8107 PHELPS PLACE
About This Property
Two years ago, this raised rambler underwent a stunning $50K renovation. Now, with the new price, the seller is taking a loss - but he's ready to say, "Sell!"
Located in the heart of District Heights, MD - just 7 miles and a few stoplights from the vibrant energy of Washington, DC - this home blends style, comfort, and income potential.
Step inside to an open, airy layout with gleaming hardwood floors across the main level. The showstopper kitchen features a chic peninsula overlooking the bright living room - perfect for entertaining or cozy nights in. The renovated primary bath offers modern finishes, and a main-level washer and dryer adds everyday convenience.
The newly finished lower level delivers incredible versatility with 2 bedrooms, 1 full bath, a full kitchen, and its own washer/dryer - ideal for rental income, guests, or multi-generational living. (Currently rented to a quiet, respectful tenant - instant cash flow from day one!)
Out back, relax on the covered porch overlooking an extra-large, fully fenced backyard with a fire pit and storage shed - your private outdoor retreat.
All this, with quick access to shopping, dining, the Capital Beltway, and public transportation. This move-in-ready gem is not only beautiful - it's smart.
**May be eligible for the Home Buyers Access Grant with up to $10,000 toward your down payment (subject to eligibility).
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Oct 17, 2025 | Sold | ||
| Sold | |||
| Sep 4, 2025 | In contract | - | |
| In contract | |||
| Sep 2, 2025 | Price Decreased |
$375,000
↓ $15K
(3.8%) | |
| Price Decreased | |||
| Aug 27, 2025 | Price Decreased |
$389,900
↓ $10K
(2.5%) | |
| Price Decreased | |||
| Aug 12, 2025 | Price Decreased |
$399,900
↓ $19K
(4.6%) | |
| Price Decreased | |||
Property Highlights
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About Forestville
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017