1148 Owen Pl NE · Washington, DC 20002

$1,100,000

4 bd · 4.0 ba · 2,766 sqft · MultiFamily public records · 31 Days on market

Built 2025 2,304 sqft lot Est $750k · 47% over

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Why this score? — see what drove the D+ 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 +24.1/30.0
• DSCR +7.8/10.0
• 1% rule +5.3/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Rent growth +1.7/5.0
• ARV discount +0.0/15.0
• 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

INVESTOR/DEVELOPER OPPORTUNITY! Rare 4-unit multifamily property with condo conversion nearly completed and exceptional upside potential. Each unit offers a spacious 3BR/2BA layout. Property has been fully gutted and is ready for completion by the next owner. Major improvements already completed or nearly completed include framing, electrical, plumbing, and mechanical work, with HVAC/AC units already purchased. Estimated remaining construction costs to complete interior finishes are approximately $450K. Excellent opportunity to create four condominium units or a strong cash-flowing multifamily investment. Ideal for investors, builders, or developers seeking value-add potential and strong f

Key facts

• Fully gutted
• Spacious layout
• 2,304 sq ft lot

Tags

• 4 UNIT MULTIFAMILY PROPERTY
• SPACIOUS LAYOUT
• FULLY GUTTED
• MAJOR IMPROVEMENTS COMPLETED
• HVAC AC UNITS PURCHASED
• STRONG CASH FLOWING INVESTMENT

Property features AI

Finance

• Other: No existing leases reported; No rent control
• Financial info: Ownership is fee simple; Property condition: major rehab needed; Estimated above-grade finished area approximately 4,200

Exterior

• Parking: Total of 4 garage and parking spaces; Parking lot with 4 spaces; On-street parking available
• Utilities: Public water; Public sewer
• Home design: Multi-unit property with 4 total units; Construction not completed
• Construction: Brick construction; Above grade and below grade structures
• Exterior features: Fenced parking; Private parking

Interior

• Bedrooms: Four 3-bedroom units (all units leased)
• Heating & cooling: Central heating; Forced air heating; Electric heating fuel; Central air conditioning; Electric cooling fuel; Electric hot water
• Interior features: Estimated living area

What this means for you Summary

Snapshot

• This is a 4 × 3.0-bed/2.0-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $544/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $1.10M).
• Recommended offer: $1.07M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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); 548 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $11,308/mo this rent would consume 113% 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 $8k of loan paydown is wiped out by about $33k 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 31 days — a 3% lower offer ($1.07M) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 25y 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 $705k; list at $1.10M implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $1,067,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.03% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.48%
• DSCR: 1.38
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $749,586
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1408 Holbrook St NE	0.33mi	4/—	2,730 (-1%)	7mo	$740,000	$271	76
1601 Holbrook St NE	0.37mi	4/4.0	2,720 (-2%)	8mo	$685,000	$252	73
1719 West Virginia Ave NE	0.29mi	4/—	3,100 (+12%)	8mo	$840,000	$271	60
1636 Lang Pl NE	0.52mi	5/— (+1)	2,790 (+1%)	15mo	$1,050,000	$376	57
1520-1524 Queen St NE	0.39mi	4/—	2,442 (-12%)	11mo	$814,000	$333	53
1959 Capitol Ave NE	0.50mi	4/4.0	2,496 (-10%)	11mo	$550,000	$220	52
1308 Gallaudet St NE	0.43mi	4/—	2,376 (-14%)	8mo	$770,000	$324	49
1711 H St NE	0.70mi	4/—	2,442 (-12%)	3mo	$645,000	$264	46

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: -6.6%
• Equity multiple: 0.76×
• Total profit: $-73,168
• Equity at exit: $164,014

10-year hold

• IRR: -0.8%
• Equity multiple: 0.95×
• Total profit: $-14,771
• Equity at exit: $95,108

Cash invested: $308,000 (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: 548
• Price-to-rent: 32.4×

