1938 I St NE · Washington, DC 20002

$898,000

4 bd · 4.0 ba · 2,368 sqft · MultiFamily public records · 17 Days on market

Built 1942 2,432 sqft lot Est $625k · 44% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 10 units. estimate disagrees with records

Listing remarks

Some opportunities require vision. Others require timing. The rarest opportunities offer both, with nothing left standing between acquisition and execution. Introducing The Eastlight, a 10-unit boutique condominium development opportunity positioned just off the H Street Corridor, one of Washington’s most active growth corridors where residential demand, retail expansion, and long-term neighborhood investment continue to converge. This is not a concept or a pursuit. This is a fully realized development opportunity where the hard work has already been completed. Zoning is secured. Architectural plans are complete. Construction permits are approved. The path forward is clear for a devel

Key facts

• Nearby amenities
• H street corridor
• Zoning is secured

Tags

• H STREET CORRIDOR
• ZONING IS SECURED
• ON-SITE PARKING SPACES
• NEARBY AMENITIES

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Concrete perimeter foundation; Other foundation types noted; Above-grade and below-grade structures present; Finished above-grade area reported (assessor)
• Exterior features: Property is inside city limits; No tidal water on the lot; Soil type: Chillum-Urban Land Complex

Interior

• Bedrooms: Two 1-bedroom units; Six 2-bedroom units; Two 3-bedroom units; Additional identified units: Unit 1, Unit 2
• Heating & cooling: Hot water heating; Electric heating; Electric cooling
• Interior features: Multiple access exits (2+)

What this means for you Summary

Snapshot

• This is a 10 × 2-bed/?-bath units multifamily listed at $898k.

Deal economics

• At list price, monthly cash flow is $11k ($129k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $898k).
• Recommended offer: $885k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.7% 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 $20,808/mo this rent would consume 207% 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 $6k of loan paydown is wiped out by about $27k 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 + 0.0% rent growth), your $251k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($885k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 13y 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 $340k; list at $898k implies a 164% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $884,530 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 2.32% ✓
• Cap rate: 20.70%
• Cash-on-cash: 51.44%
• DSCR: 3.29
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $625,152
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1711 H St NE	0.26mi	4/—	2,442 (+3%)	3mo	$645,000	$264	80
1520-1524 Queen St NE	0.38mi	4/—	2,442 (+3%)	11mo	$814,000	$333	67
1601 Holbrook St NE	0.41mi	4/4.0	2,720 (+15%)	8mo	$685,000	$252	49
212 21st St NE	0.71mi	5/— (+1)	2,720 (+15%)	15mo	$625,000	$230	25

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: 46.0%
• Equity multiple: 2.91×
• Total profit: $479,998
• Equity at exit: $133,895

10-year hold

• IRR: 50.5%
• Equity multiple: 5.24×
• Total profit: $1,066,217
• Equity at exit: $77,643

Cash invested: $251,440 (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: 36.0×

Monthly cashflow live

• Estimated rent: $20,808 high
• Mortgage (P&I): −$4,709
• Tax from tax record: −$576 /mo · $6,912/yr
• Insurance: −$374
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,370
• Net cashflow: $10,779

Break-even live

Break-even rent $7,164

Max offer price $898,000

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 10× units	2	—	$20,810
Total (10 units)			$20,808

