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Updated over 5 years ago,
Rental question for investment property in Reston, VA
I am looking to buy my first real estate property in Reston VA (I work in Mclean) as a sort of house hacking opportunity. I am looking into 3 or 4 bedroom homes where I will live in one bedroom (probably the basement) and rent out the other rooms. I am able to qualify for a VHDA loan which will allow me to put very little money down, but unfortunately the monthly mortgage will probably be around $2700 for a $400k investment.
I've been browsing the rental comps for similar houses in the area and they seem to be around $2200 so if I rented out the entire house I wouldn't break even. I was wondering if anyone knows if more or less money can be made by renting out individual rooms, either in general or in this area in particular. I am currently renting a room in a large family-owned house in where the family is renting out like 5 bedrooms at ~$1000 per so I imagine more money can be made, but I'm having trouble finding any comps and was hoping someone could shed some light on this. Thanks!
-Scott