Initial primary residence, then long-term rental...maybe?

[Lewis Finney]

Hey, I'm looking to purchase a home in the DMV area (MD or VA) as a primary residence and intend on renting it out after we leave.

BLUF: From what I’m seeing, based on the current rates, home prices, and rent in the area, a long-term rental may not cash flow. Is it worth considering properties that are going to appraise more than cash flow?

More info: I will be working in Arlington and we'll be in the property for roughly 18mo before we move out of the country (military). Our budget is about 450k or <3500/month; this is what we can afford if, when we rent it out, the rent doesn't cover the entire mortgage. We plan on using the VA loan and to buy down points, at least 1 percentage point worth.

We’ve considered a house at a lower cost (250-350k), but they generally need some work (kitchen/bathroom renovations). This isn’t necessarily a problem, but I wouldn’t have the time to do any part of the renovations myself, so I would have to hire a team to do it all.

Then there's the matter of a townhome/condo vs a single family. I'd prefer a single family to avoid the HOA/Condo fees, but most of that area seems to consist of townhomes. There are new builds within our budget, and they are all townhomes.

I’ll stop here so I don’t ramble. Does anyone have any experience investing in the DMV area?

New to the BP community and looking forward to learning from you all.