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: $224,500
• Closing costs: $26,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
847 20th St NE Washington, DC	4.0	2.5	1802	$4,100	$2.28	12d	1	0.11mi
847 20th St NE Washington, DC	3.0	2.5	1802	$4,100	$2.28	15d	1	0.11mi
1006 18th St NE Washington, DC	3.0	2.5	1684	$3,095	$1.84	24d	1	0.18mi
787 19th St NE Washington, DC	3.0	1.5	1700	$2,650	$1.56	24d	1	0.22mi
1640 L St NE Washington, DC	3.0	2.0	2300	$3,700	$1.61	18d	1	0.29mi
1609 Levis St NE Washington, DC	4.0	4.5	2295	$3,900	$1.70	24d	1	0.36mi
525 21st St NE Washington, DC	4.0	3.5	1890	$3,545	$1.88	17d	1	0.43mi
525 21st St NE Washington, DC	4.0	3.5	1860	$3,545	$1.91	24d	1	0.43mi
1331 Queen St NE Washington, DC	3.0	2.0	1708	$4,600	$2.69	14d	1	0.48mi
1331 Queen St NE Washington, DC	3.0	2.0	1708	$4,600	$2.69	16d	1	0.48mi
2025 E St NE Unit 4 Washington, DC	5.0	3.0	1936	$6,593	$3.41	24d	1	0.49mi
1213 Holbrook St NE #1 Washington, DC	3.0	2.5	1618	$3,850	$2.38	18d	1	0.51mi
1638 Trinidad Ave NE #1 Washington, DC	3.0	2.5	1780	$5,950	$3.34	18d	1	0.56mi
1620 E St NE #3 Washington, DC	3.0	3.0	1620	$3,999	$2.47	7d	1	0.57mi
1255 Raum St NE Unit 1388282P Washington, DC	2.0–8.0	1.0–5.0	3245	$6,967	$2.15	1d	2	0.61mi
1417 G St NE Washington, DC	3.0	2.0	1982	$3,700	$1.87	18d	1	0.61mi
333 17th Pl NE Washington, DC	3.0	1.5	2300	$3,400	$1.48	24d	1	0.65mi
1222 Owen Pl NE Washington, DC	4.0	2.5	2164	$3,800	$1.76	24d	1	0.67mi
1324 H St NE Unit 2 Washington, DC	4.0	1.5	2100	$4,000	$1.90	24d	1	0.69mi
1321 I St NE Washington, DC	4.0	3.5	1809	$4,600	$2.54	24d	1	0.69mi
1724 C St NE Washington, DC	3.0	2.5	2040	$4,950	$2.43	7d	1	0.69mi
221 20th St NE Unit 4 Washington, DC	3.0	1.0	3360	$2,999	$0.89	24d	1	0.71mi
1714 Montello Ave NE Washington, DC	4.0	3.0	2100	$4,350	$2.07	24d	1	0.73mi
1117 Montello Ave NE Washington, DC	4.0	3.5	2260	$4,500	$1.99	24d	1	0.79mi
1916 W Virginia Ave NE Unit 2 Washington, DC	3.0	2.0	1800	$2,900	$1.61	20d	1	0.80mi
1169 Morse St NE Washington, DC	3.0	3.0	2274	$4,250	$1.87	3d	1	0.83mi
1414 C St NE Washington, DC	4.0	2.5	1824	$5,100	$2.80	24d	1	0.83mi
1113 I St NE Washington, DC	3.0	1.0	1800	$3,325	$1.85	24d	1	0.87mi
1495 Gallaudet St NE Unit 1495B Washington, DC	3.0	2.5	1586	$4,141	$2.61	24d	1	0.93mi
1011 8th St NE Washington, DC	3.0	2.5	1672	$4,495	$2.69	24d	1	1.06mi
721 K St NE Washington, DC	3.0	1.0	1832	$4,500	$2.46	24d	1	1.10mi
223 17th St SE #2 Washington, DC	3.0	2.5	1900	$5,200	$2.74	24d	1	1.15mi
1319 Massachusetts Ave SE Unit 1 Washington, DC	3.0	3.0	1880	$6,400	$3.40	15d	1	1.22mi
1319 Massachusetts Ave SE Washington, DC	3.0	3.0	2578	$6,000	$2.33	24d	1	1.22mi
2300 18th St NE #2300 Washington, DC	4.0	3.0	1826	$4,500	$2.46	21d	1	1.23mi
237 15th St SE Unit 1 Washington, DC	3.0	3.0	1938	$4,500	$2.32	24d	1	1.26mi
1209 6th St NE Unit A Washington, DC	4.0	1.5	1648	$3,400	$2.06	24d	1	1.27mi
1825 Massachusetts Ave SE Washington, DC	3.0	2.5	1957	$4,000	$2.04	24d	1	1.28mi
723 5th St NE Unit 630P Washington, DC	3.0	3.0	3003	$7,500	$2.50	12d	1	1.33mi
329 16th St SE Washington, DC	3.0	3.0	2000	$4,800	$2.40	24d	1	1.33mi

