2.5	2000	$3,490	$1.75	25d	1	0.94mi
3422 Pennsylvania Ave SE Washington, DC	5.0	2.5	2520	$5,500	$2.18	21d	1	0.98mi
2612 33rd St SE Washington, DC	3.0	3.0	1826	$3,529	$1.93	25d	1	1.00mi
1433 Howard Rd SE Washington, DC	5.0	3.5	2000	$7,500	$3.75	19d	1	1.04mi
2322 Shannon Pl SE Washington, DC	3.0	3.5	1800	$2,800	$1.56	25d	1	1.10mi
1354 Pennsylvania Ave SE Washington, DC	3.0	2.5	3200	$4,500	$1.41	8d	1	1.12mi
2390 Elvans Rd SE Washington, DC	3.0	2.5	2176	$3,190	$1.47	8d	1	1.13mi
1825 Massachusetts Ave SE Washington, DC	3.0	2.5	1957	$4,000	$2.04	25d	1	1.18mi
329 16th St SE Washington, DC	3.0	3.0	2000	$4,800	$2.40	25d	1	1.25mi
2520 Elvans Rd SE Washington, DC	3.0	2.5	2760	$3,800	$1.38	25d	1	1.32mi
2530 Elvans Rd SE Unit B Washington, DC	5.0	3.5	2760	$7,500	$2.72	8d	1	1.35mi
237 15th St SE Unit 1 Washington, DC	3.0	3.0	1938	$4,500	$2.32	25d	1	1.38mi
223 17th St SE #2 Washington, DC	3.0	2.5	1900	$5,200	$2.74	25d	1	1.38mi
1016 G St SE Washington, DC	3.0	2.5	2277	$6,000	$2.64	25d	1	1.39mi
401 11th St SE Washington, DC	4.0	4.5	1832	$7,000	$3.82	19d	1	1.50mi

Listing history 31 events

1. 2026-06-18
   days on market $524,999 Active 80 DOM
2. 2026-06-17
   days on market $524,999 Active 79 DOM
3. 2026-06-16
   days on market $524,999 Active 78 DOM
4. 2026-06-15
   days on market $524,999 Active 77 DOM
5. 2026-06-13
   days on market $524,999 Active 75 DOM
6. 2026-06-09
   days on market $524,999 Active 71 DOM
7. 2026-06-08
   days on market $524,999 Active 70 DOM
8. 2026-06-07
   days on market $524,999 Active 69 DOM
9. 2026-06-04
   days on market $524,999 Active 66 DOM
10. 2026-06-03
    days on market $524,999 Active 65 DOM
11. 2026-06-02
    days on market $524,999 Active 64 DOM
12. 2026-06-01
    days on market $524,999 Active 63 DOM
13. 2026-05-31
    days on market $524,999 Active 62 DOM
14. 2026-05-19
    price $524,999
15. 2026-03-30
    listed $549,999 Active
16. 2025-11-30
    historical
17. 2025-11-05
    listed $574,900 Active
18. 2025-10-31
    historical
19. 2025-09-26
    price $599,900
20. 2025-09-03
    price $624,900
21. 2025-07-17
    price $649,900
22. 2025-07-17
    status Active
23. 2025-05-17
    historical
24. 2025-05-17
    listed $599,900 Active
25. 2025-04-22
    historical
26. 2006-01-17
    historical
27. 2003-06-12
    listed
28. 1993-11-02
    soldstatus $116,000
29. 1993-10-28
    soldstatus $116,000
30. 1993-04-07
    historical
31. 1992-11-03
    listed $120,000

ⓘ 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: $5,279 · $440/mo
• Projected year-2 tax: $5,279 · $440/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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 20% 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: $71,784
• − Mortgage interest: −$29,408
• − Property taxes: −$5,279
• − Insurance: −$2,625
• − Repairs & maintenance: −$5,743
• − Management: −$5,743
• − Depreciation: −$15,273
• Taxable income: $7,714
• Est. tax owed @ 24.0%: −$1,851
• After-tax cash flow: $13,916/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

+337.5% since first listed

18 events — show timeline

• 2026-05-19 Price Changed $524,999 BRIGHT MLS
• 2026-03-30 Listed $549,999 BRIGHT MLS
• 2025-11-30 Listing Removed — BRIGHT MLS
• 2025-11-05 Listed $574,900 BRIGHT MLS
• 2025-10-31 Listing Removed — BRIGHT MLS
• 2025-09-26 Price Changed $599,900 BRIGHT MLS
• 2025-09-03 Price Changed $624,900 BRIGHT MLS
• 2025-07-17 Price Changed $649,900 BRIGHT MLS
• 2025-07-17 Relisted — BRIGHT MLS
• 2025-05-17 Listing Removed — BRIGHT MLS
• 2025-05-17 Listed $599,900 BRIGHT MLS
• 2025-04-22 Coming Soon — BRIGHT MLS
• 2006-01-17 Delisted — MRIS
• 2003-06-12 Listed — MRIS
• 1993-11-02 Sold (Public Records) $116,000 Public Records
• 1993-10-28 Sold (MLS) $116,000 MRIS
• 1993-04-07 Delisted — MRIS
• 1992-11-03 Listed $120,000 MRIS

Property tax history

+3.7%/yr

Latest (2025): $5,279 · +1.6% YoY. Source: county tax records.