1622 28th Pl SE · Washington, DC 20020

$290,000

4 bd · 3.0 ba · 1,344 sqft · MultiFamily public records · 19 Days on market

Built 1939 2,376 sqft lot Est $413k · 30% under

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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 +21.9/30.0
• ARV discount +15.0/15.0
• 1% rule +8.3/10.0
• DSCR +7.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

A true “diamond in the rough”, 1622 28th Street, SE is a freestanding, detached home in the Hillcrest neighborhood. Located on a quiet, one-way street, the property sits perched above the street and has a driveway with parking in the rear. The property is zoned RF-1 and has a separately contained lower level unit. The property is basically a shell, allowing for design creativity.

Key facts

• 2,376 sq ft lot
• Built 1939
• Listed 18 days

Property features AI

Finance

• Financial info: Fee simple ownership

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Electric service (standard)
• Home design: Detached property; Above-grade finished living area reported by assessor
• Construction: Brick construction; Brick/mortar foundation; Above-grade and below-grade structures
• Exterior features: No tidal water

Interior

• Heating & cooling: Hot water heating; Central air conditioning
• Interior features: Basement with outside entrance; Two or more access exits

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $457 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $290k).
• Recommended offer: $286k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 rising (+3.9%/yr); 296 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $3,854/mo this rent would consume 86% 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 $2k of loan paydown is wiped out by about $9k 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 19 days — a 2% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 31y ago; this cycle's ask is 115% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $140k; list at $290k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1939 — 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 $285,650 (1.5% below list)

Questions for the listing agent

1. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.33% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.75%
• DSCR: 1.30
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $412,608
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2351 S S St SE	0.34mi	4/—	1,512 (+12%)	19mo	$464,000	$307	48

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 · 3.86% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.83×
• Total profit: $-14,117
• Equity at exit: $43,240

10-year hold

• IRR: 6.4%
• Equity multiple: 1.50×
• Total profit: $40,910
• Equity at exit: $25,074

Cash invested: $81,200 (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: 12.5×

Monthly cashflow live

• Estimated rent: $3,854 high
• Mortgage (P&I): −$1,521
• Tax from tax record: −$946 /mo · $11,355/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$809
• Net cashflow: $457

Break-even live

Break-even rent $3,276

Max offer price $290,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,854
Total (2 units)			$3,854

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1616 27th St SE Unit 6 Washington, DC	3.0	1.0	1100	$2,850	$2.59	24d	1	0.09mi
1525 28th St SE Unit 302 Washington, DC	3.0	1.0	900	$2,100	$2.33	24d	1	0.10mi
2925-2929 Pennsylvania Ave SE Unit 204 Washington, DC	3.0	1.0	980	$3,000	$3.06	4d	1	0.11mi
2925-2929 Pennsylvania Ave SE Unit 106 Washington, DC	4.0	1.0	988	$4,200	$4.25	24d	1	0.11mi
2925-2929 Pennsylvania Ave SE Unit 106 Washington, DC	4.0	1.0	980	$4,200	$4.29	4d	1	0.11mi
1800 28th Pl SE #201 Washington, DC	3.0	2.0	1132	$2,800	$2.47	3d	1	0.12mi
2215 Minnesota Ave SE Unit 18 Washington, DC	4.0	2.0	990	$4,500	$4.55	24d	1	0.40mi
1938 S St SE Washington, DC	3.0	2.0	1522	$2,999	$1.97	24d	1	0.48mi
3128 Lyndale Pl SE Washington, DC	3.0	2.0	1552	$2,800	$1.80	18d	1	0.55mi
2003 Fairlawn Ave SE Washington, DC	4.0	2.0	1500	$5,800	$3.87	3d	1	0.59mi
1953 19th Pl SE Apt 104 Washington, DC	3.0	1.0	980	$2,800	$2.86	5d	1	0.67mi
1953 19th Pl SE Apt 301 Washington, DC	3.0	1.0	980	$5,301	$5.41	24d	1	0.67mi
1634 Ridge Pl SE Washington, DC	3.0	3.5	1248	$3,200	$2.56	24d	1	0.76mi
1705 W St SE Washington, DC	4.0	2.0	1550	$2,500	$1.61	3d	1	0.87mi
1750 Galen St SE Washington, DC	3.0	3.0	1138	$2,300	$2.02	4d	1	0.89mi
1516 Marion Barry Ave SE Unit 301 Washington, DC	3.0	2.0	1100	$1,795	$1.63	7d	1	0.91mi
2612 33rd St SE Washington, DC	3.0	3.0	1826	$3,529	$1.93	24d	1	0.92mi
1802 14th St SE Washington, DC	3.0	2.0	1800	$2,800	$1.56	24d	1	0.98mi
6 Barney Cir SE Washington, DC	3.0	1.0	1200	$2,550	$2.12	11d	1	1.00mi
1430 V St SE Washington, DC	3.0	2.0	1680	$3,100	$1.85	24d	1	1.00mi
1335 T St SE Washington, DC	5.0	2.0	1200	$7,000	$5.83	24d	1	1.02mi
816 Kentucky Ave SE Washington, DC	4.0	3.0	1800	$4,850	$2.69	3d	1	1.03mi
2847 Gainesville St SE Unit 303 Washington, DC	3.0	1.0	902	$2,400	$2.66	24d	1	1.04mi
821 Kentucky Ave SE Washington, DC	4.0	2.5	1520	$3,900	$2.57	3d	1	1.05mi
1805 Potomac Ave SE Washington, DC	3.0	1.5	1598	$4,000	$2.50	24d	1	1.08mi
2412 18th St SE Washington, DC	5.0	2.0	1584	$3,300	$2.08	24d	1	1.11mi
2412 18th St SE Washington, DC	5.0	2.0	1584	$3,500	$2.21	24d	1	1.11mi
2227 14th St SE Washington, DC	3.0	1.0	1222	$2,495	$2.04	24d	1	1.13mi
1815 Frankford St SE Washington, DC	5.0	3.5	1572	$6,100	$3.88	24d	1	1.16mi
1633 Morris Rd SE Washington, DC	5.0	2.0	1500	$6,600	$4.40	24d	2	1.17mi
3600 Ely Pl SE Washington, DC	1.0–3.0	1.0	719	$2,578	$3.58	3d	10	1.18mi
1214 U St SE Washington, DC	3.0	2.5	1350	$3,375	$2.50	24d	1	1.18mi
3928 Stone Gate Dr Unit D Suitland, MD	3.0	1.5	1031	$1,700	$1.65	18d	1	1.18mi
1401 Pennsylvania Ave SE Washington, DC	3.0	1.0–2.0	710	$5,250	$7.39	2d	8	1.19mi
1559 41st St SE Unit 1546448P Washington, DC	4.0	2.0	1022	$2,926	$2.86	7d	1	1.26mi
1527 Morris Rd SE Washington, DC	3.0	2.5	1508	$2,700	$1.79	7d	1	1.28mi
4113 Southern Ave SE Capitol Heights, MD	3.0	1.0–1.5	816	$1,950	$2.39	1d	45	1.29mi
330 37th St SE Unit T2 Washington, DC	4.0	2.0	1400	$3,300	$2.36	24d	1	1.30mi
3532 Minnesota Ave SE Unit 3 Washington, DC	3.0	1.0	1100	$2,500	$2.27	24d	1	1.33mi
3009 Southern Ave SE Temple Hills, MD	3.0	1.0	909	$1,650	$1.82	43d	1	1.34mi