Listing history 50 events

1. 2026-06-18
   days on market $898,000 Active 17 DOM
2. 2026-06-17
   days on market $898,000 Active 16 DOM
3. 2026-06-16
   days on market $898,000 Active 15 DOM
4. 2026-06-15
   days on market $898,000 Active 14 DOM
5. 2026-06-13
   days on market $898,000 Active 12 DOM
6. 2026-06-09
   days on market $898,000 Active 8 DOM
7. 2026-06-08
   days on market $898,000 Active 7 DOM
8. 2026-06-07
   days on market $898,000 Active 6 DOM
9. 2026-06-04
   days on market $898,000 Active 3 DOM
10. 2026-06-03
    days on market $898,000 Active 2 DOM
11. 2026-06-02
    days on marketlisting id $898,000 Active 1 DOM
12. 2026-05-31
    days on market $898,000 Active 81 DOM
13. 2026-03-11
    listed $898,000 Active
14. 2026-01-31
    historical
15. 2026-01-15
    price $923,000
16. 2025-11-04
    listed $924,000 Active
17. 2025-10-31
    historical
18. 2025-09-17
    price $924,000
19. 2025-09-17
    status Active
20. 2025-09-17
    historical
21. 2025-07-24
    listed $950,000 Active
22. 2025-04-23
    historical
23. 2025-04-04
    historical
24. 2025-04-04
    listed $999,000 Active
25. 2025-03-19
    price $1,199,999
26. 2025-03-19
    status Active
27. 2025-03-19
    historical
28. 2025-03-06
    price $1,199,000
29. 2025-02-18
    price $1,249,000
30. 2025-02-01
    listed $1,299,999 Active
31. 2025-01-31
    historical
32. 2025-01-23
    listed $1,299,999 Active
33. 2025-01-23
    historical
34. 2025-01-22
    status Active
35. 2025-01-18
    historical Active Under Contract
36. 2025-01-03
    historical
37. 2025-01-03
    listed $1,299,999 Active
38. 2024-12-12
    historical
39. 2024-12-12
    listed $1,299,999 Active
40. 2024-11-21
    historical
41. 2024-11-21
    listed $1,299,999 Active
42. 2024-11-08
    listed $1,299,999 Active
43. 2014-02-03
    soldstatus $340,000
44. 2014-01-31
    historical
45. 2014-01-30
    soldstatus $340,000 Sold
46. 2014-01-30
    soldstatus $340,000
47. 2013-09-01
    status Contingent (No Kick Out)
48. 2013-08-31
    historical
49. 2013-08-28
    status Active
50. 2013-04-12
    status Contingent (No Kick Out)

ⓘ 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: $6,912 · $576/mo
• Projected year-2 tax: $6,912 · $576/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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°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: $249,696
• − Mortgage interest: −$50,302
• − Property taxes: −$6,912
• − Insurance: −$4,490
• − Repairs & maintenance: −$19,976
• − Management: −$19,976
• − Depreciation: −$26,124
• Taxable income: $121,917
• Est. tax owed @ 24.0%: −$29,260
• After-tax cash flow: $100,087/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

+1448.3% since first listed

44 events — show timeline

• 2026-03-11 Listed $898,000 BRIGHT MLS
• 2026-01-31 Listing Removed — BRIGHT MLS
• 2026-01-15 Price Changed $923,000 BRIGHT MLS
• 2025-11-04 Listed $924,000 BRIGHT MLS
• 2025-10-31 Listing Removed — BRIGHT MLS
• 2025-09-17 Price Changed $924,000 BRIGHT MLS
• 2025-09-17 Relisted — BRIGHT MLS
• 2025-09-17 Listing Removed — BRIGHT MLS
• 2025-07-24 Listed $950,000 BRIGHT MLS
• 2025-04-23 Listing Removed — BRIGHT MLS
• 2025-04-04 Listed $999,000 BRIGHT MLS
• 2025-04-04 Listing Removed — BRIGHT MLS
• 2025-03-19 Price Changed $1,199,999 BRIGHT MLS
• 2025-03-19 Relisted — BRIGHT MLS
• 2025-03-19 Listing Removed — BRIGHT MLS
• 2025-03-06 Price Changed $1,199,000 BRIGHT MLS
• 2025-02-18 Price Changed $1,249,000 BRIGHT MLS
• 2025-02-01 Listed $1,299,999 BRIGHT MLS
• 2025-01-31 Listing Removed — BRIGHT MLS
• 2025-01-23 Listing Removed — BRIGHT MLS
• 2025-01-23 Listed $1,299,999 BRIGHT MLS
• 2025-01-22 Relisted — BRIGHT MLS
• 2025-01-18 Contingent — BRIGHT MLS
• 2025-01-03 Listed $1,299,999 BRIGHT MLS
• 2025-01-03 Listing Removed — BRIGHT MLS
• 2024-12-12 Listed $1,299,999 BRIGHT MLS
• 2024-12-12 Listing Removed — BRIGHT MLS
• 2024-11-21 Listed $1,299,999 BRIGHT MLS
• 2024-11-21 Listing Removed — BRIGHT MLS
• 2024-11-08 Listed $1,299,999 BRIGHT MLS
• 2014-02-03 Sold (Public Records) $340,000 Public Records
• 2014-01-31 Delisted — MRIS
• 2014-01-30 Sold (MLS) $340,000 BRIGHT MLS
• 2014-01-30 Sold (MLS) $340,000 MRIS
• 2013-09-01 Pending — MRIS
• 2013-08-31 Listing Removed — BRIGHT MLS
• 2013-08-28 Relisted — MRIS
• 2013-04-12 Pending — MRIS
• 2013-03-29 Relisted — MRIS
• 2013-03-27 Delisted — MRIS
• 2013-03-26 Listed $336,000 MRIS
• 2013-03-26 Listed $336,000 BRIGHT MLS
• 2002-05-28 Sold (Public Records) $139,500 Public Records
• 2001-08-14 Sold (Public Records) $58,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $6,912 · -1.2% YoY. Source: county tax records.