650 Wharf St SW · Washington, DC 20024

$260,000

2 bd · 2.0 ba · 800 sqft · Condo · 15 Days on market

Built 1989 Excellent condition

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Condition / age +4.8/5.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Appreciation +3.3/10.0
• Rent growth +2.0/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks

Welcome aboard — your next adventure begins here. This beautifully maintained 1989 Hyatt 50’ Motor Yacht, offers a rare opportunity to live directly on the water at Wharf Marina in the heart of Washington DC's vibrant Wharf district. Below deck, two generous private staterooms provide ideal accommodations for everyday living or hosting guests. The full-beam aft master suite is bright and airy, featuring a queen-sized walk-around bed, abundant storage, and a private head with separate shower stall. A forward V-berth stateroom offers equally comfortable quarters with its own full head. The spacious main salon showcases rich teak cabinetry, built-in seating with extra storage, and

Key facts

• Wet bar
• Expansive sundeck
• Full u-shaped galley

Tags

• FULL-BEAM AFT MASTER SUITE
• QUEEN-SIZED WALK-AROUND BED
• FULL U-SHAPED GALLEY
• EXPANSIVE SUNDECK
• WET BAR
• EISENGLASS BRIDGE ENCLOSURE

Property features AI

Finance

• HOA & community: HOA/Condo fees include other items; Association amenities include other features; Other fees of $300 monthly

Exterior

• Parking: Underground parking garage (1 space); On-street parking available
• Utilities: Cable internet available; Phone service available; Electric service available (110 volts); Sewer via holding tank; Water available (other source); Hot water electric
• Home design: Condominium ownership; Estimated year built; Property in very good condition; Bayfront location; Outside city limits
• Construction: Above-grade construction
• Exterior features: Navigable water frontage (100 feet); Water view; On waterfront—canal; Water access; Water-oriented; Other above-grade structures

Interior

• Kitchen: Built-in range; Dishwasher; Microwave; Electric oven/range; Stove; Refrigerator
• Bedrooms: 2 bedrooms on main level
• Flooring: Wood floors
• Bathrooms: 2 full bathrooms on main level; 2 full bathrooms total
• Heating & cooling: Wall unit heating (electric); Electric cooling (other type)
• Interior features: Stall shower; Wood floors; Intercom
• Laundry & utility: Front-loading washer; Front-loading dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $260k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $256k (1.5% below list) — sets the bar for market timing.
• Cap rate 0.8% vs local median 2.5% in Washington — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Amidon-Bowen Es (336 students, 0% FRL); Jefferson Ms Academy (386 students, 0% FRL); Anacostia Hs (287 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 soft (-1.9%/yr); 156 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,737 units permitted in District of Columbia in 2024 (1,506 in 5+ unit buildings).
• This rent runs 34% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 15 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 59% of rent.

Recommended offer $256,100 (1.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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: 1.17% ✓
• Cap rate: 0.76%
• Cash-on-cash: -19.76%
• DSCR: 0.12
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -66.8%
• Equity multiple: -0.73×
• Total profit: $-126,216
• Equity at exit: $38,767

10-year hold

• IRR: —
• Equity multiple: -2.27×
• Total profit: $-237,917
• Equity at exit: $22,480

Cash invested: $72,800 (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 20024

• Home prices YoY: -1.0%
• Rents YoY: -1.9%
• Active inventory: 156
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,037 high
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• HOA est. from 2 same-building comps: −$1,801
• Vacancy / Maint / Mgmt: −$638
• Net cashflow: $-1,199

