First Time House Hacker - Northern Virginia Close to DC

[Anthony Fanucci]

Hi there! I am new to the BP community and wanted to dive in. 

My family and I are relocating to northern VA this summer. I'll be working in DC. We were going to rent since the housing market is a bit intimidating, but now we are interested in house hacking. Since we are a small family, the goal would be to maximize privacy and offset our mortgage. We are not concerned with cash flow or covering the whole mortgage at this time. This is our first step into real estate investing but we have big plans.

We are looking for insight and connections regarding northern VA towns such as Falls Church, Alexandria, Fairfax, Reston, Vienna, etc. We are moving from Pennsylvania so we are not readily familiar with the strongest locations for rentals. We understand that things such as metro proximity will boost our chances of securing renters.

Here's a snapshot of our situation:

• Moving summer 2021
• Approved for a conventional loan up to $700K @ 3.1% (the highest we are interested in going)
• Looking for detached living suites, in-law suites, or "separated" basements (once again, privacy is major for us)
• Ideal rental income would be at least $1K (obviously property dependent) 
• Currently focusing on single family homes
• Looking for "hot" rental areas that will still enable us to have a home with things such as a yard

I'll pause there. Our foundation for house hacking is getting stronger, but any input from the BP would be tremendously appreciated. We are hoping to start small and grow over the next 15-30 years in terms of real estate investing. 

With gratitude, 

Anthony

[Joseph Ayoub]

I think your best bet would be to try and find a home in DC and convert/finish a basement to an in-law suite. From what I have seen, rents in DC are typically a little bit higher than surrounding areas, especially if you are close to a metro station or in a moderately walkable neighborhood (basement units with their own kitchens can go from anywhere between $1000-$1600+ per month). For the 700k price point, you can check out neighborhoods like Petworth, Brightwood, Takoma, and Michigan Park - many houses in those areas still have modest sized yards for the city and many also have off street parking for a car.