Monthly cashflow live

• Estimated rent: $11,308 high
• Mortgage (P&I): −$5,769
• Tax from tax record: −$531 /mo · $6,370/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,375
• Net cashflow: $2,176

Break-even live

Break-even rent $8,554

Max offer price $1,100,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3.0	2	$11,308
Total (4 units)			$11,308

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1222 Owen Pl NE Washington, DC	4.0	2.5	2164	$3,800	$1.76	24d	1	0.11mi
1167 Morse St NE #1 Washington, DC	5.0	4.5	3409	$8,500	$2.49	24d	1	0.17mi
1169 Morse St NE Washington, DC	3.0	3.0	2274	$4,250	$1.87	3d	1	0.17mi
1117 Montello Ave NE Washington, DC	4.0	3.5	2260	$4,500	$1.99	24d	1	0.20mi
1714 Montello Ave NE Washington, DC	4.0	3.0	2100	$4,350	$2.07	24d	1	0.29mi
1255 Raum St NE Unit 1388282P Washington, DC	2.0–8.0	1.0–5.0	3245	$6,967	$2.15	1d	2	0.29mi
1324 H St NE Unit 2 Washington, DC	4.0	1.5	2100	$4,000	$1.90	24d	1	0.40mi
1609 Levis St NE Washington, DC	4.0	4.5	2295	$3,900	$1.70	24d	1	0.42mi
1640 L St NE Washington, DC	3.0	2.0	2300	$3,700	$1.61	18d	1	0.49mi
1417 G St NE Washington, DC	3.0	2.0	1982	$3,700	$1.87	18d	1	0.55mi
723 5th St NE Unit 630P Washington, DC	3.0	3.0	3003	$7,500	$2.50	12d	1	0.71mi
1501 Harry Thomas Way NE Washington, DC	3.0	1.0–3.0	1220	$5,655	$4.64	1d	26	0.80mi
333 17th Pl NE Washington, DC	3.0	1.5	2300	$3,400	$1.48	24d	1	0.96mi
137 R St NE Washington, DC	3.0	1.5	2515	$3,550	$1.41	5d	1	0.98mi
504 Capitol Ct NE Unit 170373P Washington, DC	3.0	2.0	2615	$7,350	$2.81	7d	1	0.99mi
1724 C St NE Washington, DC	3.0	2.5	2040	$4,950	$2.43	7d	1	0.99mi
2025 E St NE Unit 4 Washington, DC	5.0	3.0	1936	$6,593	$3.41	24d	1	1.01mi
2104 4th St NE #1 Washington, DC	4.0	3.5	2165	$6,150	$2.84	24d	1	1.06mi
2129 4th St NE Washington, DC	4.0	3.5	2052	$4,400	$2.14	24d	1	1.08mi
301 V St NE Washington, DC	4.0	3.5	3000	$5,650	$1.88	18d	1	1.08mi
221 20th St NE Unit 4 Washington, DC	3.0	1.0	3360	$2,999	$0.89	24d	1	1.16mi
13 S St NE Unit A Washington, DC	3.0	3.5	2200	$3,800	$1.73	21d	1	1.18mi
13 S St NE Unit A Washington, DC	3.0	3.5	2200	$3,800	$1.73	24d	1	1.18mi
1917 Lincoln Rd NE Washington, DC	3.0	3.0	2200	$4,500	$2.05	24d	1	1.21mi
1319 Massachusetts Ave SE Washington, DC	3.0	3.0	2578	$6,000	$2.33	24d	1	1.22mi
1821 N Capitol St NE #2 Washington, DC	3.0	1.0	2719	$3,200	$1.18	24d	1	1.22mi
27 3rd St NE Unit 1011176P Washington, DC	3.0	2.0	1991	$7,260	$3.65	21d	1	1.26mi
45 Rhode Island Ave NE Unit 1388279P Washington, DC	2.0–6.0	2.0–6.0	10371	$10,618	$1.02	7d	2	1.26mi
15 Seaton Pl NW #1 Washington, DC	3.0	2.5	2539	$3,700	$1.46	24d	1	1.28mi
1613 1st St NW Washington, DC	4.0	4.0	1965	$4,750	$2.42	24d	1	1.29mi
12 Rhode Island Ave NW Washington, DC	4.0	4.0	3319	$5,500	$1.66	24d	1	1.32mi
713 N Carolina Ave SE Unit 430P Washington, DC	3.0	2.5	1991	$6,648	$3.34	7d	1	1.34mi
1745 1st St NW Washington, DC	4.0	3.0	2804	$5,000	$1.78	11d	1	1.35mi
17 U St NW Unit A Washington, DC	4.0	3.5	2388	$6,000	$2.51	24d	1	1.36mi
2032 N Capitol St NW Unit 2 Washington, DC	3.0	1.0	3698	$3,950	$1.07	21d	1	1.37mi
2032 N Capitol St NW Unit 2 Washington, DC	3.0	1.0	3698	$3,950	$1.07	24d	1	1.37mi
2120 N Capitol St NW Washington, DC	5.0	3.0	3000	$5,500	$1.83	1d	1	1.40mi
237 15th St SE Unit 1 Washington, DC	3.0	3.0	1938	$4,500	$2.32	24d	1	1.40mi
209 Douglas St NE Washington, DC	3.0	2.5	2700	$3,000	$1.11	24d	1	1.41mi
58 V St NW Unit A Washington, DC	3.0	2.5	2150	$5,200	$2.42	18d	1	1.44mi

