Fort Totten is one of only a few DC Metro stations served by three lines — Red, Green, and Yellow. Next door, Lamond Riggs is a quiet grid of 1940s brick detached and semi-detached homes on real lots along Riggs Road, Madison Street, Nicholson Street, and Oglethorpe Street NE. That combination — suburban-style houses with a transfer station a short walk away — is rare inside the District.
Hard money loans in Fort Totten and Lamond Riggs fund a specific trade. You buy a dated detached or semi-detached colonial, fix the systems and the basement, and sell to a first-time owner-occupant who wants a yard and a short commute. Your buyer pool leans on DC down payment assistance, which shapes how you plan the rehab.
DC hubs: Washington DC hard money lenders · DC fix and flip loans · DSCR loans Washington DC · Compare: Brightwood · Brookland.
Fort Totten and Lamond Riggs market snapshot (2026)
DC’s citywide median sale price sits near $635,000 (Redfin, 2026). Renovated Lamond Riggs detached homes often sell close to or a bit above that figure. Dated homes trade well below it, which leaves room for a real rehab.
| Asset | Typical acquisition (2026) | Rehab range | Renovated resale / rent |
|---|---|---|---|
| Semi-detached brick (dated) | $390K–$470K | $85K–$135K | $590K–$660K resale |
| Detached colonial (dated) | $450K–$560K | $110K–$170K | $690K–$790K resale |
| Semi-detached with legal basement unit | $430K–$510K | $120K–$180K | $3,900–$4,600/mo gross |
| Art Place / new townhome competition | — | — | $700K–$850K new |
New townhomes near the station set a ceiling. Your renovated detached home competes with brand-new product, so the yard, the driveway, and a dry basement are what justify your price.
Why the buyer pool changes your scope
Many buyers here use DC’s Home Purchase Assistance Program or similar first-time buyer help. Those files usually require a home inspection, and some lenders require specific repairs before closing. Cosmetic flips that skip the roof, panel, or water heater can lose a buyer three weeks into escrow.
Budget for these items on every Lamond Riggs flip:
- Electrical service upgraded to 150 or 200 amps
- Basement waterproofing — interior drain and sump where water marks show
- Oil tank sweep and closure on any home originally heated with oil
- Lead-safe work practices on pre-1978 homes; see our DC lead paint guide
- Handrails, GFCI outlets, and smoke detectors that inspectors check first
How our hard money fits Fort Totten flips
- Up to 90% loan-to-cost, capped at 75% of ARV
- 100% of rehab funded through inspection-based draws
- 12-month interest-only terms at 8.99%–13.5%
- 7–10 business day closes — useful on estate sales where heirs want certainty
We underwrite the property and your exit plan, not your W-2 income. First-time flippers can qualify with a strong contractor and a realistic scope.
Worked example: Nicholson Street semi-detached flip
Property: 1942 brick semi-detached home on Nicholson Street NE, estate sale, oil heat converted to gas in the 1990s with the tank left in the ground.
Purchase: $425,000 Rehab budget: $118,000 — tank closure ($5K), basement waterproofing ($14K), 200-amp service ($9K), kitchen ($32K), two baths ($28K), windows and finishes ($30K) All-in cost: $543,000 Loan: 89% LTC → $483,270 at 10.5% interest-only; about 74% of $650,000 ARV Timeline: Close in 8 business days; rehab 3.5 months; under contract in month 5 Sale: $648,000 to a first-time buyer using down payment assistance
Carry: About $4,230/month for 6 months ≈ $25,400. Selling and closing costs about $39,000. Net profit near $40,600.
The buyer’s inspector found nothing major because the scope had already handled the tank, the water, and the panel. A lighter $70K cosmetic scope would have saved money up front but likely cost the sale.
Full carry, month by month
The example above counts loan interest only. A complete DC budget adds recordation tax at purchase plus taxes, insurance, and utilities during the hold. Here is the Nicholson Street file with every line shown.
Inputs: $483,270 loan at 10.5% = about $4,229/month interest. Property tax about $301/month at DC’s $0.85 residential rate on $425,000. Vacant-property insurance and utilities about $350/month combined (an estimate; get quotes).
| Phase | Months | Interest | Taxes, insurance, utilities | Running total |
|---|---|---|---|---|
| Closing: DC recordation tax (1.45% of $425,000) | 0 | — | $6,163 | $6,163 |
| Rehab | 1–4 | $16,916 | $2,604 | $25,683 |
| Listing and escrow | 5–6 | $8,458 | $1,302 | $35,443 |
| One extra escrow month | 7 | $4,229 | $651 | $40,323 |
DC charges 1.45% on the full price once a residential deed reaches $400,000, per the Office of Tax and Revenue. The same rate applies to the transfer tax on your sale. By local custom the buyer pays recordation and the seller pays transfer, but the contract controls.