Break-even live

Break-even rent $4,554

Max offer price $86,565

Occupancy floor —

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35 Parker Row SW Washington, DC	2.0	1.0–2.0	770	$6,000	$7.79	2d	12	0.03mi
525 Water St SW #411 Washington, DC	1.0	1.0	580	$2,500	$4.31	24d	1	0.11mi
525 Water St SW #430 Washington, DC	1.0	1.0	540	$2,250	$4.17	8d	1	0.11mi
907 6th St SW Washington, DC	2.0	1.0–2.0	925	$3,975	$4.30	2d	23	0.12mi
465 M St SW Washington, DC	2.0	1.0–2.0	843	$3,800	$4.51	2d	45	0.14mi
900 7th St SW Washington, DC	2.0	1.0–2.0	767	$6,934	$9.03	2d	12	0.15mi
490 M St SW Washington, DC	1.0	1.0	600	$2,385	$3.98	19d	2	0.17mi
325 P St SW Washington, DC	2.0	1.0	687	$2,200	$3.20	17d	15	0.19mi
45 Sutton Sq SW Washington, DC	1.0–3.0	1.0–2.5	1068	$9,750	$9.12	19d	1	0.20mi
429 N St SW Washington, DC	1.0	1.0	537	$2,350	$4.37	13d	2	0.21mi
1001 4th St SW Washington, DC	1.0–2.0	1.0–2.5	1008	$4,388	$4.35	1d	25	0.22mi
700 7th St SW #612 Washington, DC	1.0	1.0	740	$2,650	$3.58	3d	1	0.27mi
1150 4th St SW Washington, DC	2.0	1.0–2.0	698	$3,110	$4.45	2d	41	0.30mi
350 Maple Dr SW Washington, DC	2.0	1.0–2.0	845	$5,323	$6.30	2d	30	0.30mi
950 Maine Ave SW Washington, DC	2.0	1.0–2.0	676	$3,841	$5.68	2d	22	0.30mi
1250 4th St SW Unit 312 Washington, DC	1.0	1.5	748	$1,995	$2.67	11d	1	0.32mi
1101 3rd St SW Washington, DC	1.0	1.0	497	$2,200	$4.42	24d	2	0.33mi
1101 3rd St SW Washington, DC	1.0	1.0	701	$2,225	$3.17	4d	1	0.33mi
1001 3rd St SW Washington, DC	1.0	1.0	556	$2,374	$4.27	1d	104	0.34mi
301 M St SW Washington, DC	2.0	1.0–2.0	698	$3,256	$4.66	2d	22	0.34mi
800 4th St SW Washington, DC	1.0	1.0	549	$2,100	$3.83	2d	7	0.35mi
800 4th St SW Washington, DC	1.0	1.0	582	$2,350	$4.04	17d	6	0.35mi
800 4th St SW Washington, DC	1.0	1.0	582	$2,350	$4.04	19d	7	0.35mi
355 I St SW Unit S319 Washington, DC	1.0	1.0	750	$2,400	$3.20	8d	1	0.35mi
355 I St SW Washington, DC	2.0	1.0	722	$2,495	$3.45	17d	4	0.35mi
355 I St SW Washington, DC	2.0	1.0	722	$2,495	$3.45	16d	3	0.35mi
1425 4th St SW Unit M1 Washington, DC	1.0	1.0	581	$2,400	$4.13	19d	1	0.37mi
1425 4th St SW Unit A609 Washington, DC	1.0	1.0	735	$2,250	$3.06	22d	1	0.37mi
240 M St SW Unit E605 Washington, DC	1.0	1.0	585	$1,895	$3.24	5d	1	0.37mi
240 M St SW Unit E709 Washington, DC	1.0	1.0	690	$2,250	$3.26	19d	1	0.37mi
1435 4th St SW Unit B306 Washington, DC	1.0	1.0	976	$2,400	$2.46	24d	1	0.38mi
222 M St SW Washington, DC	2.0	1.0–2.0	775	$3,568	$4.60	2d	19	0.40mi
1311 Delaware Ave SW Washington, DC	2.0	1.0	782	$2,625	$3.35	8d	2	0.41mi
1301 Delaware Ave SW Washington, DC	2.0	1.0	637	$3,000	$4.71	2d	2	0.42mi
301 G St SW Washington, DC	1.0	1.0	574	$2,866	$4.99	3d	18	0.44mi
600 4th St SW Washington, DC	2.0	1.0–2.0	749	$3,652	$4.88	2d	38	0.46mi
201 I St SW Washington, DC	2.0	1.0–2.5	972	$3,551	$3.65	3d	1	0.48mi
555 E St SW Washington, DC	2.0	1.0–2.0	860	$5,392	$6.27	3d	9	0.48mi
118 O St SW Washington, DC	3.0	2.0	1120	$3,600	$3.21	24d	1	0.57mi
60 I St SW Washington, DC	2.0	1.0–2.0	702	$3,609	$5.14	3d	21	0.59mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $260,000 Active 15 DOM
2. 2026-06-17
   days on market $260,000 Active 14 DOM
3. 2026-06-16
   days on market $260,000 Active 13 DOM
4. 2026-06-15
   days on market $260,000 Active 12 DOM
5. 2026-06-13
   days on market $260,000 Active 10 DOM
6. 2026-06-09
   days on market $260,000 Active 6 DOM
7. 2026-06-08
   days on market $260,000 Active 5 DOM
8. 2026-06-07
   days on market $260,000 Active 4 DOM
9. 2026-06-03
   remarks 687-char remark
10. 2026-06-03
    listed $260,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $36,444
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,916
• − Management: −$2,916
• − HOA: −$21,612
• − Depreciation: −$7,564
• Taxable loss: −$18,327
• Est. tax savings @ 24.0%: +$4,398
• After-tax cash flow: $-9,984/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.

