To Rent or To Sell In Washington, DC

[Brittani Grant]

Hey all - I'm new to BP and I'm in the learning process so that I can get into the real estate game. My goal is to make moves in 2017 and have at least one rental property by the end of the year. 

I currently own a condo in SW DC, very close to the new Wharf development, which opens in October, 2017. One of the main reasons that I purchased in this area was to capitalize on the appreciation that would happen in this area. As such, I am currently debating wither I should try to rent out my condo (starting Summer 2017) or sell it after the Wharf opens.

Some pro's for renting, I think, are that I would be able to keep the tax deductions from being able to itemize, I would have someone else paying my mortgage, upkeep and maintenance are minimal as the HOA does a majority of the work and I would get to hold on to the property as more development continues to happen in the area - as there are several on the books.

Some con's for renting, I think, are that I'm not sure if I can rent the property for enough to cover the typical monthly expenses (mortgage (includes LPMI and taxes) + Condo Fee = approx. $2,300/mo) and I think I would need to do some upgrades to the unit prior to renting (kitchen and bathroom upgrade). 

I have the opportunity through my work to rent closer to my job at a discounted rate, which could reduce my monthly living cost $600. 

So with all these factors, I would greatly appreciate if anyone has any advise as to if it would be better to sell my condo or rent it out.  Thanks in advance!

[Dave Park]

Brittani, agree with Russell.  SW and SE DC are the hottest areas today with the greatest recent and potential appreciation in value.  Selling any property there (except older ones draining your maintenance budget) would be like selling a brand new condo Logan Circle or U street 10 years ago.... ;)   NOT recommended!  If anything, I would ADD more properties in SW and SE, especially in the relatively underpriced areas of 20032 to your portfolio.  Just showed a bunch of properties in 20032 to an investor I met here in BiggerPockets.com just yesterday...  Greatr area with a HUGE potential!  Best of luck!!