Out of State Investor Looking for Help

[Clinton Holmes]

Hi Everyone!

I’m an out-of-state apartment investor looking for some help. I need to branch out into a new state, and I’m doing some research on the District of Columbia. Below are the criteria I’m looking for in the property:

• 5+ Units
• Purchase Price between $800K and $3M.
• C-class properties in B/C neighborhoods
• Light rehab (no full guts or extensive deferred maintenance)
• Reasonable price. I don’t need home runs, I need base hits and doubles.
• Less than a 45 commute to the downtown area.

Some areas I’m considering include:

• Alexandra, VA
• Arlington, VA
• Reston, VA
• Annandale, VA
• Gaithersburg, MD
• Potomac, MD

I’d love your help answering the following questions:

1. Which city / market would you start your search in?
2. What are some of the potential pros and cons of the cities I’d mentioned?
3. What’s the price range per unit in the area?
4. What’s the rent range per bedroom in the area?

Thanks in advance for the help!

Clinton