Condition & rehab AI · 12 photos

Excellent 95/100 None rehab

This beautifully maintained 1989 Hyatt 50' Motor Yacht is in excellent condition and ready for immediate occupancy. It offers two spacious private staterooms, a full-beam aft master suite, and a well-maintained exterior with a view of the marina. The property has a high resale and rental value and can be further enhanced with minor updates.

Value-add opportunities

• Both Painting the interior walls and updating the flooring — Fresh paint and updated flooring can enhance the overall appearance and appeal of the property.
• Both Updating the kitchen appliances — Modernizing the kitchen appliances can attract more buyers and renters.
• Both Upgrading the bathrooms with modern fixtures — Modernizing the bathrooms can improve the overall appeal and functionality of the property.
• Both Landscaping improvements — Enhancing the landscaping can improve the curb appeal and attract more potential buyers and renters.
• Both Adding smart home features — Integrating smart home features can make the property more attractive to tech-savvy buyers and renters.
• Both Upgrading the HVAC system — A modern and efficient HVAC system can improve the comfort and energy efficiency of the property, attracting more buyers and renters.
• Both Adding a private dock — A private dock can significantly increase the property's value and appeal, especially in a marina setting.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the interior walls and updating the flooring — Fresh paint and updated flooring can enhance the overall appearance and appeal of the property. ↑
• Both Updating the kitchen appliances — Modernizing the kitchen appliances can attract more buyers and renters. ↑
• Both Upgrading the bathrooms with modern fixtures — Modernizing the bathrooms can improve the overall appeal and functionality of the property. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve the curb appeal and attract more potential buyers and renters. ↑
• Both Adding smart home features — Integrating smart home features can make the property more attractive to tech-savvy buyers and renters. ↑
• Both Upgrading the HVAC system — A modern and efficient HVAC system can improve the comfort and energy efficiency of the property, attracting more buyers and renters. ↑
• Both Adding a private dock — A private dock can significantly increase the property's value and appeal, especially in a marina setting. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 15,888
• Household income: $107,411
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 1549.0

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 41% White 41% Hispanic / Latino 9% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 3% Iranian 2% Slovak 1%
• Foreign-born: 10% · Canada, South Korea, China
• Languages at home: 85% English-only · Spanish 7% Other Indo-European 2% German/W. Germanic 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: ▼ -3.47%
• Current HPI: 358.3856
• Rent YoY: ▼ -1.91%
• 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

1 event — show timeline

• 2026-06-03 Listed $260,000 BRIGHT MLS