1880’s Mansion in Logan, $3.5M, Rental Potential
Check out the Cribline’s Luxury House Pick of the Week, an eight (8) bedroom, six and a half (6.5) bathroom mansion in Logan Circle with major rental potential.
Originally built in 1880 and located at 1324 Vermont Avenue NW, you have the main house with 5BR/3.5BA, two separate rental units, and carriage house for a total of nearly 5,000 square feet of prime rentable real estate.
This pristine home has been renovated to retain its soaring ceilings, hardwood floors and beautiful mill-work. Its many other features include a gourmet kitchen, large private patio, separate dining room, grand foyer, and four (4) fireplaces. Abundant storage, lots of natural light, parking and a well manicured garden in front make this a must-see. Shown by appointment only. Please contact Washington Fine Properties for details.
It’s just on the market for $3,500,000. See how much this will cost per month in the Cribline math analysis below:
Cribline Math Analysis:
With 20 percent down on $3,500,000 of $700,000, the mortgage amount would be $2,800,000. At an estimated 4.5 percent interest rate fixed for 30 years the gross payment would be about $15,000 per month. If you were to rent out all of the rental units and carriage house for a combined $5,000 per month, that would reduce the gross payment to $10,000 per month. After tax deductions, the net payment could be as low as about $8,500 per month.
Happy House Hunting in Logan!