Rental Location in Fairfax or Loudoun - Budget around $250K

[Hong Zhu]

Hello, Fellow investors,

I am looking into purchasing my first rental property in the NOVA Loudoun County or Fairfax area. I was wondering if anyone familiar with the market would have some suggestions for a rental location. I am currently looking at Sterling and Leesburg.

I'm also trying to figure out the pros and cons of purchasing a townhouse vs condo. My plan is to get a property with minor cosmetic issues and fix these issues up and hold onto the property to establish a steady cash flow and hopefully some appreciation. If I purchase a condo for renting out, would there be a chance later on that the condo association would discontinue their rental policy. Several of my friends in DC have ended up losing money when they were no longer allowed to rent their property out.

Also, what is the typical rental cap in this area for condos?

Thanks!