231 P St NW · Washington, DC 20001

$599,900

4 bd · 2.0 ba · 2,132 sqft · MultiFamily public records · 73 Days on market

Built 1906 1,593 sqft lot Est $991k · 39% under

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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 +20.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• 1% rule +4.8/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

BACK ON THE MARKET AND READY TO CLOSE! Prime Shaw / Truxton Circle opportunity! Welcome to 231 P Street NW, a classic end-unit brick duplex offering exceptional versatility in one of Washington, DC’s most sought-after neighborhoods. This two-unit property provides an outstanding opportunity for an investor, owner-occupant, or buyer seeking value-add potential in a strong rental and appreciation corridor. The property features approximately 2,132 square feet above grade plus a 238 sq ft unfinished basement, configured as two separate units, each offering generous room sizes and functional layouts. The building includes two kitchens, four bedrooms, and two full baths, making it ideal fo

Key facts

• Hardwood flooring
• Two kitchens
• Two separate units

Tags

• END-UNIT BRICK DUPLEX
• TWO SEPARATE UNITS
• TWO KITCHENS
• HARDWOOD FLOORING
• SOLID BRICK CONSTRUCTION
• ADDITIONAL NATURAL LIGHT

Property features AI

Exterior

• Parking: Alley access; Driveway
• Utilities: Public water; Public sewer; 120/240V electric; Underground utilities
• Home design: End-of-row townhouse; Fee simple ownership; Average condition
• Construction: Brick construction; Block foundation; Roof type unknown; Building not winterized; Two total units; Above-grade and below-grade structures; Built according to assessor records
• Exterior features: Corner lot

Interior

• Bedrooms: Ten single-room units; One two-bedroom unit; One three-bedroom unit
• Flooring: Fully carpeted
• Heating & cooling: Hot water heating; Natural gas heating and hot water
• Interior features: Plaster walls; Rear entrance basement; Basement present

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $745 ($9k/yr) — positive. Per door: $373/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $587k (2.2% below list).
• Recommended offer: $564k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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 soft (-0.8%/yr); 375 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $5,867/mo this rent would consume 51% of the median local household income ($138k/yr) (locally 3130% 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 $18k 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 73 days — a 6% lower offer ($564k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $563,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 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 1906 — 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: 0.98% ✗
• Cap rate: 7.78%
• Cash-on-cash: 5.32%
• DSCR: 1.24
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $991,380
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21 Q St NW	0.21mi	4/—	2,216 (+4%)	12mo	$1,030,000	$465	74
221 Morgan St NW	0.22mi	4/2.0	2,386 (+12%)	8mo	$860,000	$360	63
1709 North Capitol NE	0.38mi	5/3.0 (+1)	2,300 (+8%)	10mo	$1,060,000	$461	52
632 Florida Ave NW	0.54mi	4/3.0	1,911 (-10%)	11mo	$952,350	$498	44
1510 6th St NW	0.30mi	3/— (-1)	1,826 (-14%)	19mo	$845,000	$463	41
929 T St NW	0.70mi	5/— (+1)	2,310 (+8%)	15mo	$1,460,000	$632	36

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: -11.3%
• Equity multiple: 0.60×
• Total profit: $-67,008
• Equity at exit: $89,447

10-year hold

• IRR: -6.8%
• Equity multiple: 0.62×
• Total profit: $-63,958
• Equity at exit: $51,868

Cash invested: $167,972 (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 20001

• Rents YoY: -0.8%
• Active inventory: 375
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $5,867 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$494 /mo · $5,926/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,232
• Net cashflow: $745

Break-even live

Break-even rent $4,924

Max offer price $599,900

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$5,866
Total (2 units)			$5,867