Listing history 50 events

1. 2026-06-18
   days on market $1,100,000 Active 31 DOM
2. 2026-06-17
   days on market $1,100,000 Active 30 DOM
3. 2026-06-16
   days on market $1,100,000 Active 29 DOM
4. 2026-06-15
   days on market $1,100,000 Active 28 DOM
5. 2026-06-13
   pricedays on market $1,100,000 Active 26 DOM
6. 2026-06-09
   days on market $1,150,000 Active 22 DOM
7. 2026-06-08
   days on market $1,150,000 Active 21 DOM
8. 2026-06-07
   days on market $1,150,000 Active 20 DOM
9. 2026-06-04
   days on market $1,150,000 Active 17 DOM
10. 2026-06-03
    days on market $1,150,000 Active 16 DOM
11. 2026-06-02
    days on market $1,150,000 Active 15 DOM
12. 2026-06-01
    days on market $1,150,000 Active 14 DOM
13. 2026-05-31
    days on market $1,150,000 Active 13 DOM
14. 2026-05-18
    listed $1,150,000 Active
15. 2025-12-31
    historical
16. 2025-08-22
    status Active
17. 2025-08-22
    historical
18. 2025-07-23
    listed $1,450,000 Active
19. 2022-06-02
    historical
20. 2022-05-07
    listed $1,200,000 Active
21. 2021-11-02
    soldstatus $705,000 Closed
22. 2021-02-11
    status Pending
23. 2021-02-04
    listed $675,000 Active
24. 2016-03-26
    historical
25. 2016-03-26
    historical
26. 2016-03-24
    soldstatus $470,000
27. 2016-03-22
    soldstatus $470,000 Sold
28. 2016-03-22
    soldstatus $470,000
29. 2016-03-01
    price $470,000
30. 2015-02-28
    status Contract
31. 2015-02-12
    status Active
32. 2015-02-11
    historical
33. 2015-02-11
    listed $400,000
34. 2015-02-11
    listed $470,000
35. 2014-09-10
    historical
36. 2014-09-10
    historical
37. 2014-05-21
    status Contract
38. 2014-05-14
    listed Active
39. 2014-05-14
    listed $375,000
40. 2007-07-05
    soldstatus $5,601,500
41. 2007-03-12
    soldstatus $412,000
42. 2007-02-16
    soldstatus $435,000
43. 2007-01-31
    soldstatus $435,000
44. 2006-12-17
    historical
45. 2006-10-30
    listed $450,000
46. 2005-05-13
    soldstatus $336,000
47. 2005-04-18
    soldstatus $336,000
48. 2005-02-27
    historical
49. 2004-11-27
    listed $336,000
50. 2003-06-05
    soldstatus $175,000

