Washington DC Market Investment Options

[Kyle Spears]

I recently got a new job and will be moving to Washington DC, I'm now ready to purchase my first home and I want it to be an investment property. I will be making 105k. I do not have a down payment but am ready to save 7% relatively quickly for 3.5% down with FHA and ancillaries. At 3k per month saved I can have 15k in 5 months.

My first choice would be a multi family but there do not seem to be almost any of those properties in DC under 500k.

Outside of DC, in Maryland there are single family homes but I have a very strong desire not to have to buy a car, so I’d prefer to live in the district.

Almost all condos, even at 450k, are quite small and have condo fees of 500-1000 which eliminates positive cash flow.

Would I be wrong to be looking at neighborhoods like McClean or Cleveland Park? Or should I really be expecting to have to buy in Southeast Washington?

Can anyone help me narrow down my property search?

[Cassidy Burns]

Hey @Kyle Spears , I personally think there is still value and multiple DC neighborhoods in the condo market.  Really depends if you are going to house hack or not.  Single families in this market are FLYING off the shelf and people are starting to go a little "competition crazy" and overpaying.  Key is , buy value.  Current Rental value,  long term rental value, and hopefully potential appreciation value.  

People are buying and selling real estate every day in Washington DC, just make sure you are following this value concept and you will be safe.