ADVICE PLS: 1st time homebuyer in Washington DC

[Hamiyyet B.]

Hi—

I’m really flying solo here so any and all sound advice is welcome so thank you for reading!

I'm looking at purchasing the following property with a conventional 3% down. And the monthly payment will be around $2k . I would live in it temporarily and rent it out which would generate probably enough to cover the mortgage but no cash flow especially since I have low down payment and PMI

Is this a good idea? I'm not sure if the market is right right now for FTHB. It's above roughly 10k on the estimated price. Houses in DC have been flying off the market 4-5 days avg so I'm curious as to why the units in this building are still on market for 3-4 months. I toured the property and didn't notice any red flags. It's 1/2 block from metro and grocery store and in the desirable Waterfront part of DC.

What am I missing ?

https://www.redfin.com/DC/Washington/

1101-3rd-St-SW-20024/unit-410/home/28496808?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

Thank you !!

[Russell Brazil]

Rowhouses are smoking hot right now.

Condos are very aoft right now. Its not unusual to have a condo on the market for a month or two right now. Ive got a SW condo listed right now actually. 

There is deals to be had on condos right now. Literally might be able to buy at 2017/18 prices.