2646 Birney Place Se SE #202 · Washington, DC 20020

$180,000

4 bd · 2.0 ba · 1,054 sqft · Condo · 516 Days on market

Built 1952 $455/mo HOA

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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 +28.1/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Buyer Options. Buy for home, hold for rental, or flip and sell. Unusual Equity Opportunity to buy a fabulous vacant 4BR 2BR unit on second floor of 2646 Birney in terrific As Is condition (see video) at bargain price or with limited pre-sale remodeling. Seller is a market rate cooperative with vacant units to sell. Down payment deferred loan available. Buyer can remodel to occupy, sell or rent. Similar units previously converted to 3BR and 2BR plans (see remodeled unit photos in Photo gallery). Low monthly Co-op fee of $455 includes RE tax, water, trash, onsite management and common area maintenance. . Co-op Fee may be deferred for brief remodeling period and a portion of the purchase pric

Key facts

• $455 HOA
• 80 parking spots
• Built 1952

Property features AI

Finance

• Other: Property manager present; Very good property condition
• Financial info: One-time other fee of $200
• HOA & community: Monthly coop fee of $455; Professional on-site management; Fee covers exterior building maintenance, lawn maintenance, management, insurance, reserve funds, sewer, snow removal, taxes, trash, and laundry; Community amenities include answering service, basketball courts, common grounds, community center, exercise/fitness center, meeting/party room, tot lots/playground, and dog park

Exterior

• Parking: 80 off-street parking spaces; On-street parking available; Free surface parking, unassigned in general common elements
• Utilities: Public water; Public sewer; Cable TV available
• Home design: Garden-style building, 1–4 floors; Unit/flat; Cooperative ownership; Estimated effective remodel in 2020
• Construction: Brick construction; Energy Star qualified, insulated, double-pane vinyl-clad windows with screens
• Exterior features: Not in a federal flood zone; Above-grade other structures

Interior

• Kitchen: Disposal; ENERGY STAR refrigerator; Icemaker; Microwave; Self-cleaning oven; Gas oven/range; Range hood; Exhaust fan; Intercom; Water heater
• Bedrooms: Four bedrooms on the main level
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air; Heat pump(s); Forced air heating; Floor furnace; Natural gas heating; Natural gas hot water
• Interior features: Combination kitchen/dining area; Dining area; Master bath(s); Window treatments; Flat layout
• Laundry & utility: Common laundry facilities (no in-unit washer/dryer)

🏢 Co-op / cooperative unit. The $180,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $564 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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: Savoy Es (238 students, 0% FRL); Hart Ms (386 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); 296 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $2,864/mo this rent would consume 64% 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 $1k of loan paydown is wiped out by about $5k 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 $50k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 516 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $158,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 516 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — 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. 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: 1.59% ✓
• Cap rate: 10.05%
• Cash-on-cash: 13.43%
• DSCR: 1.60
• GRM: 5.2

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: 4.8%
• Equity multiple: 1.19×
• Total profit: $9,570
• Equity at exit: $26,839

10-year hold

• IRR: 15.4%
• Equity multiple: 2.32×
• Total profit: $66,330
• Equity at exit: $15,563

Cash invested: $50,400 (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 20020

• Rents YoY: 3.9%
• Active inventory: 296
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,864 high
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$455
• Vacancy / Maint / Mgmt: −$602
• Net cashflow: $564

Break-even live

Break-even rent $2,151

Max offer price $180,000

Occupancy floor 75%

Sensitivity live

Price	-10% $688	-5% $626	+0% $564	+5% $502	+10% $440
Rent	-10% $338	-5% $451	+0% $564	+5% $677	+10% $790
Rate	-1.0pp $655	-0.5pp $610	base $564	+0.5pp $517	+1.0pp $470

