Keen Investing: Chevy Chase MD Real Estate

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Maryland is a fantastic place for investors who want to get in on one of our country’s hottest real estate residential markets. The D.C. metropolitan area is growing and thriving, and many of the neighborhoods in southern Maryland have become home to commuters working in the capital. One of the most popular and in-demand neighborhoods in this region is Chevy Chase.

Chevy Chase is a fantastic option for people looking to make smart residential real estate investments. Read on to learn more about this town and the benefits it can offer you and your tenants. 

Current Market Trends

Chevy Chase is a very high-end town northwest of Washington, D.C. Right now, houses are going on the market at an average price of $1.5 million and are selling for well over asking price. In fact, the median home sale price in Chevy Chase as of this writing is $1.9 million and can range to almost $6 million. 

Homes in Chevy Chase tend to list for a little more than $600 per square foot, putting the median house size around 2,500 square feet. They’re selling in about forty days, and although houses are selling for more than list price, it’s still a buyer’s market. This means there are currently more homes available on the market than there are people looking to buy homes.

Benefits of Investing Here

If you’re looking at investing in the D.C. area, you may wonder why you should consider Chevy Chase as an investment location. For one thing, you’ll be able to tap into the thriving job market of Washington, D.C. Bethesda also has a strong job market itself, being home to the popular video game company of the same name. 

While this market does have a higher barrier to entry, this can actually work to your advantage. Higher housing prices mean you can charge more for rent, which can help to narrow your market to tenants in steady, high-income jobs. You may also be able to get a better return on your investment since renters are likely to have a higher budget.

Benefits of Living Here 

If you’re going to sell living in Chevy Chase to tenants, you’ll need to know the benefits of the area yourself. Your tenants will never be left wondering what to do on a Friday or Saturday night in Chevy Chase. The area is filled with trendy eateries, classy cocktail bars, and piano lounges where you can take in some live music. 

Chevy Chase is also home to an entertainment center that hosts concerts throughout the year. Residents can easily get to Friendship Heights, a shopping district that has been called the Rodeo Drive of the East Coast. And, if none of that strikes their fancy, your residents can always head over to D.C. for an evening out on the town.

Getting to D.C.

Residents of Chevy Chase have a number of options for getting into the heart of D.C. If they own a car, they can make the drive in less than half an hour. Chevy Chase is also fifteen or twenty minutes from the Smithsonian National Zoological Park and about fifteen minutes from the National Cathedral.

There are also a number of public transit options for people looking to get from Chevy Chase into D.C. A number of bus lines run between the two cities, or your tenants can hop on the nearby Red Line of the Metro to get into the city. From there, they can travel on the Metro to nearly anywhere around the capital. 

How the Market Has Changed 

We’ve seen the housing market fluctuate wildly over the last two years, so knowing how those changes have impacted Chevy Chase is important if you plan to buy property there. The housing market in this neighborhood hit a peak in May of last year, when homes were selling for just under $2 million. From there, they dropped until February of this year, although there were some spikes in August and November. 

As of February, homes were listing for a little more than $1.4 million and selling for about $100,000 less than asking. List prices rose to nearly $1.65 million in March, and homes were selling for a little more than $1.5 million. And last month, we finally saw that demand flip and homes start selling for far more than list.

Apartment Costs

The other thing you need to know about before you invest in Chevy Chase is what you can expect to get for rent. Of course, how much you charge for rent will depend on the size of the home and the amenities offered. You’ll be able to get more for a single-family home or a large apartment with a lot of amenities than a smaller apartment with fewer perks.

In general, rent in Chevy Chase tends to range between $2,500 and $3,000 per month. That number has increased since last year as the demand in this area has gone up. Keep in mind that only about 3 percent of residents in Chevy Chase rent, so you’ll need to keep your pricing competitive.

Make Smart Residential Real Estate Investments

Investing in Chevy Chase, MD, can be a great way to tap into an affluent population of renters and get all the benefits of residential real estate in Washington, D.C. Your tenants will enjoy the fantastic culture Chevy Chase has to offer, and they can get to D.C. easily from this neighborhood. You’ll also be able to charge somewhat higher rent than you would in other areas thanks to the quality of the town. 

If you’d like to learn more about making smart residential real estate investments, check out the rest of our site at Nomadic Real Estate. We provide leasing, management, sales, and most importantly, peace of mind. Check out our real estate sales services and discover our unique approach to property management.

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Enhanced Reporting

Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

Owner Portal Reports
  • Keep in mind, these reports are dynamic records. They will refresh to display current information every time you view them. 

Enhanced Rent Roll Report:

Enhanced Rent Roll Report
  • The Enhanced Rent Roll Report will show the rent amount, last payment date, move-in date, lease expiration date, and security deposit amount for each of your tenants. 
  • It will also show a portfolio summary with occupancy percentage, vacancy loss, and more!

Unit Comparison Report:

Unit Comparison Report
  • If you own multiple units (or buildings) with Nomadic, you’ll get access to the Unit Comparison Report. 
  • This report enables you to quickly compare financial performance between your units at a glance without toggling between individual reports. 

Income Statement Month-Over-Month:

Income Statement by Month Report
  • The Income Statement Detail – Monthly Report serves as a month-over-month record of portfolio performance. You’ll see itemized income and expense categories and can track monthly. This report will update with fresh data every time you view it. 

Financial Statements

Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

Scroll down for more info about the Financial Statements in your Documents library:

The Documents area contains monthly financial statements:

Owner Portal Documents
  • The statements in the Documents are are static documents. They are posted to the portal once a month to serve as a historical record of financial performance. 

Download a statement to see month and YTD financials:

Owner Portal Property Statement

You'll also find a month-over-month operating statement:

Month over Month Statement

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

Commincation Dashboard Screenshot
  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Owner Portal New Message Screenshot

Responses will show up in the conversation ticket:

Portal Conversation Response Screenshot
  • You’ll get an email notification whenever you get a response, and you’ll also see the message in your portal next time you log in. 

You can reply in-line using the comment box:

Owner Portal Comment

Each conversation will be logged in its entirety:

Portal Conversation Snapshot

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

Owner Ledger Dates
  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

Ledger Property Column
  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

Owner Ledger Description Column
  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

Owner Ledger Amount Column
  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

Owner Ledger Account Balance Column
  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

PW Portal Filters

View a snapshot of income and expenses on your dashboard:

PW Owner Dashboard View

See every transaction in real-time on your ledger:

Owner Portal Ledger View

Statements and forms will be posted to your documents library:

Owner Portal Document Library

View a suite of real-time financial reports:

Portal Reports View

See a running list of all bills, and drill down for more detail:

Owner Portal Bills View

Under Bill Details, you'll find dates/descriptions/amounts and more:

Portal Bill Details

You can also communicate with your Account Manager through the portal:

Owner Portal Communication Tools

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

Net Distribution

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.