I'm wondering how anyone does it in this area, or maybe I just have not been looking for long enough.I really would like to purchase in my area as it would be my first rental property, and I am most familiar with the northern VA area If this is not to be, I also am wondering what markets nearby would be better.I’m also in Fairfax County, and you’re absolutely right: Fairfax County and much of Northern VA are tough markets for cash flow, especially starting out without a substantial down payment.

I'm an investor and mortgage broker and have options for loans that go as low as $75,000 and down payments as low as 15%, which makes it easier to stay above $75,000.

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).

Hey @Brett RiemensniderThere are a TON of banks/credit unions that will offer as low as Prime on a heloc on your primary residence.

Avoid surfaces that can stain or feel cheap like low end LVP.

Prices remain relatively low, but appreciation may be slower.Monroe: A mix of cash flow and appreciation potential, Monroe has become a popular choice for investors, especially in areas where new developments are popping up.Appreciation-Focused NeighborhoodsBallantyne: A well-established area with high demand, Ballantyne offers excellent long-term appreciation potential, though cash flow opportunities may be limited.South End: A booming urban hub with a vibrant retail and restaurant scene.

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

As someone who’s spent a couple of decades in real estate investing, here are a few things I’d keep in mind:HOA Restrictions: You’re absolutely right to check the HOA documents.

That's a very low amount given it's a commercial property.

In the next few years, there's going to be so much appreciation potential that it's going to absolutely blow up Columbus.