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2648 Bowen Rd SE Washington, DC	3.0	1.5	1220	$2,500	$2.05	25d	1	0.37mi
2629 Douglass Rd SE Washington, DC	2.0–3.0	1.0–1.5	888	$2,245	$2.53	2d	13	0.41mi
1308 Talbert Ct SE Washington, DC	3.0	2.5	1446	$2,995	$2.07	6d	1	0.47mi
1328 Morris Rd SE Washington, DC	3.0	2.5	1372	$3,250	$2.37	18d	1	0.52mi
1302 Morris Rd SE Washington, DC	3.0	1.0	750	$2,400	$3.20	25d	1	0.53mi
650 Howard Rd SE Washington, DC	3.0	1.0–2.0	852	$4,431	$5.20	2d	53	0.57mi
2227 14th St SE Washington, DC	3.0	1.0	1222	$2,495	$2.04	25d	1	0.73mi
425 Oakwood St SE Unit 425 Washington, DC	3.0	2.5	1008	$3,500	$3.47	25d	1	0.77mi
1201 Oak Dr SE Washington, DC	3.0	1.0–2.0	853	$2,220	$2.60	2d	19	0.79mi
1214 U St SE Washington, DC	3.0	2.5	1350	$3,375	$2.50	25d	1	0.81mi
802 Malcolm X Ave SE Washington, DC	4.0	1.0	1140	$3,150	$2.76	25d	1	0.82mi
615 Malcolm X Ave SE Unit F Washington, DC	3.0	1.0	1100	$2,508	$2.28	3d	1	0.84mi
1633 Morris Rd SE Washington, DC	5.0	2.0	1500	$6,600	$4.40	25d	2	0.86mi
349 Parkland Pl SE Unit A Washington, DC	4.0	2.0	1400	$2,500	$1.79	25d	1	0.87mi
349 Parkland Pl SE Unit B Washington, DC	4.0	2.0	1400	$2,500	$1.79	21d	1	0.87mi
1335 T St SE Washington, DC	5.0	2.0	1200	$7,000	$5.83	25d	1	0.95mi
3207 11th Pl SE #4 Washington, DC	3.0	1.0	850	$1,800	$2.12	25d	1	0.96mi
3207 11th Pl SE #4 Washington, DC	3.0	1.0	850	$1,800	$2.12	19d	1	0.96mi
1900 Half St SW Washington, DC	3.0	1.0–2.0	862	$5,325	$6.18	2d	51	0.97mi
1750 Galen St SE Washington, DC	3.0	3.0	1138	$2,300	$2.02	4d	1	0.98mi
1516 Marion Barry Ave SE Unit 301 Washington, DC	3.0	2.0	1100	$1,795	$1.63	8d	1	0.99mi
3275 15th Pl SE #101 Washington, DC	3.0	1.0	984	$2,250	$2.29	25d	1	1.03mi
2099 1st St SW Washington, DC	6.0	1.0–4.0	916	$6,100	$6.66	2d	175	1.03mi
3281 15th Pl SE Washington, DC	3.0	1.0	1012	$1,750	$1.73	8d	1	1.03mi
3325 13th St SE Apt 12 Washington, DC	3.0	1.0	901	$2,500	$2.77	25d	1	1.10mi
3325 13th St SE Apt 1 Washington, DC	3.0	1.0	902	$2,500	$2.77	2d	1	1.11mi
1953 19th Pl SE Apt 301 Washington, DC	3.0	1.0	980	$5,301	$5.41	25d	1	1.18mi
1953 19th Pl SE Apt 104 Washington, DC	3.0	1.0	980	$2,800	$2.86	6d	1	1.18mi
1634 Ridge Pl SE Washington, DC	3.0	3.5	1248	$3,200	$2.56	25d	1	1.19mi
113 Potomac Ave SW Washington, DC	3.0	1.0–2.0	1008	$10,410	$10.32	2d	139	1.21mi
2000 Ridgecrest Ct SE Washington, DC	3.0	1.0	850	$1,486	$1.75	2d	1	1.24mi
2000 Ridgecrest Ct SE Washington, DC	2.0–3.0	1.0	900	$1,923	$2.14	2d	6	1.24mi
1720 R St SE Washington, DC	3.0	1.0	750	$2,500	$3.33	25d	1	1.27mi
118 O St SW Washington, DC	3.0	2.0	1120	$3,600	$3.21	25d	1	1.39mi
1205 Half St SE Washington, DC	1.0–3.0	1.0–3.0	1058	$5,922	$5.59	2d	31	1.39mi
1211 Van St SE Washington, DC	1.0–3.0	1.0–2.5	1087	$7,950	$7.31	12d	5	1.44mi
2472 Alabama Ave SE Unit B2 Washington, DC	3.0	1.0	827	$2,500	$3.02	25d	1	1.46mi
1227 Carrollsburg Pl SW Washington, DC	4.0	2.5	1440	$5,295	$3.68	19d	1	1.47mi
2495 Alabama Ave SE Unit 302 Washington, DC	3.0	1.0	825	$2,600	$3.15	22d	1	1.47mi

HOA detail condo

• Monthly dues: $455 · $5,460/yr
• Likely covers: watertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $180,000 Active 516 DOM
2. 2026-06-17
   days on market $180,000 Active 515 DOM
3. 2026-06-16
   days on market $180,000 Active 514 DOM
4. 2026-06-15
   days on market $180,000 Active 513 DOM
5. 2026-06-13
   days on market $180,000 Active 511 DOM
6. 2026-06-09
   days on market $180,000 Active 507 DOM
7. 2026-06-08
   days on market $180,000 Active 506 DOM
8. 2026-06-07
   days on market $180,000 Active 505 DOM
9. 2026-06-04
   days on market $180,000 Active 502 DOM
10. 2026-06-03
    days on market $180,000 Active 501 DOM
11. 2026-06-02
    days on market $180,000 Active 500 DOM
12. 2026-06-01
    days on market $180,000 Active 499 DOM
13. 2026-05-31
    days on market $180,000 Active 498 DOM
14. 2025-07-06
    price $180,000
15. 2025-07-06
    price $189,000
16. 2025-07-06
    status Active
17. 2025-03-30
    status Pending
18. 2024-10-12
    listed $170,000 Active

ⓘ 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 · 15 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: $34,372
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$2,750
• − Management: −$2,750
• − HOA: −$5,460
• − Depreciation: −$5,236
• Taxable income: $4,494
• Est. tax owed @ 24.0%: −$1,078
• After-tax cash flow: $5,688/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

+5.9% since first listed

5 events — show timeline

• 2025-07-06 Price Changed $180,000 BRIGHT MLS
• 2025-07-06 Price Changed $189,000 BRIGHT MLS
• 2025-07-06 Relisted — BRIGHT MLS
• 2025-03-30 Pending — BRIGHT MLS
• 2024-10-12 Listed $170,000 BRIGHT MLS