Many neighborhoods in DC and PG County have large price spreads.Montgomery County by and large does not have large price spreads. 

Montgomery and PG county usually don't have as much. 

As you get close to 10 or are at 10 financed properties, then move 1 or more over to the SUB S  and get commercial / portfolio financing and that thereby opens up 1 or more slots for Fannie Mae financing on your new purchases coming up.

SE and PG you might find some stuff a little over 5%, but unlikely to even hit 6%.

If you want to avoid this in MD go down to PG county where wssc is the water company. 

(I have a few $25k investors in multiple deals).ESPECIALLY since you're all accredited, then you're not 'taking one of the precious 35 non-accredited slots' so the minimum investment amount is even more flexible in your case.As long as the sponsors have a good back end, its really not that much more work to bring on someone at a lower minimum.Hope that perspective helps!

In terms of location, do you think I might be better off looking for a home in Montgomery or PG County or somewhere in NOVA?

We of course will have our door slot available for money orders to be accepted but we HIGHLY DISCOURAGE cash payments using this process.

Good tenants live in bad neighborhoods too, not all of them are bad, most just got themselves into unfortunate situations, divorces, had kids too young and got in over their head etc. there's slot of money to be made in these areas if you're smart about it and do enough research.

That will be your best next option for buy and hold once you hit your cap of 10 properties unless you 1031 exchange into less finances properties to open up slots.