ⓘ 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: $6,370 · $531/mo
• Projected year-2 tax: $6,540 · $545/mo
• Expected delta: +$170/yr (+$14/mo · 2.7%)

ⓘ 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 ≥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: $135,696
• − Mortgage interest: −$61,617
• − Property taxes: −$6,370
• − Insurance: −$5,500
• − Repairs & maintenance: −$10,856
• − Management: −$10,856
• − Depreciation: −$32,000
• Taxable income: $8,497
• Est. tax owed @ 24.0%: −$2,039
• After-tax cash flow: $24,068/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

+2246.9% since first listed

46 events — show timeline

• 2026-05-18 Listed $1,150,000 BRIGHT MLS
• 2025-12-31 Listing Removed — BRIGHT MLS
• 2025-08-22 Relisted — BRIGHT MLS
• 2025-08-22 Listing Removed — BRIGHT MLS
• 2025-07-23 Listed $1,450,000 BRIGHT MLS
• 2022-06-02 Listing Removed — BRIGHT MLS
• 2022-05-07 Listed $1,200,000 BRIGHT MLS
• 2021-11-02 Sold (MLS) $705,000 BRIGHT MLS
• 2021-02-11 Pending — BRIGHT MLS
• 2021-02-04 Listed $675,000 BRIGHT MLS
• 2016-03-26 Delisted — MRIS
• 2016-03-26 Listing Removed — BRIGHT MLS
• 2016-03-24 Sold (Public Records) $470,000 Public Records
• 2016-03-22 Sold (MLS) $470,000 BRIGHT MLS
• 2016-03-22 Sold (MLS) $470,000 MRIS
• 2016-03-01 Price Changed $470,000 MRIS
• 2015-02-28 Pending — MRIS
• 2015-02-12 Relisted — MRIS
• 2015-02-11 Listed $470,000 BRIGHT MLS
• 2015-02-11 Listed $400,000 MRIS
• 2015-02-11 Delisted — MRIS
• 2014-09-10 Delisted — MRIS
• 2014-09-10 Listing Removed — BRIGHT MLS
• 2014-05-21 Pending — MRIS
• 2014-05-14 Listed — MRIS
• 2014-05-14 Listed $375,000 BRIGHT MLS
• 2007-07-05 Sold (Public Records) $5,601,500 Public Records
• 2007-03-12 Sold (Public Records) $412,000 Public Records
• 2007-02-16 Sold (Public Records) $435,000 Public Records
• 2007-01-31 Sold (MLS) $435,000 MRIS
• 2006-12-17 Delisted — MRIS
• 2006-10-30 Listed $450,000 MRIS
• 2005-05-13 Sold (Public Records) $336,000 Public Records
• 2005-04-18 Sold (MLS) $336,000 MRIS
• 2005-02-27 Delisted — MRIS
• 2004-11-27 Listed $336,000 MRIS
• 2003-06-05 Sold (Public Records) $175,000 Public Records
• 2003-05-02 Sold (MLS) $175,000 MRIS
• 2003-03-27 Delisted — MRIS
• 2003-03-25 Listed $165,000 MRIS
• 2002-05-01 Delisted — MRIS
• 2002-05-01 Delisted — MRIS
• 2001-07-05 Listed — MRIS
• 2001-07-05 Listed — MRIS
• 1988-11-14 Sold (Public Records) $77,500 Public Records
• 1987-12-07 Sold (Public Records) $49,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $6,370 · -83.4% YoY. Source: county tax records.