What this does to profit. Total cost through month 6 is $543,000 plus $35,443, or about $578,400. With 6% selling costs, break-even is about $615,400. At the $648,000 sale, net profit is closer to $30,700 than the simple $40,600. A seventh month drops it to about $25,800.
Build the full version on the fix and flip calculator. Our DC recordation and transfer tax guide covers the edge cases.
Why assisted buyers affect your timeline
DHCD’s Home Purchase Assistance Program now offers up to $202,000 in down payment and closing help to eligible first-time buyers. That puts your Lamond Riggs flip in reach for many buyers. It also adds steps. Program approval, any required inspection, and the lender’s own conditions all run inside the buyer’s escrow.
Plan for it three ways:
- Budget one extra month of carry. That is the seventh row in the table above.
- Ask the buyer’s lender for the program timeline at contract. Put realistic dates in the ratification.
- Fix inspection items before listing. A repair request in week three can reset the closing date.
Could you hold a semi-detached instead?
Semi-detached homes with a legal basement unit rent for $3,900–$4,600/month gross. Here is a quick DSCR test at an assumed $650,000 value.
- Loan: 75% LTV → $487,500 at 7.25%, 30-year fixed → about $3,326/month principal and interest
- Taxes: About $460/month at DC’s residential rate
- Insurance: About $160/month
- Total payment: About $3,946/month
| Gross rent | DSCR | Outcome |
|---|---|---|
| $3,900 | 0.99 | Just under 1.0; needs more down or a sub-1.0 program |
| $4,200 | 1.06 | Qualifies at standard pricing |
| $4,600 | 1.17 | Qualifies for best pricing tiers |
You need about $3,946 of rent to reach 1.0 and about $4,538 to reach 1.15. Check your own numbers on the minimum rent for DSCR calculator. The hold works at the top of the rent band. At the bottom, the sale exit is stronger.
Pricing against the new townhomes
New townhomes near the station sell at $700K–$850K. Your renovated semi-detached home will list well below that range. Buyers still tour both. Give them reasons to pick yours:
- The yard. Most new townhomes have little or none.
- A driveway or garage. It is rare near a Metro stop.
- No homeowners association fee. Many new townhome communities charge one. Skipping it frees up monthly budget for the mortgage.
- A dry, finished basement. Show the waterproofing warranty at showings.
List those four items in the listing remarks. They explain the price gap in terms buyers use.
Local risks we underwrite upfront
Underground oil tanks. Common in this housing stock. Get a sweep before closing, not after demo.
Basement water. Many homes sit on sloped lots with older clay drain lines. A camera scope of the sewer lateral costs a few hundred dollars and can save $15K.
Transfer station and rail. The DPW Fort Totten transfer station and rail lines bring truck traffic and noise to a few blocks. Comp those blocks separately.
New-construction competition. Townhome projects near the station can pull buyers. Price your flip against them honestly, and highlight the yard and the parking.
TOPA on occupied homes. Single-family homes are mostly exempt from DC’s tenant purchase law, but exceptions apply to elderly and disabled tenants. See the DC TOPA and DOB guide.
Permits. Check the DC Department of Buildings for open permits or violations on the address before you sign.
Fort Totten vs Brightwood
Brightwood has more rowhouses and a wider price range. Lamond Riggs has more detached and semi-detached homes and a tighter buyer profile. Brightwood flips often compete on finishes. Lamond Riggs flips win on condition, because the buyer’s inspection matters more than the countertop.
Comp rules for Lamond Riggs
- Compare detached to detached and semi-detached to semi-detached. Do not mix.
- Stay within 0.5 miles and on the same side of Riggs Road where possible.
- Adjust $15K–$35K for a driveway or garage.
- Exclude new townhomes from ARV; use them only as a price ceiling.
Pre-qualification checklist
- Signed purchase contract
- Line-item scope with systems and basement work shown separately
- Oil tank sweep result, or a plan to order one before closing
- Three same-type sales within 0.5 miles
- LLC documents and interest reserves
Bridge financing at 8.99%–13.5% interest-only · DC flipping rankings · (833) 264-7776.
Working a Lamond Riggs or Fort Totten deal? Pre-qualify for hard money or call (833) 264-7776 for a proof-of-funds letter.
Rates, terms and conditions offered only to qualified borrowers and are subject to change without notice. All loans are subject to full underwriting. Jaken Finance Group only finances non-owner occupied investment properties.