1348 Nicholson St NW · Washington, DC 20011

$830,000

4 bd · 4.0 ba · 2,640 sqft · MultiFamily public records · 20 Days on market

Built 1935 5,565 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 +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.9/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Exceptional multifamily opportunity in the highly sought-after 16th Street Heights neighborhood! 1348 Nicholson presents a rare chance to own a well-maintained four-unit building in one of Northwest DC’s most desirable and steadily appreciating communities. Situated on an oversized lot, this property offers significant value-add potential, including the ability to add up to four rear parking spaces—an attractive feature for both tenants and future resale value. The building has been well cared for and provides strong income-producing potential for investors seeking both immediate cash flow and long-term appreciation. Each unit offers functional layouts, and buyers will appreciat

Key facts

• Shopping
• Oversized lot
• Parks

Tags

• OVERSIZED LOT
• FUNCTIONAL LAYOUTS
• PUBLIC TRANSPORTATION
• PARKS
• RESTAURANTS
• SHOPPING

Property features AI

Finance

• Other: Fee simple ownership; Assessed values and tax details available (assessor-sourced square footage)
• Financial info: Total actual rent reported at $42,000; Three of four units currently leased

Exterior

• Utilities: Public water; Public sewer; Natural gas hot water
• Home design: Brick construction; Crawl space foundation; Above-grade and below-grade structures noted
• Construction: Brick exterior
• Exterior features: Semi-detached property; Tidal water not present

Interior

• Bedrooms: Four 1-bedroom units
• Heating & cooling: Hot water heating; Natural gas heating fuel; Electric cooling fuel
• Interior features: No basement; Month-to-month and long-term existing leases

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $830k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $830k).
• Recommended offer: $818k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Zoned schools: Browne Education Campus (438 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 (+1.4%/yr); 370 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $8,783/mo this rent would consume 96% of the median local household income ($110k/yr) (locally 3020% 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 $6k of loan paydown is wiped out by about $25k 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 20 days — a 2% lower offer ($818k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 31y 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 $125k; list at $830k implies a 564% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — 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 $817,550 (1.5% below list)

Questions for the listing agent

1. Built in 1935 — 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: 1.06% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.08%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.45% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-48,371
• Equity at exit: $123,756

10-year hold

• IRR: 2.1%
• Equity multiple: 1.14×
• Total profit: $32,243
• Equity at exit: $71,763

Cash invested: $232,400 (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 20011

• Rents YoY: 1.4%
• Active inventory: 370
• Price-to-rent: 31.5×

Monthly cashflow live

• Estimated rent: $8,783 high
• Mortgage (P&I): −$4,353
• Tax from tax record: −$675 /mo · $8,096/yr
• Insurance: −$346
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,844
• Net cashflow: $1,565

Break-even live

Break-even rent $6,801

Max offer price $830,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$8,784
Total (4 units)			$8,783

