Navy Yard and Capitol Riverfront DSCR holds serve federal contractor, Capitol commuter, and corporate relocation demand — premium rent on condo and rowhold stock with HOA diligence that south-side row DSCR files skip. This page covers DSCR refi only — acquisition at hard money Navy Yard · hub at DSCR DC.
Navy Yard DSCR thesis — condo premium, HOA friction
Capitol Riverfront (20003) commands premium rent from federal and contractor tenants — but HOA fees, rental caps, and condo insurance compress NOI versus rowhouse holds in Hill East or Anacostia.
| Asset | 2026 stabilized gross | Typical appraised value | DSCR at 70–73% LTV |
|---|---|---|---|
| 1BR condo (warrantable) | $2,400–$3,100/mo | $420K–$520K | 1.05–1.15 |
| 2BR condo / rowhold | $3,200–$4,200/mo | $520K–$650K | 1.08–1.18 |
| 2BR condo (premium floor) | $3,500–$4,500/mo | $545K–$680K | 1.10–1.20 |
| 2-unit row (select) | $4,800–$6,000/mo | $750K–$920K | 1.10–1.20 |
Multifamily contrast: DSCR DC multi-family
HOA and rental cap diligence — read before you offer
Navy Yard condos often cap investor rentals — declarations and bylaws must be reviewed before hard money close, not at refi.
| HOA restriction | DSCR impact | Diligence step |
|---|---|---|
| Rental cap 20%–30% of units | Waitlist risk | Confirm cap headroom in writing |
| Minimum owner-occupancy 51%+ | Limits investor pool at resale | Review annual meeting minutes |
| Short-stay ban (all stays under 30 days) | Blocks MTR strategy | MTR DC |
| Special assessment pending | Raises PITIA | Request reserve study |
| Non-warrantable project | Lower LTV, higher rate | Full condo questionnaire upfront |
| FHA/VA concentration limits | Affects resale liquidity | Appraisal comp thinning risk |
Request: declaration, bylaws, budget, reserve study, rental cap waitlist status, and master insurance certificate — attach to refi file at week 1. Condo conversions and rental registrations may require DC DOB clearance on select projects.
Worked example: Capitol Riverfront 2BR condo DSCR exit
Property: 2BR/2BA condo on M Street SE — long-term lease to federal contractor, HOA docs clean.
- Purchase: $485,000 · HOA: $485/mo · Special assessment: none pending
- Stabilized rent: $3,650/mo long-term lease (24-month term)
- Appraised value: $545,000
- Condo insurance + HOA in PITIA: $485 HOA + $145 insurance/mo
- Property tax (stress-tested): $420/mo
- DSCR refi at 70% LTV: $381,500 @ 8.55%
- DSCR ratio: ~1.09 — clears refi; hard money retired month 9
- Condo questionnaire: Rental cap 30% — unit verified eligible before acquisition
Why 70% LTV not 75%: Non-warrantable adjacent building in comp set triggers 3–5% LTV haircut — condo files carry thinner cushion than rowhouse DSCR.
Condo vs rowhold — Navy Yard refi split
| Property type | HOA layer | Typical PITIA load | LTV band | Best tenant profile |
|---|---|---|---|---|
| High-rise condo | $400–$650/mo HOA | Higher fixed cost | 68–72% | Federal contractor LTR |
| Low-rise condo (≤4 stories) | $300–$500/mo HOA | Moderate | 70–73% | Capitol commuter |
| Rowhold (fee simple) | No HOA | Lower fixed cost | 70–74% | Mixed LTR + MTR |
| New construction condo | $500–$800/mo HOA | Highest | 65–70% | Corporate furnished |
Rowhold fee-simple stock in Hill East spillover often clears higher LTV — do not cross-comp condo appraisals with rowhold sales. See Hill East hard money.
MTR and corporate demand lane
Navy Yard MTR demand from contractor rotations and corporate relocations supports furnished premium:
- 30–90 day furnished on select 1BR/2BR condos — $3,800–$5,200/mo achievable
- Document 6-month booking history or executed 30+ day leases for MTR DSCR
- Verify HOA allows stays ≥30 days — many ban nightly STR entirely
MTR financing DC · DC STR license rules
Jaken Finance Group Navy Yard DSCR parameters (2026)
- Rates: 5.75%–10.5% · Leverage: up to 75% LTV (70–73% typical on condo files)
- DSCR minimum: 1.0+; 1.08+ for best pricing
- Entity: LLC standard · Timeline: 14–21 days (condo questionnaire adds time)
Navy Yard DSCR risks
| Risk | Mitigation |
|---|---|
| Rental cap waitlist | Verify before acquisition |
| Special assessment | Reserve study review |
| Non-warrantable project | Lower LTV in pro forma |
| HOA short-stay ban | Confirm MTR allowed |
| Comp cross-contamination (Hill East rows) | Condo-only comp set |
| High basis + thin rent | Model DSCR before offer |
Underwriting checklist
- Executed lease + 1007 rent schedule
- Full condo questionnaire (Fannie/Freddie form or equivalent)
- HOA declaration + rental cap verification
- Master insurance certificate
- LLC docs · Condo HO-6 insurance quote
- Hard money payoff letter
- Transfer tax from acquisition in basis — recordation guide
Federal contractor tenant profile — lease structuring
Navy Yard DSCR files strengthen when the lease matches federal-contractor demand: 12–24 month terms with corporate guarantor or GSA-adjacent employer verification support appraisal 1007 rent schedule. Month-to-month furnished stays require 6-month booking history before MTR DSCR refi — document executed 30+ day leases, not platform screenshots alone.
Related
Navy Yard DSCR — condo/HOA file gates (2026)
Navy Yard files fail when rental cap is discovered at refi, or Hill East row comps price condo appraisal.
- Worked refi: $3,650/mo LTR → 70% LTV at 8.55% on $545K condo
- HOA: Rental cap · special assessment · short-stay rules — read before offer
- Condo vs rowhold: Separate comp sets — fee-simple rowhold clears higher LTV
- Bridge: Hard money Navy Yard · 8.99%–13.5% IO
Underwriting anchor: Capitol Riverfront 2BR — $3,650/mo on $485K basis — refresh HOA questionnaire, rental cap status, and condo insurance before DSCR application. DSCR 5.75%–10.5% · (833) 264-7776.
Pre-qualify for Navy Yard DSCR refi or call (833) 264-7776.
Non-owner occupied investment property only. Rates and terms subject to change.