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Article: It's Easier to Buy Than to Unload; With Tax Breaks Gone and Supply Outstripping Demand, Investment Properties Pose New Risks
- Article from:
- The Washington Post
- Article date:
- November 12, 1994
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Five years ago Bill and Karen Rozek of Ashton paid $205,000 for
an investment property, a row house on 12th Street NW in the
District with three apartments. They spent $30,000 on repairs and
upgrades, but now are looking to sell the Logan Circle property.
"We were investment novices when we bought it and didn't mind
{paying to fix it} because the market was still going up," Bill
Rozek said. "But we no longer want an investment property, although
it's breaking even on $1,900 in monthly rents."
In July the Rozeks put the building on the market for $175,000,
well less than the $235,000 they have invested in it. Offered with
an assumable mortgage of $156,000, the property has monthly bills ...