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: $207,500
• Closing costs: $24,900
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5518 13th St NW Washington, DC	4.0	2.5	2746	$4,875	$1.78	3d	1	0.24mi
1311 Fort Stevens Dr NW Unit 1 Washington, DC	3.0	1.0	3108	$2,500	$0.80	22d	1	0.33mi
5308 13th St NW Washington, DC	3.0	3.5	3300	$4,000	$1.21	24d	1	0.38mi
1317 Rittenhouse St NW Washington, DC	5.0	3.0	2534	$3,900	$1.54	24d	1	0.40mi
1305 Rittenhouse St NW Washington, DC	3.0	2.5	2177	$3,850	$1.77	24d	1	0.40mi
1419 Rittenhouse St NW Washington, DC	3.0	1.5	2091	$3,350	$1.60	12d	1	0.41mi
5211 14th St NW Washington, DC	4.0	3.0	2220	$4,500	$2.03	24d	1	0.45mi
617 Longfellow St NW Washington, DC	4.0	3.5	2500	$5,500	$2.20	24d	1	0.59mi
520 Jefferson St NW Washington, DC	4.0	4.0	2380	$6,499	$2.73	2d	1	0.69mi
5404 4th St NW #1 Washington, DC	4.0	4.5	2250	$5,500	$2.44	4d	1	0.81mi
5404 4th St NW #2 Washington, DC	4.0	3.5	2250	$5,900	$2.62	4d	1	0.81mi
4909 Illinois Ave NW Washington, DC	3.0	2.0	2460	$3,950	$1.61	24d	1	0.82mi
4823 9th St NW Washington, DC	4.0	2.0	2144	$3,750	$1.75	5d	1	0.82mi
1501 Crittenden St NW Washington, DC	5.0	2.0	3310	$9,000	$2.72	24d	1	0.89mi
225 Missouri Ave NW Washington, DC	5.0	4.5	2138	$7,100	$3.32	1d	1	0.96mi
4605 Georgia Ave NW Washington, DC	4.0	3.0	2000	$4,500	$2.25	7d	1	0.99mi
513 Whittier St NW Washington, DC	5.0	4.0	2352	$6,275	$2.67	3d	1	1.00mi
513 Whittier St NW Washington, DC	5.0	4.0	2352	$6,275	$2.67	16d	1	1.00mi
432 Emerson St NW Washington, DC	4.0	3.5	2340	$5,800	$2.48	16d	1	1.00mi
118 Longfellow St NW Washington, DC	3.0	2.5	1803	$7,804	$4.33	1d	1	1.07mi
114 Sheridan St NW Washington, DC	3.0	3.0	2359	$4,850	$2.06	24d	1	1.09mi
5201 2nd St NW Unit A Washington, DC	4.0	2.5	2000	$4,000	$2.00	24d	1	1.11mi
5020 2nd St NW Unit 3 Washington, DC	3.0	1.0	2880	$3,245	$1.13	24d	1	1.13mi
242 Emerson St NW Washington, DC	4.0	2.5	1800	$3,775	$2.10	18d	1	1.13mi
1155 Dahlia St NW Washington, DC	3.0–5.0	2.0–4.0	1422	$1,275	$0.90	1d	17	1.13mi
5520 N Capitol St NW Washington, DC	4.0	3.5	2070	$5,399	$2.61	4d	1	1.23mi
4208 16th St NW Washington, DC	4.0	2.5	3373	$4,650	$1.38	17d	1	1.25mi
5430 N Capitol St NW Washington, DC	3.0	2.5	2400	$4,200	$1.75	5d	1	1.25mi
4023 New Hampshire Ave NW Washington, DC	4.0	3.5	1946	$5,950	$3.06	24d	1	1.47mi
3007 Oliver St NW Washington, DC	4.0	4.5	3654	$6,475	$1.77	11d	1	1.49mi
2820 Ellicott St NW Washington, DC	5.0	3.5	3542	$7,995	$2.26	18d	1	1.49mi

Listing history 13 events

1. 2026-06-18
   days on market $830,000 Active 20 DOM
2. 2026-06-17
   days on market $830,000 Active 19 DOM
3. 2026-06-16
   days on market $830,000 Active 18 DOM
4. 2026-06-15
   days on market $830,000 Active 17 DOM
5. 2026-06-13
   days on market $830,000 Active 15 DOM
6. 2026-06-09
   days on market $830,000 Active 11 DOM
7. 2026-06-08
   days on market $830,000 Active 10 DOM
8. 2026-06-07
   days on market $830,000 Active 9 DOM
9. 2026-06-04
   days on market $830,000 Active 6 DOM
10. 2026-06-03
    days on market $830,000 Active 5 DOM
11. 2026-06-02
    days on market $830,000 Active 4 DOM
12. 2026-06-01
    days on market $830,000 Active 3 DOM
13. 2026-05-31
    days on market $830,000 Active 2 DOM

ⓘ 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: $8,096 · $675/mo
• Projected year-2 tax: $8,096 · $675/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 3/10 Moderate
• 🌡 Heat 7/10 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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $105,396
• − Mortgage interest: −$46,493
• − Property taxes: −$8,096
• − Insurance: −$4,150
• − Repairs & maintenance: −$8,432
• − Management: −$8,432
• − Depreciation: −$24,145
• Taxable income: $5,648
• Est. tax owed @ 24.0%: −$1,356
• After-tax cash flow: $17,430/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): 67,434
• Household income: $110,309
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 3020.0

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: Black 50% Hispanic / Latino 23% White 20% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Lithuanian 1% Romanian 1% Slovak 1%
• Foreign-born: 21% · Canada
• Languages at home: 70% English-only · Spanish 20% 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: ▼ -755.96%
• Current HPI: 378.1083
• Rent YoY: ▲ 1.45%
• 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

+2271.4% since first listed

6 events — show timeline

• 2026-05-29 Listed $830,000 BRIGHT MLS
• 1995-08-17 Sold (Public Records) $125,000 Public Records
• 1995-05-01 Sold (MLS) $125,000 MRIS
• 1995-01-23 Delisted — MRIS
• 1995-01-13 Listed $125,000 MRIS
• 1975-06-05 Sold (Public Records) $35,000 Public Records

Property tax history

+16.9%/yr

Latest (2025): $8,096 · +0.9% YoY. Source: county tax records.