Looking to purchase my first property (primary)

[Jordan Chronopoulos]

Hi BP! Firstly, I am excited to get involved and to be surrounded by like minded entrepreneurs.

 I am looking into my very first property! The one thing I keep going back and forth on is spending more to get into the city (Washington DC) or going further North since it is a better stretch of the dollar. I am currently looking at a Townhome (condo) with the following numbers:

Price: 420k

Financing: 5% down (21k) - closing costs covered. All in Cash to close will be around $23-25k

Estimated PITI (including condo fees of $300): $2300

2 Beds 2.5 bath (I plan to rent one BR for $1100)

Which brings my all in monthly around $1200. Now... if I rent this out in the future I will get around $2300-$2400 which is not great but at least it breaks even. This home is an amazing location and will ultimately make my life easier with me being closer to the city, which is where my main source of business is coming from and still growing. The time I spend now to get into the city takes me 40+ minutes where this home will hash it down to 10, in my eyes the shortened commute time now turns into productivity time to continue to grow my business. The neighborhood continues to keep growing and new ceilings continue to be made on the street.

What do you weigh more location or size of the home? 

Would love to hear your guys thoughts!