Starting out, looking for first investment property

[Ryan Gandy]

Hey all, I'm looking at purchasing my first investment property and have been pre-approved for $225k. I live in the DC suburbs in Maryland and would ideally like to find a property within this region, Baltimore or even Richmond, VA. However, I am open to other markets within driving distance. I'm seeking advice from others on whether you think Baltimore is a good market for a buy and hold, or other areas that might be good for a buy and hold. I haven't ruled out a fixer upper, but at my price point it's hard to find properties in the DC area so that is why I shifted focus to Baltimore or Richmond where properties can be had for under $200k and fixed up. I have also considered townhouses in my current area near Rockville and Gaithersburg, but I have read where most people don't like townhouses because of the HOA fees. I will not be living in the property. Any advice on where to look and what to be wary of when finding properties would be greatly appreciated.