I recently got a new job and will be moving to Washington DC, I'm now ready to purchase my first home and I want it to be an investment property. I will be making 105k. I do not have a down payment but am ready to save 7% relatively quickly for 3.5% down with FHA and ancillaries. At 3k per month saved I can have 15k in 5 months.
My first choice would be a multi family but there do not seem to be almost any of those properties in DC under 500k.
Outside of DC, in Maryland there are single family homes but I have a very strong desire not to have to buy a car, so I’d prefer to live in the district.
Almost all condos, even at 450k, are quite small and have condo fees of 500-1000 which eliminates positive cash flow.
Would I be wrong to be looking at neighborhoods like McClean or Cleveland Park? Or should I really be expecting to have to buy in Southeast Washington?
Can anyone help me narrow down my property search?