Listing history 21 events

1. 2026-06-09
   days on market $290,000 Coming Soon 19 DOM
2. 2026-06-08
   days on market $290,000 Coming Soon 18 DOM
3. 2026-06-07
   days on market $290,000 Coming Soon 17 DOM
4. 2026-06-04
   days on market $290,000 Coming Soon 14 DOM
5. 2026-06-03
   days on market $290,000 Coming Soon 13 DOM
6. 2026-06-02
   days on market $290,000 Coming Soon 12 DOM
7. 2026-06-01
   days on market $290,000 Coming Soon 11 DOM
8. 2026-05-31
   days on market $290,000 Coming Soon 10 DOM
9. 2026-05-21
   historical $290,000
10. 2000-06-02
    soldstatus $140,000
11. 2000-05-30
    soldstatus $140,000
12. 2000-05-30
    soldstatus $140,000
13. 2000-03-08
    historical
14. 2000-03-08
    historical
15. 2000-02-09
    listed $135,000
16. 1999-05-10
    listed $135,000
17. 1996-07-05
    historical
18. 1996-04-05
    listed
19. 1996-03-07
    historical
20. 1995-07-07
    listed
21. 1978-03-10
    soldstatus $27,000

ⓘ 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: $11,355 · $946/mo
• Projected year-2 tax: $11,355 · $946/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 ≥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: $46,248
• − Mortgage interest: −$16,245
• − Property taxes: −$11,355
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,700
• − Management: −$3,700
• − Depreciation: −$8,436
• Taxable income: $1,363
• Est. tax owed @ 24.0%: −$327
• After-tax cash flow: $5,155/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

+974.1% since first listed

13 events — show timeline

• 2026-05-21 Coming Soon $290,000 BRIGHT MLS
• 2000-06-02 Sold (Public Records) $140,000 Public Records
• 2000-05-30 Sold (MLS) $140,000 MRIS
• 2000-05-30 Sold (MLS) $140,000 MRIS
• 2000-03-08 Delisted — MRIS
• 2000-03-08 Delisted — MRIS
• 2000-02-09 Listed $135,000 MRIS
• 1999-05-10 Listed $135,000 MRIS
• 1996-07-05 Delisted — MRIS
• 1996-04-05 Listed — MRIS
• 1996-03-07 Delisted — MRIS
• 1995-07-07 Listed — MRIS
• 1978-03-10 Sold (Public Records) $27,000 Public Records

Property tax history

+16.1%/yr

Latest (2025): $11,355 · +249.7% YoY. Source: county tax records.