I'd do whatever the math says works best, and don't fall for the low rate 1st fallacy.

Quick math I think you will have a very low monthly ROI.

Let's use 10% to keep the math simple.  

You would then do the math to remove that exemption and see what the resulting yearly tax amount would be.Since it's your first time being a landlord, it might make sense to utilize a property management company or agent to find and screen a good tenant.

Its not real complicated, its purely a math question.

Do some math and consider if you’ll get better returns unlevered in REI or through equities that pay dividends.

I been researching and doing homework on potentially taking on a rehab project and flipping it once done, I have a few properties/areas in mind.  

@Shannon F.Make sure the MTR vs LTR math makes sense for the work involved. $3K per month as an LTR x 12 months = $36K $4K per month as an MTR x 9 months = $36K Vacancy is a huge factor. 

DC is also one of the most "renter friendly" places in the country, so really make sure you do your homework and consult an attorney when writing up your lease to make sure that your property and your lease is in compliance with rental law. 

For instance if I can cash flow $400 per $190k house in pa or $500 for a $425k house in nj the math is very simple and would be doing the two PA houses.