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1605 New Jersey Ave NW Washington, DC	4.0	4.5	2391	$6,000	$2.51	24d	1	0.13mi
306 R St NW Washington, DC	3.0	2.0	2250	$4,800	$2.13	7d	1	0.17mi
1417 1st St NW Washington, DC	4.0	3.5	1763	$5,000	$2.84	24d	1	0.18mi
75 P St NW Washington, DC	3.0	2.0	1584	$3,900	$2.46	24d	1	0.19mi
1613 1st St NW Washington, DC	4.0	4.0	1965	$4,750	$2.42	24d	1	0.20mi
1406 5th St NW Washington, DC	5.0	3.0	2610	$8,700	$3.33	18d	1	0.24mi
58 R St NW Unit 1 Washington, DC	3.0	2.5	1806	$3,750	$2.08	24d	1	0.27mi
446 Ridge St NW Washington, DC	3.0	3.0	1620	$5,695	$3.52	20d	1	0.29mi
450 Ridge St NW Washington, DC	3.0	3.0	2200	$5,695	$2.59	10d	1	0.29mi
513 N St NW Washington, DC	4.0	3.0	1752	$4,900	$2.80	24d	1	0.30mi
615 P St NW Washington, DC	4.0	2.5	2945	$5,500	$1.87	18d	1	0.30mi
232 Rhode Island Ave NW Washington, DC	3.0	2.5	2019	$3,950	$1.96	7d	1	0.30mi
226 Rhode Island Ave NW Washington, DC	3.0	2.5	2298	$4,295	$1.87	2d	1	0.30mi
1745 1st St NW Washington, DC	4.0	3.0	2804	$5,000	$1.78	12d	1	0.32mi
19 R St NW Unit A Washington, DC	3.0	3.0	1908	$3,900	$2.04	5d	1	0.34mi
645 Q St NW Washington, DC	3.0	1.5	1540	$4,200	$2.73	18d	1	0.37mi
11 Q St NE Washington, DC	3.0	2.0	1512	$3,895	$2.58	24d	1	0.37mi
1829 5th St NW Unit 3 Washington, DC	3.0	3.5	1600	$5,850	$3.66	4d	1	0.39mi
1829 5th St NW Unit 3 Washington, DC	3.0	3.5	1600	$5,850	$3.66	18d	1	0.39mi
7 New York Ave NE Washington, DC	4.0	1.0–3.0	1096	$7,800	$7.11	1d	11	0.41mi
1852 5th St NW Washington, DC	5.0	4.0	2684	$5,895	$2.20	24d	1	0.42mi
1814 N Capitol St NW Unit 104 Washington, DC	3.0	2.0	1500	$4,100	$2.73	24d	1	0.44mi
13 S St NE Unit A Washington, DC	3.0	3.5	2200	$3,800	$1.73	22d	1	0.44mi
13 S St NE Unit A Washington, DC	3.0	3.5	2200	$3,800	$1.73	24d	1	0.44mi
15 Seaton Pl NW #1 Washington, DC	3.0	2.5	2539	$3,700	$1.46	24d	1	0.45mi
45 R St NE Washington, DC	3.0	2.0	1656	$4,000	$2.42	7d	1	0.45mi
1821 N Capitol St NE #2 Washington, DC	3.0	1.0	2719	$3,200	$1.18	24d	1	0.47mi
1944 3rd St NW Washington, DC	3.0	2.5	2124	$4,195	$1.98	24d	1	0.50mi
613 Florida Ave NW #2 Washington, DC	3.0	2.0	2400	$4,600	$1.92	4d	1	0.51mi
613 Florida Ave NW Washington, DC	3.0	2.0	2400	$4,600	$1.92	2d	1	0.51mi
1328 9th St NW Washington, DC	5.0	3.0	1780	$5,800	$3.26	4d	1	0.51mi
1920 6th St NW Washington, DC	3.0	2.5	1928	$5,500	$2.85	19d	1	0.51mi
237 Elm St NW Washington, DC	3.0	1.5	1484	$3,100	$2.09	24d	1	0.53mi
32 U St NW Washington, DC	4.0	4.0	1400	$5,950	$4.25	4d	1	0.54mi
137 R St NE Washington, DC	3.0	1.5	2515	$3,550	$1.41	5d	1	0.55mi
448 K St NW Unit 401 Washington, DC	5.0	2.0	1442	$5,300	$3.68	16d	1	0.55mi
448 K St NW Unit 301 Washington, DC	5.0	2.0	1442	$5,800	$4.02	2d	1	0.55mi
448 K St NW Unit 601 Washington, DC	5.0	2.0	1442	$5,300	$3.68	24d	1	0.55mi
448 K St NW Unit 202 Washington, DC	5.0	2.0	1442	$4,800	$3.33	20d	1	0.55mi
448 K St NW Unit 202 Washington, DC	5.0	2.0	1442	$4,500	$3.12	18d	1	0.55mi

Listing history 4 events

1. 2026-05-31
   days on market $599,900 Active 73 DOM
2. 2026-05-12
   status Active
3. 2026-03-13
   historical
4. 2026-01-18
   listed $599,900 Active

ⓘ 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: $5,926 · $494/mo
• Projected year-2 tax: $5,926 · $494/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 6/10 Major FEMA zone X (unshaded) · 73% 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 16% 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: $70,404
• − Mortgage interest: −$33,604
• − Property taxes: −$5,926
• − Insurance: −$3,000
• − Repairs & maintenance: −$5,632
• − Management: −$5,632
• − Depreciation: −$17,452
• Taxable loss: −$841
• Est. tax savings @ 24.0%: +$202
• After-tax cash flow: $9,145/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): 44,616
• Household income: $138,059
• Rent vs Own: 66.6% rent · 33.4% own
• Severe rent burden: 3130.0

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 0.67)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 11% Two or more races 8% Asian 7%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 7% Chinese 3% Other Indo-European 2%

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: ▼ -859.30%
• Current HPI: 400.1329
• Rent YoY: ▼ -0.75%
• 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

3 events — show timeline

• 2026-05-12 Relisted — BRIGHT MLS
• 2026-03-13 Listing Removed — BRIGHT MLS
• 2026-01-18 Listed $599,900 BRIGHT MLS

Property tax history

+3.1%/yr

Latest (2025): $5,926 · +0.8% YoY. Source: county tax records.