Due to high premiums, expenses increase, and cap rates and cash flow potential decrease.

The market is crazy right now and will be for the next 2 to 3 yearsdue to inflation devaluing the dollar, inflation increasing newbuilding costs.

That sounds like massive renos (ie new floors, painting...).Yes as you acquire more properties, the chances of having multiple vacancies (no matter how leases are staggered) increases.

Can not go wrong with a rental in Ashburn since the rents have increased so much. 

Additionally, the house is 25 years old and could use cosmetic updates to increase rental appeal.

How about the increased home insurance cost for a landlord policy?

It will be cheaper than our mortgage and our incomes will be increasing.

Repairs made while the property is your primary residence are not deductible, but improvements can increase your cost basis, reducing future capital gains tax when you sell.

While I’m open to both turn-key and fixer-upper properties, my preference leans slightly toward value-add opportunities where I can improve the property and increase equity or cash flow.That said, I’m also happy to consider turn-key options that provide immediate cash flow if they fit within my investment strategy.

They further out the ripples go from the stone, the less appreciation your receive while the cash flow increases.